Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Automated Guided Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type, By Navigation Technology, By Application, By End-Use Industry, By Component, By Battery Type, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global automated guided vehicle market size is anticipated to reach USD 9.18 billion by 2030, registering a CAGR of 9.7% from 2023 to 2030.
Companies Mentioned
- Swisslog Holding AG
- Dematic
- Bastian Solutions, Inc.
- Daifuku Co., Ltd.
- JBT
- Seegrid Corporation
- TOYOTA INDUSTRIES CORPORATION
- Hyster-Yale Materials Handling, Inc.
- BALYO
- E&K Automation GmbH
- Kollmorgen
- KMH Fleet Solutions
- ELETTRIC80 S.P.A.
- Fetch Robotics, Inc.
- inVia Robotics, Inc.
- Locus Robotics
- Schaefer Systems International, Inc.
- System Logistics Spa
- Scott
Automated guided vehicles (AGVs) have transformed the way materials can be moved within the manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles ensure a predictable and reliable transfer of raw materials and manufactured products from one point to another within the facility, thereby eliminating any potential disruption in production.
These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, which help detect junctions, identify floor signs, and avoid collisions with any obstacle.
Several manufacturing plants and warehouses deploy material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on deploying such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in March 2023, MasterMover Ltd, a prominent manufacturer of electric tug and tow solutions, announced a collaboration with BlueBotics, a navigation, robotics, and industrial automation company.
The partnership intends to offer best-in-class Autonomous Navigation Technology (ANT) technologies for MasterMover's range of AGVs. In February 2021, Scott (Transbotics Corporation), a prominent solution provider for AGVs, partnered with KUKA AG, a German manufacturer of robots, to coordinate the industrial robots of KUKA AG into material handling systems. Further, these robots would also benefit the warehouse team in assembling, packaging, welding, storing, and shipping. Also, material handling solutions are used to increase transportation efficiency, decrease physical damage to the material, and reduce overheads by limiting the number of employees.
The AGV market is witnessing a progressive switch from lead-acid to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and more compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies.
Automated Guided Vehicle Market Report Highlights
- The unit load carrier segment is expected to expand at the fastest CAGR over the forecast period owing to its ability to handle multiple items simultaneously, reducing the number of trips required and, potentially, handling costs
- Natural navigation technology's adoption is expected to grow significantly over the forecast period as it enables businesses to easily modify and expand the guide path of the AGV
- Assembly line application is expected to have the highest CAGR over the forecasts period as assembly line AGV are replacing traditional mechanical production lines
- The manufacturing segment dominated the market in 2022 and accounted for a revenue share of over 77%. The growing adoption of automated guided vehicles across various industries can be attributed to the benefits offered by AGVs in terms of productivity, safety, and accuracy
- The service segment is anticipated to be the fastest-growing segment in the forecast period. This growth can be attributed to the rising demand for various services, which include preventive and corrective maintenance, vehicle and software health check, and training employees directly or indirectly with the operation of AGVs
- Europe dominated the market in 2022 and accounted for a revenue share of over 30%. Rising investments in the manufacturing sector's technological advancement are expected to improve the AGV market in Europe
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 213 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $4.28 Billion |
| Forecasted Market Value (USD) by 2030 | $9.18 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 AGV Industry Outlook
3.1 Market Segmentation
3.2 Market Size and Growth Prospects
3.3 Future of AGV
3.4 Case Studies
3.4.1 Case Study 1
3.4.2 Case Study 2
3.5 AGV - Value Chain Analysis
3.5.1 Raw Material Trends
3.5.1.1 Major raw materials market analysis
3.5.2 Key End-users
3.6 Vendor Landscape
3.7 AGV Market Dynamics
3.8 Market Driver Analysis
3.8.1 Increasing demand for automation and material handling equipment in various process industries
3.8.2 Replacement of conventional batteries with lithium-ion batteries
3.8.3 High labor costs
3.8.4 Manufacturers introducing vision guided vehicles and mobile robots
3.8.5 Rapidly growing e-commerce industry
3.8.6 Enhanced safety at workplaces
3.9 Market Restraint Analysis
3.9.1 High initial cost
3.9.2 Singular use and lack of flexibility
3.10 Market Opportunity Analysis
3.10.1 Manufacturers providing intelligent AGV
3.11 Industry Analysis - Porter's Five Forces Analysis
3.12 AGV - PEST Analysis
3.13 Technology Overview
3.14 Major Deals & Strategic Alliances Analysis
Chapter 4 AGV Market: Vehicle Type Estimates and Trend Analysis
4.1 AGV Market Share by Vehicle Type, 2022 & 2030
4.1.1 Tow vehicle
4.1.2 Unit load carrier
4.1.3 Pallet truck
4.1.4 Forklift truck
4.1.5 Hybrid vehicles
4.1.6 Others
Chapter 5 AGV Market: Navigation Technology Estimates & Trend Analysis
5.1 AGV Market Share by Navigation Technology, 2022 & 2030
5.1.1 Heat map for choosing navigation
5.1.2 Laser guidance
5.1.3 Magnetic guidance
5.1.4 Vision guidance
5.1.5 Inductive guidance
5.1.6 Natural navigation
5.1.7 Others
Chapter 6 AGV Market: Application Estimates & Trend Analysis
6.1 AGV Market Share by Application, 2022 & 2030
6.1.1 Logistics and warehousing
6.1.2 Assembly
6.1.3 Packaging
6.1.4 Trailer loading & unloading
6.1.5 Raw material handling
6.1.6 Others
Chapter 7 AGV Market: End-Use Industry Estimates & Trend Analysis
7.1 AGV Market Share by End-Use Industry, 2022 & 2030
7.1.1 Manufacturing sector
7.1.2 Wholesale and distribution sector
Chapter 8 AGV Market: Component Estimates & Trend Analysis
8.1 AGV Market Share by component, 2022 & 2030
8.1.1 Hardware
8.1.2 Software
8.1.3 Service
Chapter 9 AGV Market: Battery Type Estimates & Trend Analysis
9.1 AGV Market Share by battery type, 2022 & 2030
9.1.1 Lead battery
9.1.2 Lithium-ion battery
9.1.3 Nickel-based battery
9.1.4 Others
Chapter 10 AGV Market: Regional Estimates and Trend Analysis
Chapter 11 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/297zie
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