Automated Guided Vehicles (AGVs) Market Analysis and Global Forecast 2023-2033

Automated Guided Vehicles (AGVs) Market Overview

Automated Guided Vehicles (AGVs) Market Size is expected to reach USD 14.57 Billion by 2033. The Automated Guided Vehicles (AGVs) industry size accounted for USD 2.41 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 13.78% from 2023 to 2033. The Automated Guided Vehicles (AGVs) market encompasses the industry focused on the development, manufacturing, and deployment of AGVs, which are self-guided transport systems used primarily in industrial settings for material handling and logistics operations. These vehicles utilize various navigation technologies such as laser, magnetic, optical, or GPS to move goods within warehouses, factories, and distribution centers. The market is driven by increasing automation in industries, the need for efficient and safe material handling solutions, and the growing adoption of Industry 4.0 practices. Key segments include unit load carriers, tow vehicles, pallet trucks, and assembly line vehicles.

Global Automated Guided Vehicles (AGVs) Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Automated Guided Vehicles (AGVs) market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

Global Automated Guided Vehicles (AGVs) Market Dynamics

The major factors that have impacted the growth of Automated Guided Vehicles (AGVs) are as follows:

Drivers:

⮚      Technological Advancements

Continuous advancements in AGV technology, including better navigation systems, enhanced battery life, and integration capabilities with other automated systems, are expanding the applications and efficiency of AGVs. Innovations such as autonomous mobile robots (AMRs) are also contributing to market growth.

Restraint:

• Security Concerns

As AGVs become more connected and integrated into broader digital ecosystems, they become potential targets for cyber-attacks. Ensuring the security of AGV systems against hacking and data breaches is critical but can be difficult and costly, adding another layer of complexity to their deployment and management.

Opportunity:

⮚      E-commerce and Logistics Growth

The booming e-commerce sector requires efficient and scalable logistics solutions to manage high volumes of orders and meet customer expectations for fast delivery. AGVs are integral to optimizing warehouse operations, improving order fulfillment efficiency, and reducing logistics costs in this rapidly growing market segment.

Automated Guided Vehicles (AGVs) Market Segment Overview

By Type

Based on the Type, the market is segmented based on Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Trucks. In the Automated Guided Vehicles (AGVs) market, Unit Load Carriers dominate due to their versatility and widespread use in transporting standardized loads such as pallets, containers, and bins within warehouses and manufacturing facilities.

By Navigation Technology

Based on Navigation Technology, the market has been divided into Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Other. In the Automated Guided Vehicles (AGVs) market, Laser Guidance technology dominates due to its high accuracy, flexibility, and ability to navigate dynamically changing environments. Laser-guided AGVs use sensors to detect surroundings, making them versatile for various industrial applications requiring precise navigation and obstacle avoidance capabilities.

By Application

Based on the Application, the market has been divided into Transportation, Distribution, Storage, Assembly, Packaging, Waste Handling. In the Automated Guided Vehicles (AGVs) market, the segment of Distribution dominates, as AGVs are extensively used for transporting goods within warehouses and distribution centers, optimizing logistics operations and enhancing overall efficiency in supply chain management.

By End-User

Based on End-User, the market has been divided into Automotive, Manufacturing, Food & Beverages, Aerospace, Healthcare, Logistics, Retail, Others. The logistics sector dominates the Automated Guided Vehicles (AGVs) market, driven by increasing demand for efficient material handling and warehouse automation solutions to support the growing e-commerce industry and supply chain optimization efforts globally.

Global Automated Guided Vehicles (AGVs) Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Automated Guided Vehicles (AGVs), followed by those in Asia-Pacific and Europe.

Automated Guided Vehicles (AGVs) North America Market

The North American region holds a dominant position in the Automated Guided Vehicles (AGVs) market. Due to the established participants in the manufacturing sector’s increasing need for material handling equipment, Europe held the largest market share in 2021. Automation in all industries has also spurred market expansion in this region. For example, in January 2022, PUMA SE announced that it will increase the number of automated robots that were fitted with grippers, cameras, and artificial intelligence. More robots would reduce labor costs, increase output, and aid in the assembly of shoes and clothing at the distribution center.

Automated Guided Vehicles (AGVs) Asia Pacific Market

The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Automated Guided Vehicles (AGVs) industry. The region with the fastest growth rate was predicted to be Asia-Pacific in 2021. In the Asia Pacific area, e-commerce has experienced notable expansion in emerging economies such as China and India. For example, the automation machinery manufacturer Shenzhen Casun Intelligent Robot Co., Ltd. unveiled the CASUN Intelligent Robot “tiny giant” in October 2021. The AGV can operate both inside and outside the warehouse to accomplish and finish the loading and unloading activities in many industries thanks to the self-deployed intelligent control of the CASUN.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as BALYO, Daifuku Co., Ltd., E&K Automation, InVia Robotics, Inc., and Oceaneering International, Inc. are some of the leading players in the global Automated Guided Vehicles (AGVs) Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• BALYO
• Daifuku Co., Ltd.
• E&K Automation
• InVia Robotics, Inc.
• Oceaneering International, Inc.
• Seegrid Corporation
• SSI schaefer
• KUKA
• JBT
• Toyota Material Handling

Key Development:

In September 2022, Toyota Material Handling announced significant advancements in their AGV technologies, focusing on enhancing navigation systems and integrating AI capabilities to improve efficiency and safety in material handling operations.

Scope of the Report

Global Automated Guided Vehicles (AGVs) Market, by Type

• Tow vehicles
• Unit load carriers
• Pallet trucks
• Assembly line vehicles
• Forklift Trucks

Global Automated Guided Vehicles (AGVs) Market, by Navigation Technology

• Laser guidance
• Magnetic guidance
• Inductive guidance
• Optical tape guidance
• Other

Global Automated Guided Vehicles (AGVs) Market, by Application

• Transportation
• Distribution
• Storage
• Assembly
• Packaging
• Waste handling

Global Automated Guided Vehicles (AGVs) Market, by End-User

• Automotive
• Manufacturing
• Food & beverages
• Aerospace
• Healthcare
• Logistics
• Retail
• others

Global Automated Guided Vehicles (AGVs) Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $14.57 Billion/strong>
CAGR	13.78% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Navigation Technology, Application, End-User
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	BALYO, Daifuku Co., Ltd., E&K Automation, InVia Robotics, Inc., Oceaneering International, Inc., Seegrid Corporation, SSI schaefer, KUKA, JBT, Toyota Material Handling
Key Market Opportunities	Growing adoption of industrial automation by SMEs
Key Market Drivers	Rising focus on improving workplace safety

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Automated Guided Vehicles (AGVs) Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Automated Guided Vehicles (AGVs) market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Automated Guided Vehicles (AGVs) market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Automated Guided Vehicles (AGVs) Market.