The automated guided vehicles (AGV) industry is projected to reach a value of USD 1,126.7 million in 2023 and is expected to grow to USD 2,432.5 million by 2033. This growth translates to an estimated compound annual growth rate (CAGR) of 8% from 2023 to 2033.
The Automated Guided Vehicles (AGV) Industry is poised for significant growth as industries worldwide adopt automation technologies to streamline operations and improve efficiency. Automated Guided Vehicles (AGVs) are transforming material handling processes, providing enhanced safety, reliability, and cost-effectiveness across industries such as manufacturing, warehousing, logistics, and healthcare.
The AGV Industry is projected to witness substantial growth driven by advancements in sensor technologies, integration of AI and IoT, and the increasing demand for smart warehouses and factories. The ongoing trend toward Industry 4.0 and rising labor costs further fuel the adoption of AGVs in material handling, navigation, and transportation applications.
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Key Drivers of Growth
- Adoption of Industry 4.0 Practices: Rising demand for intelligent and automated systems is driving the adoption of AGVs in manufacturing and warehousing sectors.
- Technological Advancements: Integration of artificial intelligence, machine learning, and IoT enhances the precision and functionality of AGVs.
- Rising E-commerce Industry: The growth of online retail accelerates the need for efficient warehouse automation, creating opportunities for AGV deployment.
- Cost Efficiency and Labor Shortages: The ability of AGVs to reduce operational costs and mitigate the impact of labor shortages is a key driver.
- Improved Safety Features: Advanced AGVs equipped with collision avoidance systems ensure safer operations compared to traditional material handling methods.
Key Takeaways
- Industry Growth: The AGV industry is expected to grow at a compound annual growth rate (CAGR) of over 8% from 2023 to 2030, reaching a Industry size of approximately USD 5 billion.
- Segment Dominance: Tow tractors and pallet trucks are anticipated to dominate the Industry due to their widespread application in warehouses and manufacturing facilities.
- Regional Trends: North America and Europe lead in AGV adoption, driven by robust infrastructure and technological advancements, while the Asia-Pacific region is emerging as a key Industry due to rapid industrialization.
- End-Use Applications: The manufacturing and logistics sectors will remain the largest adopters of AGVs, accounting for a significant share of Industry revenue.
- Customization & Flexibility: Increasing demand for custom AGV solutions tailored to specific industry requirements is shaping Industry trends.
Automated Guided Vehicle (AGV) Market – Competitive Landscape
Top manufacturers of automated guided vehicles account for almost 45% of the total market share, finds FMI in this study. Leading players in the market are emphasizing on expansion of their already existing wide range of product portfolios.
Increasing investment in research to develop enhanced products is also a key strategy for market players to maintain their position in the market. Other key strategies include facility expansions and strategic partnerships to assist the growing demand for AGVs from various end-use industries. JBT Corporation; Kuka AG; Daifuku Co., Ltd.; Kion Group AG; Omron Adept Technologies, INC.; AGVE Group, Inc.; Murata Machinery; Transbotics Corporation; Oceaneering International Inc.; Seegrid Corporation; Murata Machinery; SSI Schaefer; AVT Europe NV; Cassioli Srl; Toyota Industries Corporation; Robotnik; Kollmorgen; E&K Automation GMBH; BEUMER Group GmbH & Co. KG; Mecalux, S.A; Bastian Solutions, Inc.
For instance:
- In February 2021, Daifuku Co. Ltd. announced a business partnership with Germany-based AFT Industries to leverage the material handling capabilities of both companies in the automotive industry. The partnership is aimed to open global investment channels and support increasing demand from automotive manufacturers for material handling systems.
- In July 2021, Kion Group AG opened a new truck production facility in a Polish town known as Kolbaskowo near Szczecin. The site might expedite the production of counterbalance trucks for all brand companies that come under the KION Industrial Trucks and Services segment, to enhance automation and digitization in production sites.
- Seegrid Corporation, a developer of autonomous mobility robots collaborated with ROBEX in March 2022. This collaboration initiative could help Seegrid Corporation strengthen its business while also introducing Seegrid Corporation products to ROBEX clientele. This would also assist to increase the need for supply chain management automation.
- ResGreen Group International, Inc. (OTC PINK: RGGI) (the “Company”), a next-generation mobile automation and software solutions firm, unveiled its bidirectional BigBuddy, one of the sector’s resilient AGVs that employs magnetic strips to transport weights up to 5,000 pounds, in May 2023.
Automated Guided Vehicle Market by Category
By Technology Type:
- Laser Guidance
- Magnetic Guidance
- Infrared Guidance
- Wire Guidance
- Inertial Guided
- Optical Guided
By Application Type:
- Transportation
- Distribution
- Storage
By Vehicle Type:
- Unit Load Carrier
- Pallet Truck
- Assembly Line Vehicle
- Tow Vehicle
- Forklift Truck
- Light Load Transporters
By End Use:
- Logistics
- Healthcare
- Automotive
- Manufacturing
- Food & Beverages
- Aerospace
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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