Automated Guided Vehicles (AGV) Market to Grow at a CAGR of 14.59% to reach US$ 9,077.3 million from 2020 to 2028

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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)

Publication Month: Mar 2021 | Report Code: TIPAT00002059 | No. of Pages: 211 | Category: Automotive and Transportation | Status: Published

The automated guided vehicles (AGV) market was valued at US$ 3,310.8 million in 2020 and is projected to reach US$ 9,077.3 million by 2028; it expected to grow at a CAGR of 14.59% during 2021–2028.

The increasing e-commerce business across the world is resulting in the adoption of the automated material handling process. E-commerce companies such as Walmart, Amazon, Alibaba, and Flipkart are increasing their focus on automated material handling to reduce operational costs and increase inventory size. According to the E-commerce Europe report, in 2019, online sales in the region was increased by 13%, which accounted for US$ 735 billion; also, the market concentration is expected to be focused on Western Europe, with the region accounting for the majority of B2C platform turnover, of around 66%. For instance, the material handling division of ThyssenKrupp is investing over US$ 83 million in its European warehousing and logistics network and planning to build a new logistics center in Rotenburg/Wümme (Lower Saxony) that will span 36,000 square meters and hold up to 20,000 metric tons of materials. MonotaRO is an e-commerce company that handles the consumables, maintenance tools, and other industrial supplies used in various industries. The company uses the Racrew by Hitachi, a compact, low-floor, automated guided vehicle (AGV) to increase the picking efficiency. Also, in late 2019, Flipkart announced to use 340 small AGVs at its warehouse in India. Such developments are driving the demand for AGVs, which is propelling the automated guided vehicles (AGV) market growth.

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.

Lucrative Regions for Automated Guided Vehicles (AGV) Providers

Lucrative Regions for Automated Guided Vehicles (AGV) Providers

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Automated Guided Vehicles (AGV) Market Insights

Growing Demand for Automation in Material Handling Across Industries

The adoption of automated guided vehicle (AGVs) 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.

Technology-Based Market Insights

Based on technology, the automated guided vehicles (AGV) market is segmented into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. In 2020, the laser target navigation segment held the largest market share. Also, the same segment is expected to register the highest CAGR in the market during the forecast period. Laser target system is more accurate, speedy, and reliable technology that navigates vehicles with a laser positioning system. The technology is traditionally used in supply chain management, as it increases warehouse efficiency. Laser target navigation is used in a wide range of verticals, and it is used in automatic forklift trucks, warehouse management, stocking applications, and Tow Tractors AGVs.

Every laser-guided vehicle is equipped with a 2-dimensional navigation laser. Similarly, flat reflectors and cylindrical reflectors are the two significant reflectors in vehicle design. Flat reflectors are simple and low-priced strips of retro-reflective tape that offer excellent accuracy for the vehicle. On the other side, cylindrical reflectors are more challenging to deploy and disrupt users.

Automated Guided Vehicles (AGV) Market, by Application–2021 and 2028  

Automated Guided Vehicles (AGV) Market, by Application – 2021 and 2028  

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Strategic Insights

Report Coverage - Automated Guided Vehicles (AGV) Market
Report CoverageDetails
Market Size Value inUS$ 3,310.8 Million in 2020
Market Size Value byUS$ 9,077.3 Million by 2028
Growth rateCAGR of 14.59% from 2021-2028
Forecast Period2021-2028
Base Year2021
No. of Pages211
No. of Tables108
No. of Charts & Figures102
Historical data availableYes
Segments coveredTechnology , Type , Vehicle Type , and End User
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Players operating in the automated guided vehicles (AGV) market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

  • In 2020, Bastian Solutions, Inc. showcased its complete, scalable industrial robotic systems at the new Pack Expo connects virtual event held during November 9–13, 2020. Bastian Solutions robotics offers complete, scalable industrial robotic systems that automate processes within manufacturing and distribution facilities. These systems are automated, programmable, and feature robots capable of movement on three or more axis.
  • In 2020, Kuka AG successfully integrated an automated guided transport system in body-in-white production. The Kuka AIVI control system guides the automated guided vehicles and ensures optimum material flow to the production line, while at the same time ensuring perfect utilization of the AGVs.

Automated Guided Vehicles Market – by Technology

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

Automated Guided Vehicles Market – by Type

  • Standard
  • Hybrid
  • Compact
  • Others

Automated Guided Vehicles Market – by Vehicle Type

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

Automated Guided Vehicles Market – by End User

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

Automated Guided Vehicles Market – by 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

Company Profiles

  • Balyo SA
  • Bastian Solutions, Inc.
  • Daifuku Co., Ltd.
  • Dematic Group
  • Hyster-Yale Group, Inc.
  • Konecranes Oyj
  • Kuka AG
  • Lodamaster Group

Frequently Asked Questions

The growing demand for automation in material handling across industries. Moreover, increasing demand for AGVs in E-commerce, thereby substantially driving the automated guided vehicles (AGV) market.
The overall adoption of industry 4.0 by companies is significantly low and holds a potential opportunity for the AGV market players. Industry 4.0 also aims to create an operational environment wherein humans and robots can work together efficiently in warehouse.
The automated guided vehicles market is led by laser target navigation segment with highest share and is expected to dominate in the forecast period. Laser target systems are more accurate, speedy, and reliable technology that navigates vehicles with a laser positioning system. This technology traditionally uses in supply chain management, where it increases warehouse efficiency. Laser target navigation is used in a wide range of verticals, and it is used in Automatic Forklift trucks, warehouse management, stocking applications, Tow Tractors AGVs, etc.

The List of Companies - Automated Guided Vehicles (AGV) Market

  1. Balyo SA
  2. Bastian Solutions, Inc.
  3. Daifuku Co., Ltd.
  4. Dematic Group
  5. Hyster-Yale Group, Inc.
  7. Konecranes Oyj
  8. Kuka AG
  9. Lodamaster Group
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global automated guided vehicles (AGV) market.

  • Highlights key business priorities in order to assist companies to realign their business strategies.

  • The key findings and recommendations highlight crucial progressive industry trends in the global automated guided vehicles (AGV) market, thereby allowing players across the value chain to develop effective long-term strategies.

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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