Automated Guided Vehicle Market Growth & Trends
The global automated guided vehicle market size is expected to reach USD 9.38 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to reach a CAGR of 10.2% from 2022 to 2030. 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 as well as manufactured products from one point to another point 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, among others, which help in detecting junctions, identifying floor signs, and avoiding collisions with any obstacle.
For instance, in November 2021, Quanergy Systems, Inc., a U.S.-based company that offers an AI-powered LiDAR platform, launched the new M1 Edge 2D LiDAR sensors for automation. The newly launched LiDAR sensor is light in weight, broad 360°, with a sensing capability of up to 200 meters used in mobile robotics, AGVs, warehouse logistics applications, and port automation.
Several manufacturing plants and warehouses are deploying 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 the deployment of such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, 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 to assemble, pack, weld, store, and ship. Also, material handling solutions are used to increase the efficiency of transportation, 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 batteries to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and 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. For instance, in March 2021, Nissan Motor Co., Ltd, a global manufacturer of automobiles, buses, and trucks, stated that they use lithium-ion batteries to power their automated guided vehicles, which no longer need a worker to remove the battery and plug them in it charges faster. These batteries let AGVs last longer and bring significant innovations to their warehouse.
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Automated Guided Vehicle Market Report Highlights
- The adoption of material handling equipment and automation solutions is growing significantly across several industries
- The growing adoption of AGVs by the automotive industry as well as the automotive supply industry to move intermediate products within the facility is expected to drive the growth of the AGV market
- The manufacturing industry is increasingly adopting AGVs to save on labor costs. While AGV can operate on a 24x7 basis, the costs associated with the procurement and maintenance of AGV tend to be lesser than the costs incurred on salaries and employee benefits
- The logistics and warehousing segment happen to be the largest application of AGVs. The segment generated the highest revenue in 2021 and is expected to retain its dominance during the forecast period
- The European regional market dominated the global AGVs market in 2021. However, the Asia Pacific regional market is projected to expand at the highest CAGR from 2022 to 2030
Access Press Release@ https://www.grandviewresearch.com/press-release/global-automated-guided-vehicle-agv-market
Automated Guided Vehicle Market Segmentation
Grand View Research has segmented the global automated guided vehicle market based on vehicle type, navigation technology, application, end use industry, component, battery type, and region:
Automated Guided Vehicle Type Outlook (Revenue, USD Million, 2017 - 2030)
- Tow Vehicle
- Unit Load Carrier
- Pallet Truck
- Forklift Truck
- Hybrid Vehicles
- Others
Automated Guided Vehicle Navigation Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Laser Guidance
- Magnetic Guidance
- Vision Guidance
- Inductive Guidance
- Natural Navigation
- Others
Automated Guided Vehicle Application Outlook (Revenue, USD Million, 2017 - 2030)
- Logistics and Warehousing
- Transportation
- Cold Storage
- Wholesale & Distribution
- Cross-docking
- Assembly
- Packaging
- Trailer Loading and Unloading
- Raw Material Handling
- Others
Automated Guided Vehicle End-Use Industry Outlook (Revenue, USD Million, 2017 - 2030)
- Manufacturing Sector
- Automotive
- Aerospace
- Electronics
- Chemical
- Pharmaceuticals
- Plastics
- Defense
- FMCG
- Tissue
- Others
- Wholesale and Distribution Sector
- E-commerce
- Retail Chains/Conveyance Stores
- Grocery Stores
- Hotels and Restaurants
Automated Guided Vehicle Component Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Software
- Service
Automated Guided Vehicle Battery Type Outlook (Revenue, USD Million, 2017 - 2030)
- Lead Battery
- Lithium-Ion Battery
- Nickel-based Battery
- Others
Automated Guided Vehicle Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- US.
- Canada
- Mexico
- Europe
- UK.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- South America
- Brazil
- Middle East and Africa (MEA)
List of Key Players of Automated Guided Vehicle Market
- Swisslog Holding AG
- Egemin Automation Inc.
- Bastian Solutions, Inc.
- Daifuku Co., Ltd.
- Dematic
- 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
- Transbotics (A division of Scott Systems International Incorporated)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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