According to the Market Statsville Group (MSG), the global automated guided vehicle (AGV) market size is expected to grow from USD 2.36 billion in 2021 to USD 4.08 billion by 2030, at a CAGR of 7.1% from 2022 to 2030. Using automated guided vehicles (AGVs), items can be moved and transported in manufacturing facilities, warehouses, and distribution centers without the need for a permanent conveying system or manual intervention. AGVs are widely adopted due to their number of benefits, including reduced labor costs, reduced product damage, increased productivity, and the ability to support automation processes on a large scale. Growing adoption of automated guided vehicle in food industry and the rising need for automated guided vehicle to manage last mile delivery will boost the market growth for the forecasting period. And on the other hand, high installation price, maintenance, and switching costs will hinder the market for the forecasting period in all around the world.
The increasing trend of Digitalization, Automation and Robotics with use of AI and big data analysis in the manufacturing processes with the integration of Industry 4.0 will foster the growth of automated guided vehicle market. This will create the huge market opportunities for automated guided vehicle (AGV) and will create new opportunities for new player to capture the market for the upcoming period.
An automated guided vehicle (AGV) is a portable robot that navigates using different navigation technologies such as long lines or cables on the floor, or radio waves, magnets, vision cameras, or lasers. Automatic guided vehicles provide various benefits to the manufacturing and distribution industries, including lower operational costs, improved labour safety, and shorter production times. With the global implementation of mobile robots and initiatives to improve worker safety and efficiency, the use of automated guided vehicles in practically every industry is increasing.. Further automated guided vehicle follows configurable guided path for optimization of picking, storage, and transport functions in the environment of premium space.
Global automated guided vehicle market is expected to witness a growth in post outbreak of COVID-19 pandemic. The shift towards automation, micro, small, and medium enterprises (MSMEs) had participated in this transition to ensure more inclusive growth and faster poverty alleviation. Automation in various industries enable organizations to modernize their approach, to gain improve operational efficiencies and critical economic benefits, amidst the pandemic.
The COVID-19 pandemic, industrial automation has seen an acceleration across manufacturing sectors as it had a visible impact on operations in factories as digital natives managed to keep operations ticking from the outset as they were conversant with the remote working model. The novel COVID-19 has seen a significant impact on the automated guided vehicle market. The epidemic has thrown up an unprecedented crisis for the nations and businesses across the world. The spread of coronavirus across the globe has resulted in lockdowns in the countries, which has compelled people to stay at home and forced companies to allow their employees to work at home to contain the spread of the epidemic. The use of robotics and automation in industries has protected workers against the scourge. Businesses had to track and adapt to changing policies and political climates across the globe, for catering the customers, and protect employees, which drives the growth of the automated guided vehicle market.
A drastic change in lifestyle has resulted that more and more people are demanding food, and a huge percentage of people are buying it online. With the constant rise in demand for food products via online sources has encouraged the manufactures to utilize automated guided vehicle. As automated guided vehicle is established to transform food and grocery deliveries as more restaurants, grocers, and even food brands get an opportunity to extend convenience for their customers while retaining last-mile delivery costs cutting down. Therefore, many foods industry chain and suppliers are utilizing automated guided vehicle to make the delivery of food to their customers. Moreover, the food and beverage industries face exclusive challenges as they often face harsh production environments and stringent regulatory requirements. To conquer these challenges, the food & beverage industry increasingly adopting automated guided vehicles. Since it helps them to increase productivity and improve business functioning while also working to prevent machine downtime and further costly issues.
The huge capital expenditure is required for the installation of automated guided vehicles. The manufacturing companies will think twice while investing in high-end AGVs. Further, Small businesses will not be able to afford automated systems, and which then opt for traditional/manual handling forklift trucks. The automated guide vehicle costs of maintaining depends on type, number of shifts per day, location, and the condition of the equipment, it further assume to be a barrier to the industrial growth. For example, automated guided vehicle needs high costs of maintenance in the manufacturing, chemical, and construction industries.
The increasing trend of Digitalization, Automation and Robotics with use of AI and big data analysis in the manufacturing processes with the integration of Industry 4.0 will foster the growth of automated guided vehicle market over the forecast period. The aggressive government investments encouraging the adoption of Industrial Internet of Things (IIoT) solutions along with rising penetration of machine learning technology in industrial automation with the help of industry 4.0 is creating a lucrative opportunistic growth for the automated guided vehicle market.
The study categorizes the automated guided vehicle (AGV) market based on product type, battery type, navigation technology, application, end user at the regional and global levels.
By Product Type Outlook (Sales, USD Billion, 2017-2030)
By product type segment is divided into two vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift vehicles and others. And two vehicles segment will dominate the market for the forecasting period. Two vehicle pull non-powered carts that carry’s huge loads. For towing and tugging, this type of AGV is the most productive because it can tow and tug heavier loads than a single forklift. The load is placed in the vehicle either automatically or manually. Two vehicles are used in pallet operations involving frequent long-distance deliveries carrying high volumes of load, whether there are intermediate pickup and drop points along the route. These vehicles are well designed as it can operate at a pre-programmed speed, meeting production targets while maintaining safety regulations.
Over the forecast period, the Asia Pacific region is expected to grow at the fastest CAGR. The e-commerce industry is expanding rapidly in Asia Pacific emerging economies such as China and India. Due to increasing customer awareness of automation and its success, more companies are investing in these vehicles in this region. Furthermore, the region's strong economic growth is attracting new investments and new companies from AGV suppliers in the form of sales and support facilities.
The global automated guided vehicle (AGV) market is highly competitive, with key industry players adopting strategies such as product development, partnerships, product development, acquisitions, collaboration, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Automotive Luxury Vehicle Market 2023: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Mar 2024Automotive HVAC System Market: Industry Size, Growth, Emerging Trends, Regional Analysis, Opportunities, and Forecast By 2033
Mar 2024Railway Traction Motor Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024Online Car Buying Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Automotive Manifolds Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Development Scenario, Opportunities, and Forecast By 2027
Mar 2024