Dublin, March 25, 2022 (GLOBE NEWSWIRE) -- The "Automated Guided Vehicle Market by Type, by Navigation Technology, by Payload Capacity, by Battery Type, by Mode of Operation, by Application, and by Industry Verticals - Global Opportunity Analysis and Industry Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Automated Guided Vehicle Market size was valued at 4.02 billion in 2021 and is predicted to reach 8.66 billion by 2030 with a CAGR of 8.9% from 2022-2030.
Automated guided vehicle are the material handling automated machines that are programmed to move carts, trays, and pallets in different warehousing and manufacturing facilities. The automation through automated guided vehicle (AGV) aids the requirement for material handling capacity, decreasing production time in the process.
Also, the chances of human errors in production decrease drastically, ensuring increased volume of production, accuracy, and improved safety. It enables computerized control of received assembled parts, in-time delivery of raw material, and tracking of shipped articles. Moreover, it helps store, distribute, and transport material without human intervention; thereby, ruling out the possibilities of injuries to workers and damage to products. Companies such as Walmart and Amazon are focusing on the automation of material handling process to reduce operation cost and increase the inventory size.
Market Dynamics and Trends
The global increasing demand of automated guided vehicle market is projected to be driven by rise in demand for material handling through automated solutions across industries. Also, the demand for automation is increasing in the healthcare, e-commerce, automotive, and food industries owing to the overall requirement for product efficiency. AGV-enabled industrial facility automation help to meet the required material handling capacity while saving production time and reducing the risk of human error.
Moreover, rise in urbanization, and significant rise in industrial production is expected to propel the growth of the market during the forecast period. Furthermore, the increase in demand for automation and automated guided vehicles in various industries such as Elettric 80, Daifuku Webb, and JBT Corporation along with rise in safety, accuracy, and productivity drive growth of the market in the upcoming years.
However, high initial investment costs and lack of skilled labor is expected to restrain the growth of market during the forecast period. On the other hand, the adoption of Industry 4.0 technologies in warehousing is capable of converting an industrial facility into an autonomous plant. It will combine the industrial automation solutions, computers, and robotics to form a single automated unit and the network of connected devices that can creates a smart architecture capable for making decentralized decisions. This is expected to create lucrative growth opportunities for the automated guided vehicle market players in future.
Market Segmentations and Scope of the Study
The automated guided vehicle market size has been segmented based on type, navigation technology, payload capacity, battery type, mode of operation, application, industry verticals, and geography. Based on type, the market is divided into tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift vehicles, and other types. Based on navigation technology, the market is bifurcated into laser guidance, magnetic guidance, inductive/wire guidance, optical tape guidance, vision guidance, and other technologies.
Based on payload capacity, the market is divided into low (below 250 kg), medium (251kg to 1000 kg), and high (more than 1000 kg). Based on battery type, the market is divided into lead battery, lithium-ion battery, nickel-based battery, and others. Based on mode of operation, the market is categorized into indoor, and outdoor. The application segment is classified into logistics and warehousing, assembly, packaging, trailer loading & unloading, raw material handling, and other applications. Based on industry verticals, the market is divided into automotive, metals & heavy machinery, railways, semiconductors & electronics, chemicals, healthcare, aviation, e-commerce & logistics, food &beverages, and other verticals.
The automotive segment is further sub-segmented into press shop, and assembly line. The railways are further sub-segmented into maintenance, transport, and manufacturing. The geography breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and ROW.
Geographical Analysis
North America holds the lion share of global automated guided vehicle market and is expected to continue dominating the market during the forecast period. The North America has emerged as the largest regional market in 2020due to increase in expenditure across the U.S. and Canada. In addition, the U.S is witnessing continuous growth in import and export activities. Moreover, the modern manufacturing facilities in North America rely on technological innovation to maximize the product's quality.
Automation has gained major importance to improve the customer-fulfilment side of operations, particularly for retail and e-commerce, especially due to longer onboarding and training, and shortages in labor. According to the Bureau of Labor Statistics, in 2020, the total number of warehouses in the U.S. were 19,190 as compared to 18,736 in 2019; thereby, driving the market.
However, Asia Pacific is expected to show a steady rise in the automated guided vehicle market due to the easy availability of affordable automation services as there are highly fragmented market and rising production in the automobile sector. Also, with the growing e-commerce demand in emerging countries such as Japan, China, and India, the e-commerce companies have been deploying automated guided vehicles at their warehouses.
Competitive Landscape
The automated guided vehicle market comprises of various players such as AGILOX, ASTI, AVT, Toyota Forklift, DS Automotion, EK Robotics, Seegrid Corporation, MIR, Nipper, OTTO Motors, Rethink Robotics, Stanley Innovation, and Husarion. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product and increase their growth as well as geographical reach.
Key Topics Covered:
1. Introduction
2. Automated Guided Vehicle (Agv) Market - Executive Summary
3. Market Overview
3.1. Market Definition and Scope
3.2. Market Dynamics
4. Covid-19 Impact Analysis
4.1. Impact on Market Size
4.2. End-user Trends & Preferences, and Budget & Economic Impact
4.3. Key Player Strategies to Tackle Covid-19's Influence on the Market
5. Market Share Analysis
5.1. Market Share Analysis of Top Automated Guided Vehicle (Agv) Providers, 2021
6. Global Automated Guided Vehicle (Agv) Market, by Type
6.1. Overview
6.2. Tow Vehicles
6.3. Unit Load Carriers
6.4. Pallet Trucks
6.5. Assembly Line Vehicles
6.6. Forklift Vehicles
6.7. Other Types
7. Global Automated Guided Vehicle (Agv) Market, by Navigation Technology
7.1. Overview
7.2. Laser Guidance
7.3. Magnetic Guidance
7.4. Inductive/Wire Guidance
7.5. Optical Tape Guidance
7.6. Vision Guidance
7.7. Other Technologies
8. Global Automated Guided Vehicle (Agv) Market, by Payload Capacity
8.1. Overview
8.2. Low (Below 250 Kg)
8.3. Medium (251Kg to 1000 Kg)
8.4. High (More Than 1000 Kg)
9. Global Automated Guided Vehicle (Agv) Market, by Battery Type
9.1. Overview
9.2. Lead Battery
9.3. Lithium-Ion Battery
9.4. Nickel-Based Battery
9.5. Others
10. Global Automated Guided Vehicle (Agv) Market, by Mode of Operation
10.1. Overview
10.2. Indoor
10.3. Outdoor
11. Global Automated Guided Vehicle (Agv) Market, by Application
11.1. Overview
11.2. Logistics and Warehousing
11.3. Assembly
11.4. Packaging
11.5. Trailer Loading & Unloading
11.6. Raw Material Handling
11.7. Other Applications
12. Global Automated Guided Vehicle (Agv) Market, by Industry Verticals
12.1. Overview
12.2. Automotive
12.3. Metals & Heavy Machinery
12.4. Railways
12.5. Semiconductors & Electronics
12.6. Chemicals
12.7. Healthcare
12.8. Aviation
12.9. E-Commerce & Logistics
12.10. Food & Bevergaes
12.11. Other Verticals
13. Global Automated Guided Vehicle (Agv) Market, by Region
13.1. Overview
13.2. North America
13.3. Europe
13.4. Asia-Pacific
13.5. Rest of the World
For more information about this report visit https://www.researchandmarkets.com/r/fzkodu
