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Automated Guided Vehicle Market

Global Automated Guided Vehicle Market is expected to foresee significant growth. APAC to lead the growth!

An automated guided vehicle (AGV) is an unmanned self-propelled vehicle used for transporting a payload without real-time human assistance. With the increasing demand for automation and material handling equipment in various process industries coupled with high labor costs and the advent of industry 4.0, the global Automated Guided Vehicle Market is expected to witness an exponential CAGR of ~12% during the forecast period (2021–2027). In addition, the rapidly growing e-commerce industry and rising awareness regarding enhancing safety at workplaces are some other factors responsible for the market growth.

COVID-19 slowed the overall growth of various industries including manufacturing, and automotive, and disrupted the supply chain and logistics sector across geographies. The countries were forced to implement lockdowns during the first half of 2020. The manufacturing industry witnessed a significant drop in earnings and income as a result of the COVID-19 pandemic. Business operations saw a large reduction in workforce, resulting in an overall loss in manufacturing activity. However, to tackle the challenges of a restricted workforce amid the lockdowns and reduce the chances of transmission of COVID-19 in labor-intensive industries, major stakeholders in the ecosystem started deploying AGVs in factories, and warehouses, to increase operational efficiency and meet their respective growth targets. Thus, the AGV market witnessed a positive growth trend, especially during the second half of 2020.

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Based on type, the market has been categorized into tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift vehicles, and others. Amongst these, the unit load carriers category held a significant market share in 2020 and is expected to witness strong growth during the forecast period. Unit load carriers are used to move unit loads from one station to another station. They are often equipped for automatic loading and unloading using powered rollers, moving belts mechanized lift platforms, or other conventional devices. However, forklift vehicles are expected to witness the highest adoption rate during the forecast period. The growth of the segment is influenced by the factors such as increasing demand for automated warehouses and automated material handling equipment coupled with the exponential growth in the e-commerce, logistics, and warehousing sector.

Based on technology, the market is classified into laser guidance, magnetic guidance, vision guidance, and others. In 2020, the laser guidance category grabbed a significant share in the market. This is mainly due to the flexibility and accuracy of laser guidance technology. AGVs equipped with laser navigation triangulation system uses laser positioning systems for navigation. This technology is widely used in autonomous forklifts and its adoption has been increasing in tugger, traction, and carrier AGVs as well. With the integration of laser guidance technology, key stakeholders in the market were able to improve the flexibility and safety issues in the warehousing logistics system and improve the level of automation and management of enterprises, among others.

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Based on industry, the market is classified into automotive, manufacturing, food & beverages, aerospace, retail, and others. Amongst these, the retail industry is expected to witness the highest CAGR during the forecast period. The rapid rise of global e-commerce in areas such as online retailing combined with high urban density and elevated customer expectations for shorter delivery times have forced retail companies to integrate new material handling and automated solutions. AGV is a type of automation solution that eases the increasing pressure that is felt by online retailers to get orders out to customers more efficiently while reducing fulfillment costs.

For a better understanding of the market adoption of the automated guided vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. In 2020, APAC held a lucrative market share owing to the rapid growth of e-commerce, healthcare, and logistics sectors in emerging economies, such as China and India. For instance, in India, the growth of the industry has been triggered by an increase in internet and smartphone penetration. The number of internet connections in 2021 increased significantly to 830 million.

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Some of the major players operating in the market include Daifuku Co. Ltd., JBT Corporation, KION GROUP AG, Toyota Industries Corporation, KUKA AG, Hyster-Yale Materials Handling Inc., Oceaneering International Inc., ek robotics GmbH, Fritz SCHÄFER GmbH & Co KG, and Scott Technology Limited.

Global Automated Guided Vehicle Market Segmentation

Market Insight, by Type

  • Tow Vehicles
  • Unit Load Carriers
  • Pallet Trucks
  • Assembly Line Vehicles
  • Forklift Vehicles
  • Others  

Market Insight, by Technology

  • Laser Guidance
  • Magnetic Guidance
  • Vision Guidance
  • Others

Market Insight, by Industry

  • Automotive
  • Manufacturing
  • Food & Beverages
  • Aerospace
  • Retail
  • Others

Market Insight, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • United Kingdom
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of World

Top Company Profiles

  • Daifuku Co. Ltd.
    • JBT Corporation
    • Toyota Industries Corporation
    • KUKA AG
    • Hyster-Yale Materials Handling Inc.
    • Oceaneering International Inc.
    • ek robotics GmbH
    • Fritz SCHÄFER GmbH & Co KG
    • Scott Technology Limited

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