The new report by Expert Market Research titled, ‘Global Automated Guided Vehicle Market Report, Size, Share, Research, Analysis, Outlook and Forecast 2023-2028’, gives an in-depth analysis of the Global Automated Guided Vehicle Market, assessing the market based on its segments like Type, Navigation Technology, Application, End Use, Industry, and major regions which include North America, Europe, the Asia Pacific, Latin America and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.0 Billion
- Forecast CAGR (2023-2028): 10.0%
- Forecast Market Size (2027): USD 3.5 Billion
The supply chain management has undergone a dramatic transition in technology in recent years. The market for automated guided vehicles such as forklift trucks, pallet trucks, small rack carriers and others has expanded as these vehicles are able to perform desired activities with detailed programming of machines. Furthermore, there is an increasing need for safe, reliable and more efficient material handling in the e-commercial sector, which is fuelling this market.
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The growing automated vehicle industry is further boosting the growth. However, the high initial investment and high cost of servicing and maintenance of automated guided vehicles can hinder the market growth. The rapid technical advancements and the increased emphasis on security and precision would lead to the growth of the industry over the projected period.
Automated Guided Vehicle Industry Definition and Major Segments
Automated Guided Vehicles (AGV) refer to load carriers or material handling systems that are autonomous in nature.
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On the basis of type, the industry is divided into:
- Unit Load Carriers
- Tow Vehicles
- Assembly Line Vehicles
- Forklift Vehicles
- Pallet Trucks
- Special Purpose
Based on navigation technology, the industry can be segmented into:
- Vision Guidance
- Laser Guidance
- Inductive Guidance
- Magnetic Guidance
- Optical Tape Guidance
The applications can be categorised as follows:
- Waste Handling
On the basis of end use, the industry can be bifurcated into:
- Manufacturing Sector
- Wholesale and Distribution Sector
By industry, the market can be segmented into:
- Metal and Heavy Machinery
- Food and Beverage
- Electrical and Electronics
On the basis of regional markets, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Automated Guided Vehicle Market Trends
A large share of the automated driven vehicle industry is reflected in the unit carrier category. The enhanced use of unit load transporters to provide pallets and wide containers and their ability to effectively plan the task can also be attributed to reducing inventory loss and aisle flow.
Furthermore, unlike fork trucks, it needs no human interaction and is thus suitable for repeated activities in unsafe environments. As they are autonomous in nature, they eliminate human labour requirements and provide employees with improved protection. The increased demand for better protection for employees contributes greatly to this segment’s rise.
Key Market Players
The major players in the market are Daifuku Co., Ltd., JBT Europe B.V., KUKA AG, Seegrid Corporation, Toyota Material Handling, Inc., and Oceaneering International, Inc. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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