USD 4.30 billion
Automated Guided Vehicle Market Size, Share, Growth Analysis, By Component(Hardware, Software, Service), By Vehicle Type(Tow Vehicle, Unit Load Carrier, Pallet Truck, Forklift Truck), By Navigation Technology(Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance), By Application(Logistics and Warehousing (Transportation, Cold Storage, Wholesale & Distribution, Cross-docking)), By End-use Industry(Manufacturing Sector (Automotive, Aerospace, Electronics, Chemical), By Battery Type(Lead Battery, Lithium-Ion Battery, Nickel-based Battery, Others), By Mode of Operation(Indoor, Outdoor), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2147 |
Region:
Global |
Published Date: July, 2024
Pages:
202
|Tables:
66
|Figures:
77
Automated Guided Vehicle Market Insights
Global Automated Guided Vehicle Market size was valued at USD 4.30 Billion in 2022 and is poised to grow from USD 4.73 Billion in 2023 to USD 10.06 Billion by 2031, at a CAGR of 9.9% during the forecast period (2024-2031).
Rising adoption of automation across different industry verticals such as logistics and manufacturing is projected to bolster the sales of automated guided vehicles in the future. Advancements in autonomous technologies and rising acceptance of automated equipment will also create new business opportunities for automated guided vehicle manufacturers over the coming years. Increasing labor costs, dearth of skilled workforce, and high emphasis on worker safety are other factors that are also expected to favor market growth across the study period and beyond. The growing popularity of Industry 4.0 coupled with high demand for operational efficiency is also slated to benefit market development in the long run. However, maintenance and downtime concerns, high costs, and complex implementation are estimated to hamper automated guided vehicle market growth potential going forward.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Service
Growth Rate
9.9% CAGR
Global Automated Guided Vehicle Market ($ Bn)
Country Share for Europe Region (%)
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Automated Guided Vehicle Market Segmental Analysis
Global Automated Guided Vehicle Market is segmented based on Component, Vehicle Type, Navigation Technology, Application, End-use Industry, Battery Type, Mode of Operation, and Region. Based on Component, the market is segmented into Hardware, Software, and Service. Based on Vehicle Type, the market is segmented into Two Vehicle, Unit Load Carrier, Pallet Truck, Forklift Truck, Hybrid Vehicles, and Others. Based on Navigation Technology, the market is segmented into Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance, Natural Navigation, and Others. Based on Battery Type, the market is segmented into Lead Battery, Lithium-Ion Battery, Nickel-based Battery, and Others. Based on Application, the market is segmented into Logistics and Warehousing (Transportation, Cold Storage, Wholesale & Distribution, Cross-docking), Assembly, Packaging, Trailer Loading and Unloading, Raw Material Handling, and Others. Based on End-use Industry, the market is segmented into Manufacturing Sector (Automotive, Aerospace, Electronics, Chemical, Pharmaceuticals, Plastics, Defense, FMCG, Tissue, Others), Wholesale and Distribution Sector (E-commerce, Retail Chains/Conveyance Stores, Grocery Stores, Hotels and Restaurants). Based on Mode of Operation, the market is segmented into Indoor, And Outdoor. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Navigation Technology
Laser guidance technology is projected to account for a major chunk of the global automated guided vehicle market share. High precision and proven efficacy of laser guidance system is what drives its preference among automated guided vehicle manufacturers. Advancements in laser technologies and easy integration with current infrastructure allows this segment to hold its dominant stance in the global market landscape.
Meanwhile, the demand for natural navigation is projected to rise at the fastest CAGR across the study period and beyond. Rising adoption of LiDAR technologies in automated vehicles and advancements in LiDAR technologies are forecasted to help this segment boost automated guided vehicle market growth at a robust pace in the long run. Deployment of natural navigation systems is easy and does not require reflectors, magnets, or wires, which is also expected to contribute to its growing popularity worldwide.
Analysis by Application
The logistics and warehousing segment is projected to account for a dominant share of the global market. Growing emphasis on adoption of automation in the logistics industry and rapidly expanding e-commerce space are all contributing to the dominance of this segment. Dearth of skilled labor, rising number of same-day deliveries, and high investments by logistics companies in automation are all expected to help this segment maintain its high share in the global automated guided vehicle market through 2031.
On the other hand, the demand for automated guided vehicles for assembly applications is projected to surge at an impressive pace over the coming years. Rising emphasis on lowering costs of manufacturing and automating repetitive tasks such as assembly to improve operational efficiency and reduce errors are slated to help promote automated guided vehicle adoption in this segment.
Global Automated Guided Vehicle Market By Navigation Technology
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Automated Guided Vehicle Market Regional Insights
The European regional market holds a dominant market share and is expected to continue to dominate in the future as well. The growing need for better material handling equipment and the presence of a robust automotive manufacturing industry are projected to drive market growth in this region. The presence of key logistics companies and high adoption of automation in this region also boosts the demand for automated guided vehicles. Germany, France, and the United Kingdom will emerge as the most opportune markets for automated guided vehicle companies in the long run.
The presence of a strong manufacturing industry and e-commerce boom are helping Asia-Pacific region emerge as the fastest-expanding market in the world. India, China, Japan, and South Korea are slated to be the top markets for automated guided vehicle providers in this region owing to the presence of a strong manufacturing industry and rising adoption of automation. Rising labor costs and imposition of new worker safety mandates are projected to favor the demand for automated guided vehicles in this region going forward.
Global Automated Guided Vehicle Market By Region
- Largest
- Fastest
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Automated Guided Vehicle Market Dynamics
Automated Guided Vehicle Market Drivers
Rising Labor Costs
- Labor costs around the world are increasing rapidly owing to the changing economic landscape. This has led businesses and companies to opt for automation, which helps them improve productivity while keeping operational costs at a minimum, thereby driving sales of automated guided vehicles.
Adoption of Automation in Manufacturing
- The manufacturing industry and its related industries are all focusing on automation to improve their operational efficiency. These efforts to boost productivity are resulting in adoption of automation in manufacturing, which in turn, favors automated guided vehicle market growth.
Restraints
High Initial Costs
- Procurement, installation, and maintenance of automated guided vehicles amounts to a massive initial capital investment. Most companies do not have the budget for this or are concerned over the return of investment; both factors act as a restraint for future market growth.
Complexity in Implementation
- Implementing automated guided vehicles can be a daunting task if not handled properly as it involves multiple aspects that keep on changing or evolving. Specialized expertise is required to adjust automated guided vehicles as per environment and infrastructure, which further adds to the complexity and slows down adoption going forward.
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Automated Guided Vehicle Market Competitive Landscape
Automated guided vehicle companies should focus on the development of new offerings with better autonomous capabilities and easy integration. Developing affordable automated guided vehicles will also be a key strategy for all market players. Integration of automated guided vehicles with other advanced automation technologies could also create new business opportunities in the future.
Top Player’s Company Profiles in Automated Guided Vehicle Market
- KION Group AG (Germany)
- Toyota Industries Corporation (Japan)
- Daifuku Co., Ltd. (Japan)
- JBT Corporation (United States)
- Hyster-Yale Materials Handling, Inc. (United States)
- Oceaneering International, Inc. (United States)
- Murata Machinery Ltd. (Japan)
- Seegrid Corporation (United States)
- SSI Schaefer Group (Germany)
- Egemin Automation Inc. (Belgium)
- Clearpath Robotics, Inc. (Canada)
- Transbotics Corporation (United States)
- Balyo Inc. (France)
- Mobile Industrial Robots ApS (Denmark)
- Fetch Robotics, Inc. (United States)
- Doerfer Corporation (United States)
- Savant Automation, Inc. (United States)
- Kollmorgen Corporation (United States)
- EK Robotics Gmbh (Germany)
- Scott Technology (New Zealand)
- America In Motion (United States)
- Suzhou Casun Intelligent Robot Co., Ltd. (China)
- Danbach Robot Jiangxi Inc. (China)
- ECA Group (France)
- E80 Group S.P.A. (Italy)
- Global Agv (Denmark)
- Grenzebach Group (Germany)
- Idc Corporation (United States)
- Ikv Robot Co., Ltd. (China)
- Meiden America, Inc. (United States)
- Safelog Gmbh (Germany)
- Simplex Robotics Pvt. Ltd. (India)
Automated Guided Vehicle Market Recent Developments
- In April 2024, VDL Automated Vehicles and Siemens Nederland announced the strengthening of their partnership as they gear up to the launch of new automated logistics platform later this year. The new platform will help manage automated guided vehicle traffic in industries.
- In April 2024, Applied Motion Products Inc. introduced its MDX+ series, a family of low-voltage systems that combine a servo drive, a motor, and an encoder into one package. The family includes systems with power outputs ranging from 100 to 550 W.
- In March 2024, Kollmorgen, a renowned automated guided vehicle provider based in the United States announced the launch of a new offering that combines the capabilities of automated guided vehicles and autonomous mobile robots. NDC Flex ensures maximum productivity in industrial operations.
Automated Guided Vehicle Key Market Trends
- Use of AI and ML Technologies: AI and ML algorithms enable these vehicles to adapt to dynamic environments, avoid obstacles, and enhance operational efficiency. Moreover, AGVs are now interconnected with other smart factory components, forming a vital part of Industry 4.0 initiatives. This trend not only improves productivity but also reduces human intervention, making AGVs more cost-effective and versatile for various industries like manufacturing, logistics, and healthcare.
- Development of Electric Automated Guided Vehicles: An increasing emphasis on sustainability has led to the rise in popularity of electric vehicles around the world. Advancements in battery technology are also complementing the popularity, which is why automated guided vehicle manufacturers should focus on electrification of their offerings in the long run.
Automated Guided Vehicle Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, advancements in autonomous technologies and high adoption of automation in industrial settings are projected to bolster automated guided vehicle market growth. However, high costs and complex implementation are estimated to hamper automated guided vehicle demand outlook in the future. The Asia Pacific region is projected to emerge as the most opportune market for automated guided vehicle companies owing to robust manufacturing activity and growing preference for automation. Use of advanced artificial intelligence and machine learning algorithms will also create new opportunities for automated guided vehicle companies in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.30 Billion |
| Market size value in 2031 | USD 10.06 Billion |
| Growth Rate | 9.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automated Guided Vehicle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automated Guided Vehicle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automated Guided Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automated Guided Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automated Guided Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automated Guided Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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