Automated Guided Vehicle Market Size Worth USD 4.11 Billion, Globally, by 2029 at 9.6% CAGR
The automated guided vehicle market size is projected to grow from USD 2 billion in 2021 to USD 4.11 billion by 2029, at CAGR of 9.6% during forecast period; Increasing demand for automation in various industries, such as manufacturing, logistics, and warehousing to propel market growth during forecast period.
Pune, India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The globalautomated guided vehicle market size was valued USD 2 billion in 2021 and USD 2.17 billion in 2022 respectively. The global market size is expected to grow USD 4.11 billion by 2029, exhibiting a CAGR of 9.6% during the forecast period from 2022-2029. The increasing adoption of automation in the material handling process is likely to boost the market growth. Additionally, the rising development of Industry 4.0 warehouses for robots and the growing deployment of Industry 4.0 technology due to increasing shift of conventional industrial facilities to highly efficient, smart, and networked, automated facilities are anticipated to bolster the market growth in the coming years.
December 2021: KION Group established a new forklift truck manufacturing facility in China, laying the groundwork for future supply chain solutions.
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List of Key Market Players:
- Oceaneering International Inc. (U.S.)
- Toyota Advanced Logistics (Japan)
- Daifuku Co., Ltd. (Japan)
- KION GROUP AG (Germany)
- Hyster-Yale Materials Handling, Inc. (U.S.)
- JBT (U.S.)
- Mitsubishi Caterpillar Forklift America Inc. (U.S.)
- Crown Equipment Corporation (U.S.)
- Seegrid Corporation (U.S.)
- E&K Automation GmbH (Germany)
- HIT Robot Group (China)
- Swisslog Holding AG (Switzerland)
- Bastian Solutions, Inc., (U.S.)
- Dematic (U.S.)
- BALYO (France)
- KMH Fleet Solutions (U.S.)
- It offers a holistic market assessment that includes information on different market segments such as type, industry, navigation technology, application, and others.
- It includes a detailed analysis of the COVID-19 pandemics impact on the market.
- It highlights various strategies adopted by major market players to acquire growth.
- It showcases the latest industry developments.
- It highlights markets growth assessed according to different regions such as North America, South America, the Middle East & Africa, Europe, and Asia Pacific.
COVID-19 Slightly Impacted the Marke
The market for automated guided vehicle experienced limited impact from the coronavirus pandemic. The production gap incurred due to the imposition of strict lockdowns and curfews has affected the market growth. Financial crunches, labor scarcity, and substantial layoffs have resulted in low demand for automated guided vehicles. However, efficacious vaccines have resulted in the markets stabilization. Further, the market is projected to exhibit striking growth in the coming years.
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Report Scope and Segmentation:
|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||9.6%|
|2029 Value Projection||USD 4.11 billion|
|Market Size in 2021||USD 2 billion|
|Historical Data||2018 to 2020|
|No. of Pages||160|
|Segments covered||Type, Navigation Technology, Application, Industry, and Region|
|Growth Drivers||Rising Automation Solution in Material Handling Process to Boost Market|
Type, Navigation Technology, Application, Industry, and Region are Studied
On the basis of type, the market is segmented into automated forklift trucks, tow vehicles, assembly line vehicles, underride/tunneling vehicles, and others (unit load carriers). On the basis of navigation technology, the market is fragmented into laser-guided, magnetic guided, vision guided, and others (wire-guided). On the basis of application, the market is segmented into transportation & distribution, storage & assembly, and packaging. On the basis of industry, the market is divided into e-commerce, food & beverage, automotive, and others (healthcare). Geographically, the market is classified into North America, South America, the Middle East & Africa, Europe, and Asia Pacific.
Drivers & Restraints:
Rising Adoption of Automation in Material Handling Process to Fuel Market Growth
Advancements in technologies such as machine learning, Big Data, and others have propelled the adoption of automated material handling operations as they allow better quality control, flexible production process, and efficient workforce management. Hence, the growing adoption of automation in the material handling process is likely to be a key propellant to the global automated guided vehicle market growth. Additionally, the expansion of the e-commerce industry is likely to expand the usage of automated material handling systems, which, in turn, is anticipated to boost the market growth.
The growing adoption of automated guided vehicle in the food & beverage and automotive industries is projected to fuel market growth in the forthcoming years.
However, high initial investments in deploying AGVs may hinder the market growth.
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Rising Exports & Imports to Amplify Growth in North America
North America is projected to witness dynamic growth in the global automated guided vehicle market share. The increasing exports and imports are expected to be the key growth drivers for the regions market. The growing adoption of modern technologies and automation to fulfill rising client demand is likely to complement the regions market growth.
Asia Pacific is anticipated to register remarkable growth in the global market. The swiftly expanding e-commerce industry across India, Japan, and China is expected to be a key factor fueling the regions market growth.
Europe is expected to witness stable growth in the coming years. Automation across every sector and the growing demand for material handling equipment from the manufacturing industry are likely to stimulate the regions market growth.
Key Players Strategize Innovatively to Magnify Market Presence
The market comprises various key players that emphasize extensive research & development activities to improve performance by integrating latest technologies. They adopt ingenious growth strategies such as contracts, new product launches, business expansions, partnerships, and acquisitions to amplify the market presence. For instance, in February 2021, Germany-based Daifuku Co. Ltd. and AFT Industries AG agreed to form a commercial relationship emphasizing utilization of both firms material handling experience in the automobile industry.
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Table of Content:
- Definition, By Segment
- Research Methodology/Approach
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Automated Guided Vehicle Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porters Five Forces Analysis
- Government Rules & Regulations
- Global Automated Guided Vehicle Market Share Analysis, 2021
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Primary Interview Responses
- Annexure / Appendix
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