PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304642
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304642
Automated guided vehicle market size was valued at USD 2,309.6 Million in 2022, expanding at a CAGR of 8.2% from 2023 to 2030.
Automated guided vehicles (AGV) are self-guided material load carriers or handling systems that can travel autonomously across warehouses, distribution centers, and manufacturing facilities without any onboard operator and with the help of sensors which are installed in them. Moreover, in the form of automated guided vehicles supply chain management has witnessed automation including automated stackers, pallet trucks, small rack-carrying robots, and forklifts. Additionally, these vehicles are programmed to act some tasks by using deep learning and machine learning which are the safest alternatives for material handling by workers. Furthermore, it offers various advantages such as an increase in precision & productivity, safety inside facilities, and a reduction in labor costs.
In various industries employees' safety is a major concern, including warehouses, metal & heavy machinery, automotive, and logistics, as workers are required to work in environments that pose a threat to personal safety and accomplish potentially dangerous activities. Additionally, in such industries tasks such as movement, storage, loading, and unloading are carried out manually, thus putting workers at risk. As a result, AGVs ensure minimize instances of accidents and better worker safety. However, a lack of flexibility and high initial investment costs are expected to slow down the automated guided vehicle market growth. Furthermore, the incorporation of Industry 4.0 is attributed to offering lucrative growth opportunities for the automated guided vehicle market. Moreover, in the industrial revolution, industry 4.0 can be defined as the new phase that is highly focused on interconnectivity, machine learning, automation, and real-time data. As a result, it is expected to increase the profitability and productivity of companies with a considerable reduction in long-term labor costs.
The global automated guided vehicle market is segmented on the basis of vehicle type, navigation technology, end-use, component, battery type, and region.
The market is divided into five categories based on vehicle type: forklift truck, unit load carrier, pallet truck, tow vehicle, hybrid vehicles, and others. The tow vehicle segment is expected to hold the largest revenue share due to the high demand for bulk movement of products into and out of warehouse areas. Additionally, in towing applications tow vehicles are utilized to assist move bulk products into and out of warehouse spaces. Side path spurs are placed in receiving or shipping areas to provide the unloading and loading of goods from trains off the main line
The market is divided into five categories based on navigation technology: vision guidance, laser guidance, natural navigation, magnetic guidance, inductive guidance, and others. The laser guidance segment is likely to hold the largest market. In the automotive sector, the adoption of technological advancements is increasing segment growth. Additionally, to identify the precise location of each vehicle laser targets are positioned all over the warehouse. These movements are based on vehicle traffic and incoming instructions coordinated by vehicles' software effectively. The AGV system has been combined with the existing management systems for warehousing center operations to provide two-way communication of product movement.
The market is divided into five categories based on application: packaging, trailer loading & unloading, assembly, raw material handling, logistics & warehousing, and others. The logistics & warehousing segment is likely to maintain its dominance over the forecast period. The logistics & warehousing segment is further segmented into cold storage, cross-docking, transportation, and wholesale & distribution. Enterprises upgrading their existing facilities and building new facilities are majorly adopting automated storage systems and modern retrieval and other material handling equipment to boost productivity & efficiency and save on labor costs.
The market is divided into two categories based on end use: wholesale & distribution sector and manufacturing sector. The manufacturing sector is likely to possess the market share. The AGVs are equipped with laser heads, cameras, and other sensors, which assist them to operate safely around structures, employees, and machinery. Moreover, operators can make errors that can direct to mishaps and accidents in a manufacturing or distribution facility. AGVs can help improve the accuracy of the workflows, as a result, reducing waste and augmenting productivity.
The market is divided into three categories based on components: software, service, and hardware. The hardware segment is attributed to dominating the market. The growth can be anticipated due to the rising deployed collaborative robots for repetitive tasks and reduced human labor in distribution or manufacturing facilities. Additionally, these robots would complete tasks such as transporting totes and physical labor.
The market is divided into three categories based on battery type: nickel-based battery, lead battery, lithium-ion battery, and others. The lead battery segment is expected to dominate the market share over the forecast period. Over other battery types, these batteries offer low-cost advantages. Besides, this it provides stable voltage, good reversibility, and long service life and is suitable for several applications. Moreover, lithium-ion battery is attributed to growth over the forecast period. Lithium-ion batteries support high-power charge and discharge. Additionally, it meets various industry conditions of user demand, including a long-life cycle, excellent temperature performance, and high energy density.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Increasing demand for automation and automated guided vehicles in numerous industries and the rise in productivity, safety, and accuracy drive the growth of the automated guided vehicle market. Moreover, increasing mergers & acquisitions, and collaborations are likely to maximize the economic and environmental benefits for the market players enabling them to share ideas and enhance their technologies and internal skills. Furthermore, AGVs payers have indulged in several types of organic and inorganic market growth strategies and techniques such as contracts, business expansions, and new product launches, to strengthen their business and gain a foothold in the market. For instance, in May 2023, United Drug partnered with Locus Robotics to deploy AMRs to improve warehouse accuracy, safety, and productivity. In Ireland, enhanced warehouse automation is first and improves operational scalability, SLAs, and efficiencies.
For instance, in October 2022, Seegrid Corporation announced a strategic partnership with Koops Automation Systems. The partnership enables Koops to bolster its portfolio by introducing its customers to the full suite of Seegrid Palion™ autonomous mobile robots and Fleet Central™ enterprise software solutions.
This proposed research study on automated guided vehicle market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The report provides the client the latest up-to-date and trending insights about the automated guided vehicle market.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for automated guided vehicle market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the automated guided vehicle market.
Impact of COVID-19 on automated guided vehicle market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on automated guided vehicle market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the automated guided vehicle market, we have also included competitive landscape and key innovator analysis for the automated guided vehicle market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the automated guided vehicle market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global automated guided vehicle market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: