USD 3.91 billion
Global Automated Guided Vehicle Market Size, Share, Growth Analysis, By Component( Hardware, Software), By Vehicle Type (Tow Vehicle, Unit Load Carrier) - Industry Forecast 2023-2030
Report ID: SQMIG20I2088 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 66 | Figures: 77
Global Automated Guided Vehicle Market Insights
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.
Market snapshot
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
9.9% CAGR
Global Automated Guided Vehicle Market 2022-2030 ($ Bn)
Country Share for Europe Region- 2022 (%)
Global Automated Guided Vehicle Market Size By Component 2022-2030 ($ Bn)
Global Automated Guided Vehicle Market Size By Component 2022-2030 (%)
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Global Automated Guided Vehicle Market Segmental Analysis
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.
Global Automated Guided Vehicle Market Size By Component 2022(%)
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Global Automated Guided Vehicle Market Regional Insights
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.
Global Automated Guided Vehicle Market Size By Geography, 2022-2030
- Largest
- Fastest
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Global Automated Guided Vehicle Market Dynamics
Global Automated Guided Vehicle Market Drivers
Need for Efficient and Accurate Material Handling to Bolster Market Growth
- In today's highly competitive business environment, efficient and accurate material handling is critical to success. AGVs provide a reliable and consistent solution for material handling, ensuring that products are moved efficiently and accurately throughout the supply chain.
- AGVs can help reduce labor costs by automating material handling processes, which can result in significant cost savings for businesses. They can also operate 24/7, resulting in increased productivity and throughput.
Global Automated Guided Vehicle Market Restraints
Integration with Current System might Hinder Market Growth
- Integrating AGVs with existing systems, such as warehouse management systems, can be challenging and time-consuming. This can result in disruptions to operations during the implementation phase, which can be a significant barrier to adoption.
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Global Automated Guided Vehicle Market Competitive Landscape
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
- KION Group AG (Germany)
- Toyota Industries Corporation (Japan)
- Daifuku Co., Ltd. (Japan)
- JBT Corporation (United States)
- Kuka AG (Germany)
- Hyster-Yale Materials Handling, Inc. (United States)
- E&K Automation GmbH (Germany)
- Swisslog Holding AG (Switzerland)
- Oceaneering International, Inc. (United States)
- Murata Machinery Ltd. (Japan)
- Seegrid Corporation (United States)
- SSI Schaefer Group (Germany)
- Egemin Automation Inc. (Belgium)
- Clearpath Robotics, Inc. (Canada)
- Transbotics Corporation (United States)
- Balyo Inc. (France)
- Mobile Industrial Robots ApS (Denmark)
- Fetch Robotics, Inc. (United States)
- Doerfer Corporation (United States)
- Savant Automation, Inc. (United States)
- Kollmorgen Corporation (United States)
- Bastian Solutions, LLC (United States)
Global Automated Guided Vehicle Market Recent Developments
- In March 2022, UniMover D 100, UniMover O 600, and MaxMover CB D 2000 mobile robots were introduced by Oceaneering International, Inc. in North America.
- In March 2022, the "TWA Reach," a new automated reach truck, will debut in the spring of 2023 thanks to a cooperation between Third Wave Automation (TWA), a developer of autonomous materials handling systems, and CLARK Material Handling Company, a producer of forklift trucks and aftermarket parts. The NPX reach truck's capabilities, TWA automation technologies, and intelligent fleet management capabilities will all be combined in the TWA Reach.
- In January 2022, Ford Otosan awarded KUKA AG a contract to supply more than 700 AGCs for Ford's EV programme.
- In February 2022, The European research initiative IMOCO was started by the KION Group. The project intends to make it easier for intelligent trucks to move independently through a warehouse or factory. The IMOCO organization, which stands for "intelligent motion control," is committed to the secure application of mobile robotic systems in dynamic intralogistics settings.
Global Automated Guided Vehicle Key Market Trends
- There is an increasing demand for customized AGV solutions that can be tailored to specific industry needs. This trend is being driven by the need to optimize AGV operations for specific use cases and improve their overall efficiency.
Global Automated Guided Vehicle Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 3.91 billion |
| Market size value in 2030 | USD 4.30 billion |
| Growth Rate | 9.9% |
| Base year | 2021 |
| Forecast period | (2023-2030) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Automated Guided Vehicle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Automated Guided Vehicle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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.
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