Automated Guided Vehicle Market to be Worth $9.38 Billion by 2030: Million Insights
FELTON, Calif., Jan. 24, 2023 /PRNewswire/ -- The global automated guided vehicle (AGV) market size is projected to value USD 9.38 billion by 2030, registering a CAGR of 10.2% from 2022 to 2030. AGVs have revolutionized how materials are transferred inside warehouses and production facilities. In industries such as heavy machinery, warehousing, automotive, and manufacturing, employee safety is a prime concern and AGVs reduce human intervention in tasks such as unloading, loading, and storage of goods, thus, ensuring employee safety.
Key Industry Insights & Findings from the report:
- Based on vehicle type, the tow vehicle segment captured a significant revenue share of more than 40% in 2021.
- Based on navigation technology, the laser guidance segment dominated the AGV market in 2021 and is anticipated to remain the fastest-growing segment, with a CAGR of 17.4% during the forecast period.
- The Asia Pacific region is anticipated to emerge as the fastest-growing region by 2030, with a CAGR of 11.2%, and can be attributed to the expanding e-commerce sector in China and India.
Read 213 page full market research report for more Insights, "Automated Guided Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type, By Navigation Technology, By Application, By End Use Industry, By Component, By Battery Type And Segment Forecasts From 2022 To 2030", published by Million Insights.
Automated Guided Vehicle (AGV) Market Growth & Trends
Cutting-edge technologies such as Big Data and machine learning have enabled companies to have linked factories and allowed the adoption of automated material handling systems. This has facilitated effective labor management, flexible production processes, and better quality control of products. Furthermore, the e-commerce sector is booming and efficient material handling has become a vital part of operations for e-commerce giants including Amazon, Alibaba, and Walmart, among several others. Thus, the emergence of a vast e-commerce industry and the subsequent adoption of automated material handling systems are propelling the AGV market growth.
Lead-acid batteries are steadily giving way to lithium-ion batteries in the AGV market. Compared to lead-acid batteries, lithium-ion batteries provide a number of benefits. They weigh less and are smaller than their counterparts. Furthermore, they enable more charge cycles, longer runtimes, and faster charging. Additionally, AGVs powered by lithium-ion batteries can provide higher round-trip efficiency. For instance, Nissan Motor Co., Ltd., a major manufacturer of cars, buses, and trucks, recently announced that it employs lithium-ion batteries to power its autonomous guided vehicles and requires no human intervention. These batteries extend the lifespan of AGVs.
Automated Guided Vehicle Market Segmentation
Million Insights has segmented the global automated guided vehicle (AGV) market based on vehicle type, navigation technology, application, end use industry, component, battery type, and region:
Automated Guided Vehicle Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Tow Vehicle
- Unit Load Carrier
- Pallet Truck
- Forklift Truck
- Hybrid Vehicles
Automated Guided Vehicle Market - Navigation Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Laser Guidance
- Magnetic Guidance
- Vision Guidance
- Inductive Guidance
- Natural Navigation
Automated Guided Vehicle Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Logistics and Warehousing
- Cold Storage
- Wholesale & Distribution
- Trailer Loading and Unloading
- Raw Material Handling
Automated Guided Vehicle Market - End-Use Industry Outlook (Revenue, USD Million, 2017 - 2030)
- Manufacturing Sector
- Wholesale and Distribution Sector
- Retail Chains/Conveyance Stores
- Grocery Stores
- Hotels and Restaurants
Automated Guided Vehicle Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
Automated Guided Vehicle Market - Battery Type Outlook (Revenue, USD Million, 2017 - 2030)
- Lead Battery
- Lithium-Ion Battery
- Nickel-based Battery
Automated Guided Vehicle Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- South America
- Middle East and Africa (MEA)
List of Key Players in the Automated Guided Vehicle Market
- Swisslog Holding AG
- Egemin Automation Inc.
- Bastian Solutions, Inc.
- Daifuku Co., Ltd.
- Seegrid Corporation
- TOYOTA INDUSTRIES CORPORATION
- Hyster-Yale Materials Handling, Inc.
- E&K Automation GmbH
- KMH Fleet Solutions
- ELETTRIC80 S.P.A.
- Fetch Robotics, Inc.
- inVia Robotics, Inc.
- Locus Robotics
- Schaefer Systems International, Inc.
- System Logistics Spa
- Transbotics (A division of Scott Systems International Incorporated)
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