Global Automated Guided Vehicle Market Report 2023: Sector is Expected to Reach $9.18 Billion by 2030 at a CAGR of 9.7%

Jun 21, 2023

Global Automated Guided Vehicle Market

Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Automated Guided Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type, By Navigation Technology, By Application, By End-Use Industry, By Component, By Battery Type, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.The global automated guided vehicle market size is anticipated to reach USD 9.18 billion by 2030, registering a CAGR of 9.7% from 2023 to 2030.

Companies Mentioned

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

Automated guided vehicles (AGVs) have transformed the way materials can be moved within the manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles ensure a predictable and reliable transfer of raw materials and manufactured products from one point to another within the facility, thereby eliminating any potential disruption in production.These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, which help detect junctions, identify floor signs, and avoid collisions with any obstacle.Several manufacturing plants and warehouses deploy material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on deploying such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in March 2023, MasterMover Ltd, a prominent manufacturer of electric tug and tow solutions, announced a collaboration with BlueBotics, a navigation, robotics, and industrial automation company.The partnership intends to offer best-in-class Autonomous Navigation Technology (ANT) technologies for MasterMover's range of AGVs. In February 2021, Scott (Transbotics Corporation), a prominent solution provider for AGVs, partnered with KUKA AG, a German manufacturer of robots, to coordinate the industrial robots of KUKA AG into material handling systems. Further, these robots would also benefit the warehouse team in assembling, packaging, welding, storing, and shipping. Also, material handling solutions are used to increase transportation efficiency, decrease physical damage to the material, and reduce overheads by limiting the number of employees. The AGV market is witnessing a progressive switch from lead-acid to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and more compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies.Automated Guided Vehicle Market Report Highlights

The unit load carrier segment is expected to expand at the fastest CAGR over the forecast period owing to its ability to handle multiple items simultaneously, reducing the number of trips required and, potentially, handling costs

Natural navigation technology's adoption is expected to grow significantly over the forecast period as it enables businesses to easily modify and expand the guide path of the AGV

Assembly line application is expected to have the highest CAGR over the forecasts period as assembly line AGV are replacing traditional mechanical production lines

The manufacturing segment dominated the market in 2022 and accounted for a revenue share of over 77%. The growing adoption of automated guided vehicles across various industries can be attributed to the benefits offered by AGVs in terms of productivity, safety, and accuracy

The service segment is anticipated to be the fastest-growing segment in the forecast period. This growth can be attributed to the rising demand for various services, which include preventive and corrective maintenance, vehicle and software health check, and training employees directly or indirectly with the operation of AGVs

Europe dominated the market in 2022 and accounted for a revenue share of over 30%. Rising investments in the manufacturing sector's technological advancement are expected to improve the AGV market in Europe

Key Attributes:

Report Attribute

Details

No. of Pages

213

Forecast Period

2022 - 2030

Estimated Market Value (USD) in 2022

$4.28 Billion

Forecasted Market Value (USD) by 2030

$9.18 Billion

Compound Annual Growth Rate

9.7%

Regions Covered

Global

Key Topics Covered: Chapter 1 Methodology and ScopeChapter 2 Executive SummaryChapter 3 AGV Industry Outlook3.1 Market Segmentation3.2 Market Size and Growth Prospects3.3 Future of AGV3.4 Case Studies3.4.1 Case Study 13.4.2 Case Study 23.5 AGV - Value Chain Analysis3.5.1 Raw Material Trends3.5.1.1 Major raw materials market analysis3.5.2 Key End-users3.6 Vendor Landscape3.7 AGV Market Dynamics3.8 Market Driver Analysis3.8.1 Increasing demand for automation and material handling equipment in various process industries3.8.2 Replacement of conventional batteries with lithium-ion batteries3.8.3 High labor costs3.8.4 Manufacturers introducing vision guided vehicles and mobile robots3.8.5 Rapidly growing e-commerce industry3.8.6 Enhanced safety at workplaces3.9 Market Restraint Analysis3.9.1 High initial cost3.9.2 Singular use and lack of flexibility3.10 Market Opportunity Analysis3.10.1 Manufacturers providing intelligent AGV3.11 Industry Analysis - Porter's Five Forces Analysis3.12 AGV - PEST Analysis3.13 Technology Overview3.14 Major Deals & Strategic Alliances AnalysisChapter 4 AGV Market: Vehicle Type Estimates and Trend Analysis4.1 AGV Market Share by Vehicle Type, 2022 & 20304.1.1 Tow vehicle4.1.2 Unit load carrier4.1.3 Pallet truck4.1.4 Forklift truck4.1.5 Hybrid vehicles4.1.6 OthersChapter 5 AGV Market: Navigation Technology Estimates & Trend Analysis5.1 AGV Market Share by Navigation Technology, 2022 & 20305.1.1 Heat map for choosing navigation5.1.2 Laser guidance5.1.3 Magnetic guidance5.1.4 Vision guidance5.1.5 Inductive guidance5.1.6 Natural navigation5.1.7 OthersChapter 6 AGV Market: Application Estimates & Trend Analysis6.1 AGV Market Share by Application, 2022 & 20306.1.1 Logistics and warehousing6.1.2 Assembly6.1.3 Packaging6.1.4 Trailer loading & unloading6.1.5 Raw material handling6.1.6 OthersChapter 7 AGV Market: End-Use Industry Estimates & Trend Analysis7.1 AGV Market Share by End-Use Industry, 2022 & 20307.1.1 Manufacturing sector7.1.2 Wholesale and distribution sectorChapter 8 AGV Market: Component Estimates & Trend Analysis8.1 AGV Market Share by component, 2022 & 20308.1.1 Hardware8.1.2 Software8.1.3 ServiceChapter 9 AGV Market: Battery Type Estimates & Trend Analysis9.1 AGV Market Share by battery type, 2022 & 20309.1.1 Lead battery9.1.2 Lithium-ion battery9.1.3 Nickel-based battery9.1.4 OthersChapter 10 AGV Market: Regional Estimates and Trend Analysis

Chapter 11 Competitive LandscapeFor more information about this report visit https://www.researchandmarkets.com/r/297zie

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Global Automated Guided Vehicle Market