The automated guided vehicles (AGV) market size is expected to reach US$ 11.84 billion by 2030 from US$ 4.53 billion in 2022, with an estimated CAGR of 12.7% from 2022 to 2030.
Analyst Perspective:
One of the key factors driving the automated guided vehicles (AGV) market is the ongoing revolution in automation and Industry 4.0. As industries embrace digitization and smart manufacturing processes, integrating AGVs into existing systems becomes a logical step to optimize production and logistics workflows. AGVs can seamlessly connect with other machinery and software systems, allowing for synchronized and streamlined operations, thereby enhancing productivity and throughput. Industry 4.0 also aims to create an operational environment wherein humans and robots can work together efficiently in warehouses. For instance, DHL Supply Chain, a contract logistics leader within Deutsche Post DHL Group, uses AGVs and robots in its warehouses for picking. The company collaborated with Robomotive, a Dutch industrial automation company, to develop a robot cell capable of depalletizing, picking, and order fulfillment functions. Factors such as a diverse product catalog, competitive pricing, and shopping ease have surged the traction of e-commerce among consumers. E-commerce is growing rapidly in developed countries and emerging nations, owing to the presence of several large corporations such as Amazon and Walmart. The growing popularity of e-commerce has surged the demand for warehouses and distribution centers. As a result, the increasing demand for e-commerce retail is further propelling the automated guided vehicles (AGV) market growth.
Automated Guided Vehicles (AGV) Market Overview:
The automated guided vehicles (AGV) market is experiencing significant growth due to constant technological advancements and increasing demand for efficient and cost-effective material handling solutions. AGVs are self-operating, driverless vehicles that can navigate and transport materials within industrial and commercial settings, eliminating the need for manual labor and reducing human error. Another factor fueling the automated guided vehicles (AGV) market growth is the increasing emphasis on safety and efficiency in various industries. AGVs are equipped with advanced sensors, cameras, and collision avoidance technologies, making them capable of navigating complex environments without accidents or damage to goods. These features make AGVs an attractive option for industries looking to enhance their safety standards.
Automated Guided Vehicles (AGV) Market Driver:
Increasing Industrialization and Automation to Drive Automated Guided Vehicles (AGV) Market
Industrialization and automation are revolutionizing how businesses and industries operate worldwide. Automation has enabled businesses to become more cost-effective and efficient by excluding labor-intensive tasks and increasing production accuracy and speed. Automation also has the potential to improve product quality and decrease human error. It has allowed businesses to improve customer service, modernize their operations, and reduce customer wait times. Automation is also helping businesses become more flexible, acknowledging them to respond quickly to changes in the market. As businesses embrace automation, they quickly realize the benefits it can bring to their operations. Industrialization and automation in industries are growing significantly. For instance, in June 2023, Rockwell Automation announced that 85% of automotive manufacturers plan to maintain or even increase their workforce due to technology adoption. In addition, 64% of businesses use software to automate processes, and 54% of leaders are increasing automation to address labor shortages. Automated guided vehicles are widely used for several purposes: increasing safety, lowering production time, assuring high production volume, and minimizing the risk of human mistakes. Thus, the growing industrialization and automation in industries drives the automated guided vehicles (AGV) market.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Automated Guided Vehicles (AGV) Market: Strategic Insights
Market Size Value in US$ 4.53 billion in 2022 Market Size Value by US$ 11.84 billion by 2030 Growth rate CAGR of 12.7% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Automated Guided Vehicles (AGV) Market: Strategic Insights
| Market Size Value in | US$ 4.53 billion in 2022 |
| Market Size Value by | US$ 11.84 billion by 2030 |
| Growth rate | CAGR of 12.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Report Segmentation and Scope:
The “Automated Guided Vehicles (AGV) Market” is segmented based on Technology, Vehicle Type, End Users and geography. Based on technology, the automated guided vehicles (AGV) market is bifurcated into laser target navigation, magnetic navigation, wired navigation, guide tape navigation and others. The automated guided vehicles (AGV) market, by vehicle type, is segmented into tow vehicle, pallet trucks, tugger trains, forklift trucks, and others. Based on end users, the automated guided vehicles (AGV) market is bifurcated into logistics, automotive, general manufacturing, healthcare, retail, food and beverage, aerospace and others. The automated guided vehicles (AGV) market, based on geography, is segmented into North America Europe, Asia Pacific, Middle East & Africa, and South America.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Automated Guided Vehicles (AGV) Market Segmental Analysis:
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Based on technology, the automated guided vehicles (AGV) market is subsegmented into wired navigation, guide tape navigation, laser target navigation, magnet navigation, and others. The laser target navigation segment held the largest share in 2022. The same segment is expected to register the highest CAGR in the automated guided vehicles (AGV) market during the forecast period. The laser target navigation method for automated guided vehicles (AGV) is very flexible and can be used in various environments. The reflective targets can be placed on the floor, walls, or other surfaces so that the AGV can be navigated around obstacles and through narrow aisles. Laser target navigation can be scaled to accommodate a wide range of AGVs, from small carts to large forklifts. It makes it a versatile solution for various warehouse and manufacturing applications. Various manufacturers have launched automated guided vehicles equipped with the laser target navigation system
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Automated Guided Vehicles (AGV) Market Regional Analysis:
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The North America automated guided vehicles (AGV) size was valued at US$ 1,161.16 million in 2022 and is projected to reach US$ 2,976.90 million by 2030; it is expected to register a CAGR of 12.5% during 2023–2030. The North America automated guided vehicles (AGV) market is segmented into the US, Canada, and Mexico. The US held the largest share of the North America automated guided vehicles (AGV) market in 2022. Manufacturing enterprises in the US plan to grow at a fast pace in the coming years by bolstering their productivity with the adoption of new technologies. Moreover, decreasing gas prices, rising labor costs in emerging markets, and better regulatory frameworks securing the intellectual property rights of companies boost their growth. Companies in the US are deploying automated material handling solutions to enhance productivity and gain a competitive edge in the markets they serve. Companies in the metals, food & beverages, warehousing, life sciences, and semiconductors and electronics manufacturing industries are increasingly deploying automated material handling equipment in their facilities. New electric or autonomous vehicle manufacturers are opening their manufacturing facilities in the US.
Automated Guided Vehicles (AGV) Market Key Player Analysis:
The automated guided vehicles (AGV) market consists of players such as Dematic Corp, Kion Group AG, Jungheinrich AG, Toyota Material Handling Inc, Konecranes Plc, John Bean Technologies Corp, Daifuku Co Ltd, Bastian Solutions LLC, Hyster-Yale Group Inc, and Murata Machinery Ltd.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the automated guided vehicles (AGV) market. A few recent key automated guided vehicles (AGV) market developments are listed below:
- In June 2023, Dematic introduced its newest freezer-rated autonomous guided vehicles (AGVs). Dematic's whole line of AGVs, including high-reach and counterbalance models, was designed and constructed in Australia. It is now fully certified for use in freezing conditions, catering to the needs of the growing automated guided vehicles (AGV) market.
- In March 2023, the Storage Solutions group ("Storage Solutions") was successfully acquired by Jungheinrich AG from Merit Capital Partners, MFG Partners, and the management of Storage Solutions. All closing requirements, including American merger control clearance, have been met. With Storage Solutions, Jungheinrich expands the racking and warehouse automation market in the US with a solid growth foundation.
- In December 2021, KION Group opened a new forklift truck plant in China and laid the foundation stone for further supply chain solutions plants. These new facilities will help the KION Group to forge ahead with its growth strategy in China and expand its product portfolio in both operating segments. The KION Group planned to create more than 1,000 new jobs in Jinan in the medium term. More than 4,600 people of the KION Group's almost 40,000-strong workforce are already based in China.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Vehicle Type, and End Users
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Technological advancements in AGVs are impacting the automated guided vehicles (AGV), which is anticipated to play a significant role in the global automated guided vehicles (AGV) market in the coming years.
The key players holding majority shares in the global automated guided vehicles (AGV) market are Toyota Material Handling Inc, Kuka, Kion Group AG, Hyster-Yale Group Inc, and Daifuku Co Ltd.
The global automated guided vehicles (AGV) market is expected to reach US$ 11.84 billion by 2030.
The incremental growth expected to be recorded for the global automated guided vehicles (AGV) market during the forecast period is US$ 7.31 billion.
The increasing industrialization and automation in industries, huge growth in the e-commerce sector, and increasing need for well-managed operations in warehouses, distribution, and manufacturing facilities are the major factors that propel the global automated guided vehicles (AGV) market.
The global automated guided vehicles (AGV) market was estimated to be US$ 4.53 billion in 2022 and is expected to grow at a CAGR of 12.7 % during the forecast period 2023 - 2030.
The List of Companies - Automated Guided Vehicles (AGV) Market
- Dematic Corp
- Kion Group AG
- Jungheinrich AG
- Toyota Material Handling Inc
- Konecranes Plc
- John Bean Technologies Corp
- Daifuku Co Ltd
- Bastian Solutions LLC
- Hyster-Yale Group Inc
- Murata Machinery Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Automated Guided Vehicles (AGV) Market
Aug 2023
Connected Vehicle Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Technology (5G, 4G/LTE, 3G & 2G), Connectivity (Integrated, Tethered, Embedded), Application (Telematics, Infotainment, Driving assistance, Others) and Geography
Aug 2023
Hydrogen Fuel Cell Train Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, and Others), Component (Hydrogen Fuel Cell Pack, Batteries, Electric Traction Motors, and Others), Rail Type (Passenger Rail, Commuter Rail, Light Rail, Trams, Freight, and Others) and Geography
Aug 2023
Automotive High Voltage Cable Market
Forecast to 2030 - Global Analysis by Vehicle Type [Battery Electric Vehicles (BEV), Plugin Hybrid Electric Vehicles (PHEV), and Plugin Hybrid Vehicles (PHV)], Conductor Type (Copper and Aluminum), and Core Type (Multi Core and Single Core)
Aug 2023
40-Ft Electric Boat Market
Forecast to 2030 - Global Analysis by Propulsion (Pure Electric, Hybrid, and Sail Electric), Battery Type (Nickel-Based, Lead-Acid, and Lithium-Ion), Application (Fishing, Recreational, and Others), Voltage Architecture (12 V, 24 V, and 48 V), and Boat Type (Trawlers, Catamarans, Yachts, Power Cruisers, and Others)