Automated Guided Vehicle Market To Reach USD 4.3 Billion By 2032

The rise in technological advancements, demand for automation, and demand for robots augment the automated guided vehicle market.

Fort Collins, Colorado, Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Automated Guided Vehicle Market size was valued at USD 2.2 Billion in 2022 and is anticipated to be valued at USD 4.3 Billion by 2032 at a CAGR of 7.1%. 

Automated Guided Vehicles (AGVs) are driverless vehicles used for material handling in various industries. They improve safety by reducing human intervention and are cost-effective compared to fixed automation systems like conveyors. The growing adoption of AGVs is driven by the e-commerce industry's growth and the increasing use of automation technologies.

AGVs increase workplace safety by using sensors and navigation systems for accurate positioning and environment perception. This is in contrast to forklifts, which are operated by humans and pose a higher risk of accidents. AGVs can also work in conditions that are not suitable for humans, which is driving up their demand.

The versatility of AGVs is driving their increasing use in various industries such as food & beverage, healthcare & pharma, packaging, and paper. They are used for handling large paper reels in the paper industry and transporting meals, waste, and supplies in healthcare. As a result, the demand for AGVs is on the rise.

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Segmentation Overview:

The global automated guided vehicle market has been segmented into vehicle type, component, navigation technology, application, end-use, and region. The tow vehicle segment dominated the market share of automated guided vehicles, while the laser-guided segment also held a major market share. Tow vehicles use cables to move materials quickly and efficiently in warehouses, reducing employee workload and improving safety. Laser-guided vehicles use LiDAR technology for accurate navigation. They are easy to install with reflector tapes.

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Automated Guided Vehicle Market Report Highlights:

  • The global automated guided vehicle market growth is anticipated at a CAGR of 7.1% by 2032.
  • AGVs are popular because they cut labor costs, reduce product damage, boost productivity, and can handle automation.
  • North America leads the market due to high adoption rates of newer technologies, and AGVs are being increasingly used in various industries, including healthcare, to automate material handling operations and improve productivity.
  • Some prominent players in the automated guided vehicle market report include Swisslog Holding AG, Egemin Automation Inc., Bastian Solutions, Inc., Oceaneering, Daifuku Co., Ltd., Dematic, JBT, EK Robotics, Seegrid Corporation, SSI Schaefer, Scott Technology, Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., Balyo, and Kuka among others.

Industry Trends and Insights:

  • Toyota Material Handling Japan has developed a power storage system that reuses Lithium-Ion Batteries for electric lift trucks, contributing to constructing a lift truck LIBs circular system. They will conduct an illustration experiment to stabilize power usage in partnership with Toyota City.
  • NCITE is moving to Scott Technology Center. The move will unite NCITE's faculty, students, and staff. As an academic Center of Excellence for the U.S. Department of Homeland Security, NCITE is growing and needs more space for events and research labs. The new facility at 6825 Pine St will provide ample room to accommodate NCITE's expanding needs. 

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Automated Guided Vehicle Market Segmentation:

  • By Vehicle Type: Tow Vehicle, Unit Load Carrier, Pallet Truck, Forklift Truck, Hybrid Vehicles and Others
  • By Component: Hardware, Software and Services
  • By Navigation Technology: Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance, Natural Navigation and Others
  • By Application: Logistics and Warehousing, Assembly, Packaging, Trailer Loading & Unloading, Raw Material Handling and Others
  • By End-use: Automotive, Aerospace, Electronics, Chemical, Pharmaceuticals, Plastics, FMCG, E-commerce, Retail Chains/Conveyance Stores, Hotels & Restaurants and Others
  • By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. 

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.



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