Global Automated Guided Vehicle Market Overview
Global Automated Guided Vehicle Market to grow at a significant rate of 7.5% CAGR with a market size of USD 3.39 billion during the forecast period 2022 to 2030.
Automated guided vehicles are load carriers or self-guided material handling systems. These can travel autonomously across various areas like distribution centers, warehouses, or manufacturing facilities installed using the sensors without any onboard operator. Supply chain management is using automation in the form of automated guided vehicles like forklifts, small rack carrying robots, automated stackers, and pallet trucks. Moreover, to perform various tasks, these vehicles are programmed using the safest alternatives for material handling, machine learning, and deep learning. Apart, these vehicles provide superior benefits like safety inside facilities, precision & productivity raises, reduced product damage, scale to support automation processes, and labor costs lessened. These advantages escalate the transportation and logistics firms to deploy AGVs.
Automation and automated guided vehicles are highly demanded in various industries and safety, accuracy, and productivity are increasing which leads to rising in the growth of the automated guided vehicle market. These vehicles follow configurable guide paths for storage optimization, picking, and transport functions in the premium space environment. These vehicles are used in various end-use industries like healthcare, logistics, manufacturing, automotive, food and beverages, and others. Rising industrialization leads to the continuous need for transport solutions for enhancing efficiency and customized material handling.
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Global Automated Guided Vehicle Market Key Players
The key competitors of the automated guided vehicle market are
- Swisslog Holding AG
- Dematic
- Bastian Solutions, Inc
- Daifuku Co., Ltd.
- JBT
- Seegrid Corporation
- TOYOTA INDUSTRIES CORPORATION
- Hyster-Yale Materials Handling, Inc.
- BALYO
- E&K Automation GmbH
- Kollmorgen
- KMH Fleet Solutions
- ELETTRIC80 S.P.A.
- Fetch Robotics, Inc.
- inVia Robotics, Inc.
- Locus Robotics
- Schaefer Systems International, Inc.
- System Logistics Spa
- Scott
Market Drivers:
Industrial Automation and Industry 4.0: The AGV market has been significantly influenced by the ongoing trend of industrial automation and the implementation of Industry 4.0 principles. AGVs play a crucial role in optimizing material handling and logistics processes in smart factories.Growing E-commerce and Retail Industries: The rise of e-commerce and increased demand for fast order fulfillment has driven the adoption of AGVs in warehouses and distribution centers to enhance order picking and inventory management.
Pharmaceutical and Healthcare Applications: AGVs are used in pharmaceutical and healthcare facilities to automate the transportation of medication, equipment, and medical supplies, ensuring timely delivery and reducing human intervention.
Automotive and Electronics Manufacturing: The automotive and electronics industries extensively use AGVs for material movement, parts delivery, and assembly line operations, optimizing production processes.
Innovative AGV Technologies: Manufacturers continue to develop innovative AGV technologies, including vision-based navigation, laser-guided navigation, magnetic tape navigation, and simultaneous localization and mapping (SLAM) for improved autonomy and accuracy.
Rapid Market Expansion: The AGV market has seen rapid expansion across regions, with increasing adoption in Asia-Pacific, Europe, and North America, driven by the growth of manufacturing and logistics industries.
Industry News
As per the latest updates, the automated guided vehicle market forecast states that the vehicle market is going to reach immense growth due to the introduction of new product development, mergers, and acquisitions. The innovation by Seegrid is named GT10 Series 7Plus Vision Guided Vehicle which is featured with a shorter mast structure for accommodating height-restricted facilities and is mounted by more beneficial features.
Global Automated Guided Vehicle Market Segmentation
Based on the recent updates, the global automated guided vehicle market is analyzed into four segments such as vehicle type, technology, application, and industry.
- Vehicle Type Segmentation: The automated guided vehicle market based on vehicle types is classified into TOW Vehicle, unit load carrier, forklift vehicle, pallet trucks, assembly line vehicles, and others.
- Technology Segmentation: The automated guided vehicle market by technology is categorized into five types as traditional guidance, inductive guidance, laser guidance, natural features guidance, and vision-guided vehicles.
- Application Segmentation: The automated guided vehicle market applications are transportation, distribution, assembly, roll handling, and others.
- Industry Segmentation: By industry, the automated guided vehicle market is analyzed into various forms like electrical & electronics, automotive, pharmaceutical, logistics & distribution, plastics & polymers, food & beverage, and others.
Regional Analysis
The Automated Guided Vehicle Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Automated Guided Vehicle Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Automated Guided Vehicle Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Automated Guided Vehicle Market comprises of Middle East, Africa, and Latin America.
North America, particularly the United States, has been a prominent market for AGVs due to the high level of industrial automation and the adoption of advanced technologies. The focus on reducing labor costs, improving operational efficiency, and ensuring workplace safety has contributed to the growth of the AGV market in this region.
European countries, such as Germany, France, and the United Kingdom, have been at the forefront of industrial automation. The strong presence of manufacturing industries, along with stringent regulations related to workplace safety, has fueled the demand for AGVs in Europe.
The Asia-Pacific region, led by countries like China, Japan, and South Korea, has seen significant growth in the AGV market. China's rapid industrialization, booming e-commerce sector, and increasing adoption of automation in various industries have contributed to the expansion of AGV deployments.
Furthermore, the rest of the world's Automated Guided Vehicle Market is divided into the Middle East, Africa, and Latin America. While the AGV market in Latin America is comparatively smaller than in other regions, there has been a growing interest in automation and AGVs in countries like Brazil and Mexico.
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