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Automated Guided Vehicle (AGV) Market Size, Share, and Analysis, By Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks and Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided, Inductive Guided and Others), By Application (Transportation, Distribution, Storage, Assembly, Packaging and Waste Handling), By Industry (Automotive, Food and Beverage, Manufacturing, E-Commerce and Others) and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Automated Guided Vehicle (AGV) Market is anticipated to grow at a CAGR of 11.3% in the forecast period (2024-2034), with the market size valued at USD 3.7 billion in 2023 and projected to reach USD 12.2 billion by 2034.
Automated Guided Vehicle refers to the autonomous mobile robots which are manufactured in order to facilitate in the transportation within industrial settings, warehouses, and distribution centres without the requirement for any type human assistance. These vehicles are generally made in with various sensors, navigation systems, and fitted computers that help to navigate during work, avoiding obstacles and proactively interact with environment around them. AGVs are available in different variants such as forklifts, pallet trucks and tow vehicles while playing an essential role while assisting in handling tasks. The market consists of manufacturing, sales and distribution of AGVs and then integrating them effectively in the workspaces. The market is expected to have positive growth due to labour cost saving solutions and rising operational challenges.
Automated Guided Vehicle (AGV) Market is anticipated to reach USD 12.2 billion, growing at a CAGR of 11.3% during the forecast period owing to the overall increasing demand for automation in material handling, rising labour costs, and advancements in robotics and navigation technologies. The AGVs are available in various forms of vehicle variants such as Tow Vehicles, Forklift Vehicles, Unit Load Carriers, Assembly Line Vehicles, Pallet Trucks and Others, all these different form of vehicles specialises in certain form of work and operations. AGVs are effectively equipped with different navigation technologies namely Laser Guided, Magnetic Guided, Vision Guided, Inductive Guided and Others, which all help towards navigation and is used effectively in various application referred as Transportation, Distribution, Storage, Assembly, Packaging and Waste Handling. AGVs use in the recent years have expanded to different various industries ranging from Automotive, Food and Beverage, Manufacturing to E-Commerce.
Source: Fatpos Global
By Type, Automated Guided Vehicle (AGV) Market is segmented into Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks and Others. Presently, Tow Vehicles holds the substantial market share due to various glaring reasons, their cost effectiveness due to their simpler designs compared to other AGVs resulting directly in lower buying and maintenance cost. Tow vehicles also help in offering versatility due to their ability to pull various carts, trailers, and payloads, which provides better flexibility in different material handling operations. Their modern design allows for better integration, helping businesses to adjust operations according to the need and wants. With better safety options they can operated seamlessly in human environment. Other types of AGVs such as Unit Load Carriers offer better transport of palletized goods, with forklifts effective for handling and stacking heavier loads for heights, assembly line vehicles specializing in assembly line tasks, directly improving the efficiency and precision.
By Navigation Technology, Automated Guided Vehicles is segmented into Laser Guided, Magnetic Guided, Vision Guided, Inductive Guided and Others. The Laser Guided (LG) Technology holds the prominent market share with capturing more than one-fifth of the total market share, making it a significant revenue contributor. LG Technology provides exceptional accuracy, precise positioning and navigation even in various complex and dynamic environments. Its flexibility also allows to adapt in various changing routes and obstacles with dynamic sensing capabilities, ensuring efficient operation in real-time scenarios. Being highly scalable, it can be made suitable for large facilities and long sections, where consistent and reliable navigation is essential. While, there has been a significant rising competition from the other segments such as Magnetic Guidance helping which is easier to install and maintain, with higher precision; Vision Guidance with help of cameras and AI, can handle dynamic obstacles and environment, while Inductive Guidance can offer higher accuracy similar to magnetic guidance.
Growing Demand For Automation In Material Handling And Logistics Has Provided Better Room For Market Development
The overall increased demand for automation in material handling and logistics have been significant. A larger e-commerce boom has led to a surge in online shopping, which creates a need for faster and more efficient order execution processes, which makes automation, predominantly through Automated Guided Vehicles (AGVs), vital in meeting these demands. With changing market scenario supply chains have become gradually complex, requiring effective movement of goods in order to ensure timely deliveries, which further drives the adoption of AGVs. Automation is generally required in order to help with labour-intensive tasks in warehouses and distribution centres, where repetitive and physically demanding activities can be efficiently handled by AGVs, improving overall efficiency and reducing errors. AGVs have also increased the overall total accuracy by operating every hour, providing higher productivity with lower errors.
Increase In The Overall Labour Costs With A Significant Shortage Of Skilled Workers Have Prompted The Use Of AGVs
The higher labour costs and shortage of skilled workers are hopefully the driving the use of AGVs in various industries. The rise in wages are requiring a significant cost saving measures, with AGVs helping in reducing these costs, making companies more competitive. As aging population and skills create a gap it directly leads to more worker shortages, and AGVs have emerged as an important alternative for handling such complex tasks which are traditionally performed by manual workers. Additionally, AGVs address safety concerns by reducing workplace accidents and injuries associated with manual material handling, thereby improving overall workplace safety. AGVs are taking on more repetitive tasks, thus freeing the employees and contributing towards better job satisfaction, creating an overall better work environment. Thus, the adoption of AGVs offers a comprehensive solution to the challenges posed by increasing labour costs and shortages of skilled workers in various industries.
High Initial Investment Costs Of AGVs Are Acting As A Significant Restraint For Market Development
The higher increasing costs of Automated Guided Vehicles (AGVs) are presenting a significant market challenge for wider adoption, basically for businesses with smaller size and those which are hesitant to use newer technologies. AGVs generally faces higher costs due to advancement in technologies, various customization requirements, infrastructure modifications, and effective integration with existing systems. These expenses can hamper adoption by making AGVs financially expensive for some companies, which raises various concerns about return on investment and increasing dislike towards new technology. Effective solutions to resolve these challenges include offering various financials assistance such as leasing and subscription models, by providing standardized and modular AGV solutions in order to reduce customization costs, thus encouraging a wider acceptance and implementation in various industries.
Automated Guided Vehicles Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific currently leads the AGV Market with capturing nearly two-fifth of the total share. Countries like China, Japan, and India have rapidly growing manufacturing Industry, with some governments actively supporting automation advancements through subsidies and industrial development programs. This region generally offers low labour costs and readily available skilled workers make AGVs a relatively cost-effective solution in these regions.
Source: Fatpos Global
The Initial impact of Covid-19 on the AGV market was mixed, with some segments experiencing challenges and others seeing surprising market growth. Global lockdowns and production delays effected the availability of AGV component, which impacted lead times and overall delivery schedules. While, the Economic uncertainty and budget constraints led some companies to postpone investments in new automation technologies like AGVs. Unexpected Market growth with recoveries led to a significant increase in online shopping directly boosting the demand for AGVs in overall logistics and warehousing. With significant workforce challenges, companies turned to AGVs to automate tasks and reduce reliance on manual labour. The market witnessed a 15% growth in 2020, highlighting its resilience and relevance in post-pandemic landscape.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2034 |
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Base Year |
2023 |
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Forecast Period |
2024-2034 |
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Historical Period |
2019-2022 |
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Growth Rate |
CAGR of 11.3% from 2024-2034 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By Type |
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By Navigation Technology |
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By Application |
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By Industry |
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By Region |
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Automated Guided Vehicle (AGV) Market size was values at USD 3.7 billion in 2023 and is projected to reach the value of USD 12.2 billion in 2034, exhibiting a CAGR of 11.3% during the forecast period.
Automated Guided Vehicle refers to the autonomous mobile robots which are manufactured in order to facilitate in the transportation within industrial settings, warehouses, and distribution centres without the requirement for any type human assistance.
The Tow Vehicles segment and Laser Guided segment accounted for the largest Automated Guided Vehicle (AGV) Market share.
Key players in the Automated Guided Vehicle (AGV) Market include Daifuku Co., Ltd., Jungheinrich AG, Swisslog Holding AG, KION Group AG, Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., JBT Corporation, Oceaneering AGV Systems, Seegrid Corporation, E&K Automation GmbH, AGVE Group, Murata Machinery, Ltd., Bastian Solutions, LLC, Transbotics Corporation, Fetch Robotics, Inc. and Other Prominent Players.
Increasing demand for automation in material handling, rising labour costs, advancements in robotics and navigation technologies, and the need for greater efficiency and productivity in various industries. are the factors driving the Automated Guided Vehicle (AGV) Market.
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