Global Automated Guided Vehicle Market

Global Automated Guided Vehicle Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Vehicle Type(Tow Vehicle, Unit Load Carrier) - Industry Forecast 2024-2031

Report ID: SQMIG20I2147 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 66 | Figures: 77

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.

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Global Automated Guided Vehicle Market size was valued at USD 4.30 billion in 2022 and is poised to grow from USD 4.73 billion in 2022 to USD 10.06 billion by 2031, at a CAGR of 9.9% during the forecast period (2024-2031).

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 '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)'

A notable restraint in the Automated Guided Vehicle (AGV) market is the challenge of integrating these advanced systems with existing operations seamlessly. Many businesses already have established processes and technologies in place, and the incorporation of AGVs can disrupt these workflows. Compatibility issues, software integration complexities, and the need for employees to adapt to new automated systems can pose obstacles. Moreover, retrofitting existing facilities to accommodate AGVs can be costly and time-consuming. Organizations must carefully plan and invest in the integration process to ensure a smooth transition, which may slow down the adoption rate of AGVs in industries where they could otherwise offer significant efficiency improvements.

In the Automated Guided Vehicle (AGV) market, a notable trend is the increasing integration of advanced technologies, particularly Artificial Intelligence (AI) and Machine Learning (ML). AGVs are becoming smarter and more autonomous, capable of making real-time decisions and optimizing their routes independently. AI and ML algorithms enable these vehicles to adapt to dynamic environments, avoid obstacles, and enhance operational efficiency. Moreover, AGVs are now interconnected with other smart factory components, forming a vital part of Industry 4.0 initiatives. This trend not only improves productivity but also reduces human intervention, making AGVs more cost-effective and versatile for various industries like manufacturing, logistics, and healthcare.

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.

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