Automated Guided Vehicles (AGV) Market is expected to reach US$ 9,077.3 million by 2028

Published Date: 31 Mar 2021

Report : Automated Guided Vehicles (AGV) Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Wired Navigation, Guide Tape Navigation, Laser Target Navigation, Magnetic Navigation, and Others), Type (Standard, Hybrid, Compact, and Others), Vehicle Type (Pallet Trucks, Unit Load Carriers, Driverless Trains, Forklift Trucks, and Others), and End User (General Manufacturing, Food & Beverage, Aerospace, Retail, Healthcare, Logistics, Automotive, and Others)

Growing Demand for Automation in Material Handling Across Industries to Offer Growth Opportunities for Automated Guided Vehicles (AGV) Market During 2021–2028

 

According to our latest market study on “Automated Guided Vehicles (AGV) Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, Vehicle Type, and End User,” the market was valued at US$ 3,310.8 million in 2020 and is projected to reach US$ 9,077.3 million by 2028; it is expected to grow at a CAGR of 14.59% from 2021 to 2028.

 

The adoption of automated guided vehicle (AGV) has increased drastically as they are effective and reliable solutions for material handling, which, in turn, increases the production capacity of the industry. These material handling solutions reduce physical damages to goods and boost the efficiency of operations. The overall need for high efficiency in the automotive, healthcare, e-commerce, and food & beverage industries propels the demand for automated material handling. It has enabled the industries to have connected factories with big data and machine learning (ML), resulting in increased automation in the industries. The AGV-enabled automation in industrial facilities can help meet the requirements related to material handling capacity and reduced production time. Moreover, this automation facilitates improved labor management, enhanced safety, high production volumes, and increased accuracy and repeatability by enhancing quality control with flexible manufacturing processes. AGVs enable just-in-time (JIT) delivery of raw material, computerized control of received assembled parts, and tracking of shipped articles. At present, the automotive industries are rapidly adopting automation and AGVs, especially in their production floors. For instance, in Martorell, Spain, the SEAT plant is moving toward digital and smart factory, with which the manufacturers are adopting AGVs with SLAM navigation, 4G connection, and induction battery charging. Till date, the facility adopted eight AGVs for outdoor operation and has over 200 AGVs that deliver parts inside the assembly workshops at the Martorell and Barcelona factories. Thus, growing demand for automation in material handling across industries is likely to increase the adoption of automated guided vehicles during the forecast period.

 

The automated guided vehicles (AGV) market is segmented on the basis of technology, type, vehicle type, end user, and geography. Geographically, Asia Pacific held the largest share of the market in 2020, followed by Europe and North America. Further, Asia Pacific is projected to register the highest growth rate during the forecast period. Based on technology, the market is segmented into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. The automated guided vehicles (AGV) market, based on type, is segmented into standard, hybrid, compact, and others. By vehicle type, the market is segmented into pallet trucks, unit load carriers, driverless trains, forklift trucks, and others. Based on end user, the market is segmented into general manufacturing, food & beverage, aerospace, retail, healthcare, logistics, automotive, and others.

 

Impact of COVID-19 Pandemic on Automated Guided Vehicles (AGV) Market

According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development of AGV technologies and systems.

 

Balyo SA; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Group; Hyster-Yale Group, Inc.; SSI SCHAEFER Group; Konecranes Oyj; Kuka AG; and Lodamaster Group are among the major companies operating in the automated guided vehicles (AGV) market.

Automated Guided Vehicles (AGV) Market — by Geography, 2020

Automated Guided Vehicles (AGV) Market — by Geography, 2020

 

The report segments the global Automated Guided Vehicles (AGV) Market as follows:

 

Automated Guided Vehicles (AGV) Market – by Technology

  • Wired Navigation
  • Guide Tape Navigation
  • Laser Target Navigation
  • Magnetic Navigation
  • Others

Automated Guided Vehicles (AGV) Market – by Type

  • Standard
  • Hybrid
  • Compact
  • Others

Automated Guided Vehicles (AGV) Market – by Vehicle Type

  • Pallet Trucks
  • Unit Load Carriers
  • Driverless Trains
  • Forklift Trucks
  • Others

Automated Guided Vehicles (AGV) Market – by End User

  • General Manufacturing
  • Food & Beverage
  • Aerospace
  • Retail
  • Healthcare
  • Logistics
  • Automotive
  • Others

Automated Guided Vehicles (AGV) Marketby Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America
    • Brazil
    • Argentina
    • Rest of SAM

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