As per our research analysis, The Automated Guided Vehicle Market is predicted to be valued at 2.2 billion dollars in 2021 and 3.23 billion dollars by the end of 2027. The worldwide market is predicted to increase at a CAGR of 7.9 percent from 2022 to 2027, according to the forecast
Market Overview:
An automated portable robot is sometimes known as an automated guided vehicle. Accordingly, the portable robot follows the specified lines or wires on the floor. Radio waves, vision cameras, and lasers are also used for navigation. Self-guided material handling or loading carriers that go autonomously through a warehouse, distribution centre, or production plant without a person or driver onboard are known as Automated Guided Vehicles. Autonomous guided vehicles come in a variety of configurations and navigation systems. The market expansion of the Automated Guided Vehicle Market is dominated by the tow vehicle type of AGV and the laser-guided navigation system. These AVGs are often used in logistics and warehouses for transportation, distribution, cold storage, wholesale and distribution, and cross-docking. The automotive, e-commerce, food and beverage, and healthcare industries are all seeing an increase in demand for automated guided vehicles. The greatest market for Automated Guided Vehicles is expected to be in Asia-Pacific. The Automated Guided Vehicles Market is expected to increase between 2022 and 2027, owing to a growing focus on industrial automation for enhancing productivity, quality improvement, labor, and time management.
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Segmentation Analysis:
The global Automated Guided Vehicle market segmentation includes:
By Type: Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks
The Tow Vehicle is the most profitable sector in the worldwide Automated Guided Vehicle Market, accounting for 40% of total revenue in 2021. Because it can haul many trolleys concurrently, the Tow Automated Guided Vehicle may provide flexible solutions for logistics and production flow, decreasing the number of transportations required and helping to enhance productivity. Towing vehicles may also transport cargo autonomously, safely, and reliably in partnership with operators. Because of these considerations, Tow trucks will maintain their market dominance in the worldwide Automated Guided Vehicle Market between 2022 and 2027, with a CAGR of 15.4 percent.
By Factor: IP20, IP65, Others
The market is divided into IP65, IP20, and others according to one form factor. The IP65-rated controller is resistant to liquids, dust, and solid objects. In 2021, IP65 had the greatest revenue share in the global market. This is owing to an increase in the demand for IP65-rated Automated Guided Vehicles in a variety of end-use sectors, which is driven by the need to protect external components such as flat panel displays from dust and fluids.
By Navigation: Laser-guided, Magnetic Guided, Vision Guided, Others (Wire guided etc.)
The worldwide Automated Guided Vehicle Market is divided into Laser guided, Magnetic guided, Vision guided, and others based on navigation. Due to their versatility and precise laser guiding technology, laser-guided AGVs dominate the industry. Furthermore, the need for laser-guided vehicles for material handling is increasing in the industry since it functions as an electronic eye to avoid route impediments. It also helps to improve safety, boost material flow, and reduce downtime.
By Application: Logistics & Warehouses, Transportation, Wholesale & Distribution, Storage, Cross-docking, Assembling, Packing, Trailer Loading and Unloading, Raw Material Handling, Others
Logistics & Warehouse, Assembling, Packing, Trailer Loading and Unloading, Raw Material Handling, and Others are the application segments of the worldwide Automated Guided Vehicle Market. The Automated Guided Vehicle Market is dominated by the logistics & warehousing segment. Transportation, wholesale distribution, cold storage and distribution, and cross-docking are all areas where Automated Guided Vehicles are in high demand. Furthermore, AGVs can perform properly and effectively even in short aisles and compact layouts, improving the storage process’s dependability. The demand for AGVs in logistics and warehouses enhanced the worldwide Automated Guided Vehicle Market between 2022 and 2027 as a result of these reasons.
By Industry: Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, 3PL, Semiconductors & Electronics, Aviation, E-commerce, Others
Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, 3PL, Semiconductors & Electronics, Aviation, E-commerce, and Others are the industries that make up the worldwide Automated Guided Vehicle Market. Because of bulk material handling (storage, packaging, and transit), the automobile and food industries have a high demand for AVGs. Furthermore, due to increased e-commerce activity by key e-commerce operators, the E-commerce industry is likely to rise rapidly in the future.
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Regional Analysis:
Because of increased import and export activity, North America is the greatest contributor to the worldwide Automated Guided Vehicle Market. Between 2022 and 2027, the Automated Guided Vehicle Market will rise due to the widespread adoption of automated technologies in warehouses to improve operations and job efficiency.
In the worldwide Automated Guided Vehicle Market, Asia Pacific is predicted to develop at the fastest rate. Due to the fast expansion of the automotive, food and beverage, e-commerce, and healthcare industries in the APAC region, China, India, and South Korea will contribute to the AGV market growth. In addition, to promote the growth of the Automated Guided Vehicles Market in the predicted period, the government is concentrating more on safety and security in production areas, as well as taking steps in the development of industrial manufacturing.
The fastest-growing regions for autonomous guided vehicles are Europe and Latin America. The increased adoption of Industrial 4.0 and industrial automation will fuel the future growth of the Automated Guided Vehicle Market.
Manufacturers are focusing more on automation technologies in the Middle East and Africa, which is driving the Automated Guided Vehicle Market development throughout the forecast period.
Latest Industry Developments:
- T-Hive, a global autonomous car software development business, was launched by Toyota Industries Corporation in April 2021. TICO’s major goal for T-Hive is to create a unified control system for all autonomous vehicles (AVs), such as automated guided forklifts (AGF), automated guided vehicles (AGVs), and autonomous mobile robots (AMRs). TICO’s clients will benefit from the seamless transportation, storage, and distribution of goods throughout their entire supply chain, thanks to the unified solution portfolio being launched at logistics facilities throughout the world.
- At ProMatDX in April 2021, JBT introduced its Warehouse Freezer AGV, which can operate in temperatures ranging from -10°F to 110°F.
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