Automated guided vehicle market size is expected to grow at a CAGR of approximately 47% during the period 2019−2025.
Key Highlights Offered in the Report:
- The global automated guided vehicles (AGV) market would realize an absolute growth of around 900% – a leap of over $54,400 million revenue between 2019 and 2025.
- Contributing over $20,000 million incremental revenue during 2019-2025, tow vehicles offers a profitable revenue potential opportunity for market vendors.
- Laser-guided automated vehicles offer flexible solutions for the automating process in a manufacturing facility or warehouses. AGVs by laser guidance are expected to offer over $25,300 million – incremental revenue for the market during 2019-2025.
- Contributing over $17,700 million incremental revenue during 2019-2025, automotive sector offers a profitable revenue potential opportunity for market vendors.
- With over 80% of the market revenue coming from North America and Europe, vendors are emphasizing on the innovative strategies and promotional measures to bolster the overall AGV market growth.
Key Offerings:
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, application, navigation, and geography
- Competitive Landscape – Profile of 4 key vendors and 51 other vendors
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Automated Guided Vehicle Market – Segmentation
- The increasing demand for efficient movement with large loads capacity for long and short distances is expected to drive the demand for tow vehicles. These vehicles are considered to be economical as multiple loads can be moved from place to another, thereby resulting in productivity and eliminating the usage of manual trains or fork trucks.
- Automatic guided vehicles in the retail segment are expected to grow at a rapid rate. The swift growth of online sales in the retail sector and the increasing usage of AGVs in warehouses enable companies to offer speedy product delivery.
- The laser guidance segment is likely to grow at a significant pace. The laser guidance technology helps the vehicle to operate efficiently and automatically, which provides flexibility in manufacturing and warehouse facilities. The natural guidance segment is projected to grow at the fastest CAGR as these types of automatic guided vehicles are easy to implement and do not require retrofitting of the workspace.
Market Segmentation by Product
- AGCs
- Tow Vehicles
- Unit Load Vehicles
- Pallet Trucks
- Other AGVs
Market Segmentation by Application
- Automobile
- Retail
- Food & Beverage
- Healthcare
- Aerospace
- Others
Market Segmentation by Navigation
- Natural Guidance
- Laser Guidance
- Inductive Guidance
- Magnetic Guidance
- Vision Guidance
- Others
Automated Guided Vehicle Market – Dynamics
The use of connected technologies in distribution centers with automated guided vehicles has propelled productivity to the next level. Automated guided vehicles have greatly improved productivity by automating the material handling process. New-generation automated guided vehicles are smart and capable of working with humans. Technologies such as computer vision augmented reality (AR), low-cost sensors, wearables, Internet of Things (IoT), robotic prehensility, human-robot safety, analytics, and high-performance computing have reduced wastage and increased productivity. The fusion between the virtual and real-world, production and services, and software and hardware are expected to transform the industrial sector. Hence, the enormous potential of industry 4.0 is engaged in offering enhanced productivity and flexibility while increasing resource efficiency and improving productivity.
Key Drivers and Trends fueling Market Growth:
- Rising Automation in Material Handling
- Implementation of High Safety Standards at Workplaces
- Increasing Demand for Artificial Intelligence (AI) in Factories
- SMEs to Dominate Adoption of AGVs
Automated Guided Vehicle Market – Geography
North America is one of the major regions for the adoption of automatic guided vehicles and is likely to dominate the market during the forecast period. The growth is expected to be largely on account of the increasing adoption of automation systems, revitalization of the US economy, and the growth of the e-commerce industry. The growth of the automated guided vehicle market in North America largely depends on the political and economic scenario in the region, along with the growing adoption of automation in industries. Besides, the growth of the e-commerce industry in North America is expected to induce higher sales of AGVs during the forecast period.
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Market Segmentation by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Nordic
- APAC
- China
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
Major Vendors
- Daifuku
- JBT Corporation
- Kion Group
- Toyota Industries
Other vendors include – AGVE Group, Amerden, America in Motion, AMS, ASTI Mobile Robotics Group, Atab, Axter Automation, BA Systèmes, Comau, DimaSimma, DS Automation, Echkart, EK Automation, Esatroll, Eurogroep, Fetch Robotics, Fori Automation, Grenzebach Group, GreyOrange, Hi-Tech Robotic Systemz, Hyster-Yale Group, Inser Robótica, iROB, Jungheinrich, Kivnon Logistica, Kollmorgen, Kuka, Mad Automation, Mecalux, MLR System, Mitsubishi Forklift Trucks, Murata Machinery, Oceaneering, Optimus Robotics, Bastian Solutions, Robotic Automation, Robotnik Automation, Savant Automation, Scaglia INDEVA, Scallog, SCOTT, Seegrid, Simplex Products, Solving, SSI SCHAEFER, Synersight, Technoferrari, Teradyne, Transolt Technologies, WEWO Techmotion, and Quirepace.
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