Astute Analytica reports that the global Automated Guided Vehicle Market size will grow from USD 2,931.8 Million in 2020 to USD 5,519.1 Million in 2027. The global Automated Guided Vehicle Market will record a tremendous compound annual growth rate (CAGR) of 9.5% during the study period, i.e., 2021-2027.
The report’s segmentation section focuses on each category while also identifying those with the greatest influence on the Automated Guided Vehicle Market. The segmentation provided the framework for locating businesses and assessing their financial health, product portfolios, and potential for future growth. In order to forecast the level of competition, the second step involved analysing the core competencies and market shares of leading companies. To determine the size of the market as a whole, a bottom-up approach was adopted.
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The high installation, maintenance, and switching costs are expected to negatively impact the market growth. Due to these high costs, manufacturers are likely to not choose the automated guided vehicles, which restrain the market growth. During the COVID-19 pandemic, the automated guided vehicles market faced huge losses due to the closure of manufacturing facilities and low or negligible demand from the end-users in the industry.
Growing demand for automated guided vehicles from the retail sector
The e-commerce industry globally is growing at a fast pace, especially in areas such as online retailing combined with high urban density and elevated customer expectations for shorter delivery times. Due to the increasing customer demands, retail companies and manufacturers are shifting to novel material handling and automated solutions. Automated guided vehicles ease the rising pressure faced by online retailers for shipping customer orders efficiently with reduced fulfillment costs. This is anticipated to fuel the growth in the market.
Increasing demand for automation in material across handling processes in various industries
The increasing need for high efficiency in healthcare, automotive, food & beverages, and e-commerce industries, among others is boosting the demand for automated guided vehicles. Industrial facilities benefit from the AGV-enabled automation, which can meet the requirements related to the reduction of production time and improving the material handling capacity. It also is likely to reduce the chances of human errors and enhance the safety of individuals, while ensuring production volumes and also increasing repeatability and accuracy. Using automated guided vehicles also allows for computerized control of receiving assembled parts, just in time delivery of raw materials, and also the accurate tracking of shipped goods. Therefore, this is increasing the demand for automation in materials across handling processes in various industries, hence fuelling the market growth.
The global automated guided vehicle market is segmented into product type, battery type, navigation technology, application, and end-user industry.
By Product Type,
• Tow Vehicles
• Unit Load Carriers
• Pallet Trucks
• Assembly Line Vehicles
• Forklift Vehicles
The tow vehicles segment held the largest share of more than 25%, owing to its highest productivity, as compared to the other types. The forklift vehicles are anticipated to grow at the fastest rate owing to 11.4%. The unit load carriers are also expected to register considerable growth.
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By Battery Type,
• Lead Battery
• Lithium-Ion Battery
• Nickel-based Battery
The lead battery segment accounted for the largest market share owing to its low cost as compared to the other battery types. The lithium-ion battery segment is expected to witness the highest growth rate of more than 19%, as they support, the high-power charge and discharge.
By Navigation Technology,
• Laser Guidance
• Magnetic Guidance
• Inductive Guidance
• Optical Tape Guidance
• Vision Guidance
The laser guidance segment held the largest market share owing to its scalability, accuracy, and flexibility. The magnetic guidance segment is anticipated to grow at the highest CAGR owing to its flexible structure.
• Logistics and Warehousing
o Cold Storage
o Wholesale & Distribution
• Trailer Loading and Unloading
• Raw Material Handling
The assembly segment held the largest market share of about 20% owing to its application in the movement of various components, such as containers, transporting goods, pallets, and empty bottles, among others, from the end of the production line to the storage and further. The raw material handling segment is estimated to grow at the fastest rate of more than 12% during the forecast period.
By End-User Industry
• Manufacturing Sector
• Wholesale, Distribution and Other Sectors
o Retail Chains/Conveyance Stores
o Grocery Stores
• Hotels and Restaurants
The manufacturing sector is likely to hold the largest market share owing to the rising demand for AGVs in the electronics, automotive, FMCG, and pharmaceuticals industries. Within, the manufacturing sector the pharmaceuticals segment is expected to grow at the rate of 15.8%.
On a regional basis, the global Automated Guided Vehicle market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The European region accounted for the largest market share of more than 37% in the global market the rising demand for material handling equipment is the manufacturing industry. The growing adoption of automation technologies by warehouse owners to optimize operations is also expected to fuel the market growth.
The Asia Pacific region is expected to foresee the fastest growth rate owing to the rapid growth of e-commerce, automotive, healthcare, and food & beverages industries in the region.
Key players operating in the global Automated Guided Vehicle market include Balyo, Bastian Solutions, Inc., Kuka AG, Daifuku Co., Ltd., Dematic, E&K Automation Gmbh, Elettric80 S.P.A., Fetch Robotics, Inc., Hyster-Yale Materials Handling, Inc., Invia Robotics, Inc., Kmh Fleet Solutions, Kollmorgen, Locus Robotics, Schaefer Systems International, Inc., Scott, Seegrid Corporation, Swisslog Holding Ag, System Logistics Spa, Toyota Industries Corporation, Seegrid Corporation, and Swisslog Holding Ag, among others.
The cumulative market share of the five major players is near about 57%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in July 2021, Balyo opened its new logistics distribution center for pursuing its technological innovations at the highest capacity. The center is located in Moissy-Cramayel, South-East Paris.
The global Automated Guided Vehicle market report provides insights on the below pointers:
• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Automated Guided Vehicle market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
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The global Automated Guided Vehicle market report answers questions such as:
• What is the market size and forecast of the Global Automated Guided Vehicle Market?
• What are the inhibiting factors and impact of COVID-19 on the Global Automated Guided Vehicle Market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Global Automated Guided Vehicle Market?
• What is the competitive strategic window for opportunities in the Global Automated Guided Vehicle Market?
• What are the technology trends and regulatory frameworks in the Global Automated Guided Vehicle Market?
• What is the market share of the leading players in the Global Automated Guided Vehicle Market?
• What modes and strategic moves are considered favorable for entering the Global Automated Guided Vehicle Market?
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