Automated Guided Vehicle Market is Estimated to Grow Incredible CAGR of 9.85% till 2030
Market Summary -
According to the latest information, in 2019, the global Automated Guided Vehicle Market Size is expected to cross USD 4.31 billion by 2030 at a CAGR of 9.85% during the forecast period ending in 2030
The automated guided vehicles market opportunities are the incorporation of industry 4.0 is predicted to boost the growth of the market.
Automated guided vehicles are load carriers or self-guided material handling systems. These can travel autonomously across various areas like distribution centers, warehouses, or manufacturing facilities installed using the sensors without any onboard operator. Supply chain management is using automation in the form of automated guided vehicles like forklifts, small rack-carrying robots, automated stackers, and pallet trucks.
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Moreover, to perform various tasks, these vehicles are programmed using the safest alternatives for material handling, machine learning, and deep learning. Apart, these vehicles provide superior benefits like safety inside facilities, precision & productivity raises, reduced product damage, scale to support automation processes, and labor costs lessened. These advantages escalate the transportation and logistics firms to deploy AGVs.
Automation and automated guided vehicles are highly demanded in various industries and safety, accuracy, and productivity are increasing which leads to rising in the growth of the automated guided vehicle market. These vehicles follow configurable guide paths for storage optimization, picking, and transport functions in the premium space environment.
These vehicles are used in various end-use industries like healthcare, logistics, manufacturing, automotive, food and beverages, and others. Rising industrialization leads to the continuous need for transport solutions for enhancing efficiency and customized material handling.
Top Growing Key Players -
- Toyota Industries Corporation in Japan
- KUKA AG in Germany
- Hyster-Yale Materials Handling Inc. the US
- KION GROUP AG in Germany
- Meidensha Corporation in Japan
- Seegrid Corporation in the US
- Daifuku Co. Ltd in Japan
- Jungheinrich AG in Germany
- Crown Equipment Corporation in the US
- SSI SCHÄFER in the US
- Meidensha Corporation in Japan
- SCOTT in New Zealand
- E&K Automation GmbH in Germany
- JBT Corporation in the US
Industry News
As per the latest updates, the automated guided vehicle market forecast states that the vehicle market is going to reach immense growth due to the introduction of new product development, mergers, and acquisitions.
The innovation by Seegrid is named GT10 Series 7Plus Vision Guided Vehicle which is featured with a shorter mast structure for accommodating height-restricted facilities and is mounted by more beneficial features.
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Market Segmentation
Based on the recent updates, the global automated guided vehicle market is analysed into four segments such as vehicle type, technology, application, and industry.
Vehicle Type Segmentation: The automated guided vehicle market based on vehicle types is classified into TOW Vehicle, unit load carrier, forklift vehicle, pallet trucks, assembly line vehicles, and others.
Technology Segmentation: The automated guided vehicle market by technology is categorized into five types as traditional guidance, inductive guidance, laser guidance, natural features guidance, and vision-guided vehicles.
Application Segmentation: The automated guided vehicle market applications are transportation, distribution, assembly, roll handling, and others.
Industry Segmentation: By industry, the automated guided vehicle market is analyze into various forms like electrical & electronics, automotive, pharmaceutical, logistics & distribution, plastics & polymers, food & beverage, and others.
Regional Analysis
According to the automated guided vehicle market share and other aspects, the regional market is divided into four major regions like North America, Asia-Pacific, Europe, and the Rest of the world. Among them, Europe is dominating the largest market share due to the rising use of industrial and domestic space and rapid technological developments in robotics and automation.
The high demand for electronics and retail products and the enhancing automotive industry is boosting the market growth in this region. Rise in the end-use industries like electronics, food & beverage, automotive, and construction are also fostering the market growth.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | XX % CAGR |
Revenue forecast in 2022-2030 | USD XX billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2021 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
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