IMARC Group's report titled “Automated Guided Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, Offers a comprehensive analysis of the industry, which comprises insights on the market.

How big is the automated guided vehicle market?
The global automated guided vehicles market size reached US$ 3.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.8 Billion by 2028, exhibiting a growth rate (CAGR) of 14.5% during 2023-2028.

Factors Affecting the Growth of Automated Guided Vehicles Industry:

  • Rising Demand for Warehouse Automation:

The global AGV market is witnessing significant growth due to the increasing demand for warehouse automation. As businesses aim to optimize their supply chain operations and improve overall efficiency, AGVs have emerged as a valuable solution. These vehicles are designed to transport goods and materials within warehouses and distribution centers autonomously, reducing the need for manual labor and enhancing productivity. Warehouse automation with AGVs offers several advantages. Firstly, it minimizes the risk of errors in tasks such as picking, packing, and inventory management. AGVs are equipped with advanced sensors and navigation technology, enabling them to navigate through crowded warehouse environments safely and accurately.

  • E-Commerce Boom and Last-Mile Delivery:

The explosive growth of e-commerce has had a profound impact on the AGV market. As online shopping becomes the preferred method for consumers, companies are grappling with the challenges of efficient last-mile delivery. AGVs play a crucial role in addressing these challenges. E-commerce companies are under pressure to deliver products quickly and accurately to meet consumer expectations. AGVs are well-suited for this task, as they can efficiently transport goods within distribution centers and even assist in the sorting and loading of delivery vehicles. This streamlines the entire order fulfillment process. Moreover, the last-mile delivery segment is experiencing a rise in demand for AGVs, particularly in urban areas. These vehicles are capable of navigating complex and congested city streets while reducing the reliance on traditional delivery methods, such as human couriers or delivery vans. This cuts down on delivery times and also reduces operational costs.

  • Labor Shortages and the Need for Automation in Manufacturing:

Labor shortages in manufacturing industries, combined with the need for increased production efficiency, have emerged as a key factor fueling the adoption of AGVs. Factories and production facilities are facing challenges in recruiting and retaining skilled laborers. AGVs provide a viable solution to address these workforce issues. AGVs are capable of performing a wide range of tasks within manufacturing environments, including material handling, assembly line support, and transporting goods between different production stages. Their ability to work alongside human workers in a collaborative manner makes them a valuable asset in optimizing manufacturing operations. Furthermore, AGVs operate without the need for breaks or shift changes, ensuring continuous production and reducing the risk of downtime. This level of reliability is crucial for industries that require uninterrupted manufacturing processes, such as automotive and electronics manufacturing.

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Leading Companies Operating in the Global Automated Guided Vehicles Industry:

  • Bastian Solutions LLC (Toyota Industries Corporation)

  • Daifuku Co. Ltd.

  • Ek Robotics Gmbh

  • IKV Robot Nanchang Co. Ltd.

  • John Bean Technologies Corporation

  • Jungheinrich AG

  • Kion Group AG

  • KUKA Aktiengesellschaft

  • Murata Machinery Ltd.

  • Schaefer Systems International Pvt Ltd.

  • Scott Systems International Inc.

  • Simplex Robotics Pvt. Ltd.

Automated Guided Vehicles Market Report Segmentation:   

By Type:

  • Tow Vehicles
  • Unit Load Carriers
  • Pallet Trucks
  • Assembly Line Vehicles
  • Forklift Trucks

Tow vehicles dominate the market due to their versatility and wide-ranging applications, spanning industries such as manufacturing, logistics, and material handling, making them a fundamental component of automated guided vehicle (AGV) solutions.

By Mode of Operation:

  • Indoor
  • Outdoor

Indoor holds maximum number of shares due to the extensive use of automated guided vehicles (AGVs) within warehouses, manufacturing facilities, and distribution centers, where they play a crucial role in optimizing material handling and logistics operations.

By Navigation Technology:

  • Laser Guidance
  • Magnetic Guidance
  • Inductive Guidance
  • Optical Tape Guidance
  • Vision Guidance
  • Others

Laser guidance represents the largest segment due to its exceptional precision and accuracy in guiding automated guided vehicles (AGVs) within diverse industrial environments, ensuring reliable and obstacle-free navigation.

By Application:

  • Transportation
  • Distribution
  • Storage
  • Assembly
  • Packaging
  • Waste Handling

Based on the application, the market has been divided into transportation, distribution, storage, assembly, packaging, and waste handling.

By Industry:

  • Automotive
  • Manufacturing
  • Food and Beverages
  • Aerospace
  • Healthcare
  • Logistics
  • Retail
  • Others

On the basis of the industry, the market has been segregated into automotive, manufacturing, food and beverages, aerospace, healthcare, logistics, retail, and others.

Regional Insights:

  • North America (United States, Canada)

  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

  • Latin America (Brazil, Mexico, Others)

  • Middle East and Africa

Asia Pacific's dominance in the automated guided vehicles market is attributed to its robust industrial and manufacturing sectors, rapid technological advancements, and substantial investments in automation across diverse industries, driving the demand for automated guided vehicles (AGVs) in the region.

Global Automated Guided Vehicles Market Trends:

The versatility of AGVs is a significant driving factor. They can be easily programmed and adapted for various tasks, making them suitable for a wide range of industries, from healthcare to food and beverage. This flexibility allows businesses to scale their automation efforts as needed without significant infrastructure changes. Additionally, AGVs are an integral part of the Industry 4.0 revolution. They are often equipped with IoT (Internet of Things) sensors, allowing them to communicate and exchange data with other machines and systems in real-time.

This seamless integration enhances overall operational efficiency and data-driven decision-making. Other than this, the disruptions in global supply chains, as highlighted by events such as the COVID-19 pandemic, have underscored the need for resilient and agile logistics operations. AGVs play a crucial role in ensuring supply chain continuity by automating critical tasks and reducing reliance on manual labor during challenging times.

Key Highlights of the Report:

  • Market Performance (2017-2022)

  • Market Outlook (2023-2028)

  • Porter's Five Forces Analysis

  • Market Drivers and Success Factors

  • SWOT Analysis

  • Value Chain

  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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