USD 3.91 billion
Report ID: SQMIG20I2088 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 66 | Figures: 77
Global Automated Guided Vehicle Market size was valued at USD 3.91 billion in 2021 and is poised to grow from USD 4.30 billion in 2022 to USD 8.32 billion by 2030, at a CAGR of 9.9% during the forecast period (2023-2030).
Due to their many advantages, including lower labor costs, less product damage, higher productivity, and scale to support automation processes, AGVs are widely used. AGVs are used by logistics and transportation companies to increase the effectiveness of their operations because of these noteworthy benefits. The Raymond courier vision-guided tow tractor truck, for instance, was developed by Bastian Solutions, LLC to automate warehouse operations and improve efficiency. The maximum speed of this tow tractor VGV is 2.6 mph, and it has a route capacity of up to 1.5 miles. It can tow loads up to 10,000 lbs. Additionally, one operator can manage a number of tow tractor VGVs, maximizing the impact of the truck fleet and the workforce without raising labor costs. The retail e-commerce sales in the US from January to March 2022 reached around USD 250 billion, up 2.4% from the prior quarter, according to the U.S. Census Bureau. Distribution centers are forced to look for and apply novel, adaptable, and automated methods of completing e-commerce orders due to the rapidly evolving retail sector. These important benefits motivate logistics and transportation companies to use AGVs to boost the efficiency of their operations.
Global Market Size
USD 3.91 billion
To get more reports on the above market click here to Buy The Report
Global Automated Guided Vehicle Market is segmented on the basis of component, vehicle type, navigation technology, battery type and region. By component, the market is segmented into hardware, software, service. By vehicle type, market is segmented into tow vehicle, unit load carrier, pallet trunk, forklift trunk, hybrid vehicle, others. By navigation technology, the market is segmented into laser guidance, magnetic guidance, vision guidance, inductive guidance, natural guidance, others. By battery type, the market is segmented into lead, lithium-ion, nickel-based, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Automated Guided Vehicle Market Analysis by Vehicle Type
In 2022, the tow vehicle segment held the largest market share, accounting for over 40% of the total revenue. This is mainly due to the high demand for bulk movement of products in and out of warehouse areas, where Tow vehicles are commonly used for towing applications. To facilitate loading and unloading of goods from trains off the main line, side path spurs are installed in shipping or receiving areas.
During the forecast period, the segment for unit load carriers is anticipated to grow at the fastest CAGR. Pallets, huge containers, and rolls are delivered using unit load AGVs. Additionally, by lessening aisle traffic and product damage, it enables efficient task scheduling. For instance, the robotics and automation company Addverb Technologies Private Limited has revealed its plans to expand into the markets of Australia, Europe, and Singapore. This initiative was launched in response to the rising demand for unit load AGVs, robotics, and automation solutions on the global market.
Global Automated Guided Vehicle Market Analysis by Component
In 2022, the hardware sector dominated the market and accounted for more than 70% of total revenue. Collaborative robots are being used more frequently in manufacturing and distribution facilities to replace labor-intensive manual labor in repetitive tasks. For instance, in order to cut down on warehouse injuries and human labor chores, Amazon.com, Inc. created new autonomous mobile robots including Scooter, Ernie, Bert, and Kermit. These robots would carry out activities like carrying crates and performing manual labor. Over the forecast period, the service segment is anticipated to experience the fastest CAGR growth. The increase in demand for numerous services, such as preventative and corrective maintenance, vehicle and software health checks, and training staff members involved directly or indirectly with the how AGVs work.
According to forecasts, the service sector will experience rapid expansion in the years to come. The increasing need for a variety of services, such as preventative and corrective maintenance, vehicle and software health checks, and educating staff directly or indirectly in the use of AGVs, might be ascribed to this growth. for a variety of tasks, including finding stock, picking orders, and transferring goods and raw materials, many manufacturing facilities and warehouses use material handling equipment (hardware). Employing such equipment is a primary focus for transportation and logistics companies as a way to increase the effectiveness of their operations and keep up with the expanding demand for their services.
To get detailed analysis on other segments, Request For Sample Report
In 2022, Europe had a revenue share of over 30% and dominated the market. Additionally, it is anticipated that throughout the forecast period, the European regional market will continue to dominate all other regional markets. The incumbents in the manufacturing industry, who are driving the growth of the regional market, are expanding their need for material handling equipment. Additionally, the growth of the market in this area has been accelerated by automation in every sector. For instance, PUMA SE declared in January 2022 that it will deploy more robotic machines equipped with cameras, grippers, and artificial intelligence. The distribution center might construct the order of shoes and apparel with the aid of more robots, which would also enhance productivity and save labor expenses.
Over the course of the forecast period, the Asia Pacific region is anticipated to grow at the fastest CAGR. In the emerging economies of the Asia Pacific area, including China and India, the e-commerce sector has been expanding significantly. For instance, a new Integrated Solutions Centre was established by Mitsubishi Electric Asia, a division of Mitsubishi Electric Corporation, in February 2023. In order to simplify client co-creation and develop integrated solutions of the future, the new center presents the company's cutting-edge and comprehensive digital technology.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Automated Guided Vehicle Market Drivers
Need for Efficient and Accurate Material Handling to Bolster Market Growth
Global Automated Guided Vehicle Market Restraints
Integration with Current System might Hinder Market Growth
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
By allowing market participants to exchange ideas and improve their internal capabilities and technologies, increasing collaborations and mergers and acquisitions are anticipated to maximize the environmental and financial benefits for them. For instance, Seegrid Corporation, a supplier of mobile autonomous robots, joined with ROBEX in March 2022. By taking the effort to collaborate, Seegrid Corporation will be able to grow its customer base and promote Seegrid Corporation goods to ROBEX customers. Furthermore, this would contribute to an increase in the demand for supply chain management automation. Additionally, it would be simpler to offer clients and partners comprehensive end-to-end warehouse management solutions
Top Player’s Company Profiles in Global Automated Guided Vehicle Market
Global Automated Guided Vehicle Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global automated guided vehicle (AGV) market is expected to grow significantly in the coming years, driven by a combination of factors such as increasing demand for automation and optimization of logistics operations, growing adoption of mobile robots, and advancements in technology such as AI and ML. The market growth is hindered by factors such as high initial investment costs, lack of skilled labor to operate and maintain AGVs, and concerns related to safety and security. The AGV market presents significant growth opportunities for companies that are able to develop innovative solutions that address the specific needs of different industries and use cases. The market is expected to continue growing in the coming years, driven by advancements in technology and increasing demand for automation and optimization of logistics operations.
|Market size value in 2021||USD 3.91 billion|
|Market size value in 2030||USD 4.30 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Automated Guided Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automated Guided Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automated Guided Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Automated Guided Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.SPEAK TO AN ANALYST
Get lifetime access to our reportsBasic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.
Product ID: SQMIG20I2088