Global Automated Guided Vehicle (AGV) Market Size to Reach USD 12.45 Billion in 2032 | Emergen Research
Increasing usage of AGVs in the e-commerce industry and greater adoption of industry 4.0 technologies are some key factors driving the Automated Guided Vehicle (AGV) market revenue growth
Vancouver, Aug. 29, 2023 (GLOBE NEWSWIRE) — The worldwide market for Automated Guided Vehicles (AGVs) attained a valuation of USD 4.80 Billion in 2022. Forecasts from recent analysis by Emergen Research suggest that the market is poised to exhibit a Compound Annual Growth Rate (CAGR) of 10.0% in terms of revenue throughout the projected period. Noteworthy drivers of this revenue expansion include the escalating utilization of AGVs within the e-commerce sector and the growing embrace of Industry 4.0 technologies.
The mounting utilization of Automated Guided Vehicles (AGVs) within the realm of e-commerce is a pivotal driver propelling revenue growth in the market. AGVs are effectively employed in automating the intra-warehouse and fulfillment center movement of goods. Their application extends to transporting items from storage racks to packaging and shipping zones. Moreover, AGVs find utility in categorizing and segregating products based on their designated destinations or order categories. This systematic deployment significantly enhances the efficiency of the shipping process.
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The advent of Industry 4.0 technologies introduces a paradigm characterized by the incorporation of Artificial Intelligence (AI) and automation in industrial workflows. This transformational shift has instigated a surge in demand for AGVs and facilitated the rise of the Internet of Things (IoT) within conventional manufacturing setups, thus birthing intelligent manufacturing systems. AGVs are embedded with sensors that collect performance data, which is then relayed to a centralized system through IoT infrastructure. Consequently, this real-time monitoring capability grants insights into AGV operations, enabling timely issue identification. This proactive approach, fortified by data acquisition on AGV performance and usage patterns, empowers IoT to predict maintenance requirements, thereby preempting downtimes and elevating AGV efficiency holistically.
IoT also engenders interconnectivity between AGVs and auxiliary systems like conveyors, robotics, and assorted automated equipment. This seamless integration fosters enhanced coordination and, in turn, augments the collective efficiency. The cascading effect of this orchestration is poised to amplify the demand for AGVs in smart manufacturing settings, thereby fueling the upward trajectory of market revenue.
However, a set of limiting factors dampens this growth narrative. Chief among these is the relatively higher cost of AGVs juxtaposed with their constrained payload capacity. Additionally, AGVs currently possess limitations in handling intricate tasks, which contributes to restraining the revenue expansion within the market.
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Scope of Research
|Market size in 2022||USD 4.80 Billion|
|Revenue forecast to 2032||USD 12.45 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||component, vehicle type, navigation technology, application, end-use, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Swisslog Holding AG, Egemin Automation Inc., Bastian Solutions, LLC, Daifuku Co., Ltd., Dematic, JBT, Seegrid Corporation, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., and BALYO|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global Automated Guided Vehicle (AGV) market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products. Some major players included in the global Automated Guided Vehicle (AGV) market report are:
- Swisslog Holding AG
- Egemin Automation Inc.
- Bastian Solutions, LLC
- Daifuku Co., Ltd.
- Seegrid Corporation
- Toyota Industries Corporation
- Hyster-Yale Materials Handling, Inc.
- On 16 November 2022, Swisslog Holding AG and Albert Heijn collaborated on a new, automated Home Shop Center (HSC). With the help of its robots and bins, the AutoStore system, which is part of the solution, will quickly collect individual products.
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Some Key Highlights From the Report
- The hardware segment is expected to account for the largest revenue share over the forecast period. Rising demand for advanced sensors such as laser sensors, image sensors, and others in AGVs is driving revenue growth of the segment.
- The tow vehicle segment accounted for the largest revenue share in 2022. Rising demand for small and sophisticated automated tow vehicles using software and sensors to navigate automatically is expected to drive revenue growth of the segment.
- The laser guidance segment accounted for the largest revenue share in 2022. This can be attributed to the growing use of laser guidance systems to navigate with higher accuracy and precision.
- The logistics and warehousing segment accounted for the largest revenue share in 2022 due to the increasing popularity of AGVs in logistics and warehousing that can be programmed to perform independently without much human intervention leading to the rise in demand for AGVs in logistics and warehouses.
- The wholesale and distribution sector segment is expected to account for the largest revenue share over the forecast period. The increasing popularity of new technologies such as Radio Frequency Identification (RFID) that can be used in AGVs for inventory management is driving revenue growth of the segment.
- The Automated Guided Vehicle (AGV) market in Europe is expected to account for the largest revenue share over the forecast period. Increasing initiatives and conducive policies to facilitate smart manufacturing as well as support from the European Union
- On 10 December 2020, JBT collaborated with Hyster-Yale to develop a dual-mode, double-deep pantograph reach truck. JBT provided 3D cameras and sensors that can improve accuracy, onboard automated navigation, and fleet management software for optimal efficiency to power Hyster-Dual-Mode Yale’s robotic reach truck. The truck can reach up to double-deep storage up to 30 feet and can operate in both manual and automatic modes, making it the perfect choice for distribution centers and other warehouses.
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Emergen Research has segmented the global Automated Guided Vehicle (AGV) market on the basis of component, vehicle type, navigation technology, application, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- Tow Vehicle
- Forklift Truck
- Pallet Truck
- Hybrid Vehicles
- Unit Load Carrier
- Navigation Technology Outlook (Revenue, USD Billion; 2019-2032)
- Laser Guidance
- Inductive Guidance
- Vision Guidance
- Magnetic Guidance
- Natural Navigation
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Logistics and Warehousing
- Trailer Loading and Unloading
- Raw Material Handling
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Wholesale and Distribution Sector
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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