New York, United States , May 04, 2023 (GLOBE NEWSWIRE) -- The Global Automated Guided Vehicle Market Size is to grow from USD 3.69 billion in 2021 to USD 9.76 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period. The rising use of automated guided vehicles in various industries such as automotive, pharmaceuticals, aerospace & defence, wholesale & distribution, chemicals, electronics, e-commerce, food & beverages, metals & heavy machinery, manufacturing, and others will drive the growth of the automated guided vehicles market.
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Automatic guided vehicle systems are utilized for repeated operations that would normally be handled by forklifts, conveyor systems, or manual carts, such as moving big volumes of material. With the increasing e-commerce industry throughout the world, the deployment of automated material systems is also growing in popularity. Personnel safety has become an essential concern in many industry sectors, including storage and distribution, manufacturing, metalworking, industrial equipment, and automotive because personnel are required to undertake hazardous activities and operate in hazardous environments. Increased Industry 4.0 deployment is predicted to fuel the growth of the automated guided vehicle market throughout the forecast timeframe. As a result, manufacturing technology is becoming more automated, with an increased need for various types of autonomous guided vehicles.
The tow vehicle segment accounted for the largest market share over the forecast period.
On the basis of vehicle type, the global automated guided vehicle market is segmented into forklift trucks, two vehicles, hybrid vehicles, unit load carriers, pallet trucks, and others. Among these, the tow vehicle segment is dominating the market and is going to continue its dominance over the forecast period. The affordable design of this vehicle allows it to operate at a defined pace while yet conforming to safety regulations and meeting production targets.
The laser guidance segment is dominating the market with the largest revenue share over the forecast period.
On the basis of navigation technology, the global automated guided vehicle market is segmented into laser guidance, inductive guidance, vision guidance, magnetic guidance, natural navigation, and others. Among these, the laser guidance segment is dominating the market with the largest revenue share of 26.5% over the forecast period. The desire for advanced and effective navigation is driving the increased deployment of automated cars. As a result, the demand for laser guiding as a reliable navigational aid is predicted to increase, supporting revenue growth in this market.
Browse 333 market data Tables and 47 Figures spread through 279 Pages and in-depth TOC on "Global Automated Guided Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Forklift Truck, Tow Vehicle, Hybrid Vehicles, Unit Load Carrier, Pallet Truck, Others), By Navigation Technology (Laser Guidance, Inductive Guidance, Vision Guidance, Magnetic Guidance, Natural Navigation, Others), By Application (Assembly, Raw Material Handling, Logistics & Warehousing, Trailer Loading & Unloading, Packaging, Others), By End Use Industry (Automotive, Pharmaceuticals, Aerospace & Defence, Wholesale & Distribution, Chemicals, Electronics, E-Commerce, Food & Beverages, Metals & Heavy Machinery, Manufacturing, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Quick Buy AGV Market Research Report:
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The logistics & warehousing segment accounted the largest market share over the forecast period.
On the basis of application, the global automated guided vehicle market is segmented into the assembly, raw material handling, logistics & warehousing, trailer loading & unloading, packaging, and others. Among these, the logistics & warehousing segment is dominating the market and is going to continue its dominance over the forecast period. AGVs are capable of moving in small spaces, assisting with material management at high elevations, and running several loading units with a single iteration.
The wholesale and distribution segment accounted the largest revenue share of more than 76.2% over the forecast period.
On the basis of end use industry, the global automated guided vehicle market is segmented into automotive, pharmaceuticals, aerospace & defense, wholesale and distribution, chemicals, electronics, e-commerce, food & beverages, metals & heavy machinery, manufacturing, and others. Among these, the wholesale and distribution segment accounted for the largest revenue share of over 76.2% over the forecast period. The wholesale and distribution industry employs autonomous guided vehicles to increase production and efficiency.
Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 45.9% market share over the forecast period. Because of the region's competitive marketplace, cost-effective access to inexpensive automation services, and expanding automobile production, Asia Pacific is seeing the most growth for automated guided vehicles.
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Europe, on the other hand, had retained the second-largest revenue share due to an increase in the number of government initiatives and financial assistance funded by the European Union (EU), as well as growing demand for service robots across a wide range of end-use industries in this region's countries. North America is expected to grow at an unprecedented rate as the region with the largest automated guided vehicle market share over the forecast timeframe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global automated guided vehicle market size include BMW, Nissan, Proton, KUKA, Renault, ComPAS, KION, Mitsubishi Electric, Hyundai, Daifuku, Hyster-Yale Materials Handling, Nidec, Aisin, Seegrid, Bastian Solutions, E&K Automation and many others.
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Key Market Developments
In October 2022, Daifuku North America Holding Corporation (Daifuku) has announced the Grand Opening of its new manufacturing plant in Boyne City, Michigan, USA. Daifuku has committed $26 million in the construction of this world-class 225,000-square-foot manufacturing complex. It is located at 300 M-75 South in Boyne City on 22 acres of property. It is a major producer of airport baggage handling equipment and automatic guided vehicles.
In March 2022, Seegrid Corporation, the market leader in autonomous mobile robots (AMRs) for material handling, announced today a strategic alliance with RBEX, a dynamic and fast-developing systems integrator specializing in industrial robots. RBEX will be able to present its customers with the entire spectrum of Seegrid PalionTM autonomous mobile robots and Fleet Central corporate software solutions thanks to the collaboration agreement.
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