Automated Guided Vehicle Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Type (Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, and Others); Technology (Laser Guidance, Magnetic Guidance, Vision Guidance, and Others); Industry (Automotive, Manufacturing, Food & Beverages, Aerospace, Retail, and Others); and Region/Country
The Global Automated Guided Vehicle Market is expected to witness an exponential CAGR of ~12% during the forecast period (2021–2027). This is mainly due to the rising focus of enterprises on industrial automation and improving workplace safety coupled with substantial growth of the presence of a huge intralogistics sector in emerging economies. AGVs provide efficient, cost-effective movement of products and materials, within predetermined, safe parameters – making them ideal for use in warehouses, production, and manufacturing facilities, or in any instance where repetitive, time-efficient operations are critical. Furthermore, major players in the market are focusing on the launch of new and advanced products to improve shipping speed and accuracy for organizations integrating AGVs in their facilities. For instance, In April 2020, ek robotics GmbH launched the VARIO MOVE transport vehicle. It consists of a drive unit, which is flexibly equipped with different load handling attachments through universal interfaces.
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.
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 are some of the key players in the market. Several strategic measures have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, unit load carriers category is expected to witness considerable growth during the forecast period”
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 typically used in these applications, which involve the movement of material in unit loads. The applications often interface the AGVS with some other automated handling or storage system, such as an automated storage/retrieval system (AS/RS) in a distribution center. Further, unit loads make handling, storage, and distribution more efficient and help reduce handling costs and damage by reducing individual handling.
“Amongst technology, laser guidance category held a significant share in 2020”
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.
“Amongst industry, retail industry is expected to witness the highest CAGR during the forecast period”
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. This is mainly due to the type of automation solution offered by AGVs that eases the increasing pressure that is felt by online retailers to get orders out to customers more efficiently while reducing fulfillment costs. Also, these e-tailers like Amazon, eBay, Alibaba, and Flipkart are investing heavily in upgrading and expanding their foothold across geographies by integrating technologically advanced systems in their fulfillment centers. For instance, in 2021, Amazon.com Inc. announced that it will introduce automated guided vehicles and robot sorters developed at its European Operations Innovations Lab in Italy, to its U.K. warehouses. AGVs will be deployed and will drive around the site carrying items, which are equipped with sensors and follow pre-programmed routes to avoid collision with the human workforce or machinery.
“APAC to witness significant growth during the forecast period”
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.
Furthermore, developing countries like China and India with gigantic manufacturing and warehousing hubs have been witnessing the increasing implementation of smart automation solutions. This is mainly due to the rapid development of information and network technology coupled with the growing adoption of connected systems across sectors. For instance, as per the NASSCOM, Industry 4.0 is at an inflection point in Indian manufacturing, with more than two-thirds of Indian manufacturers embracing the digital transformation by 2025, thereby contributing to the goal of raising India’s manufacturing GDP to 25%.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Automated Guided Vehicle Market|
|2.2.||Research Methodology of the Automated Guided Vehicle Market|
|2.5.||Main Objective of the Automated Guided Vehicle Market Study|
|5||IMPACT OF COVID-19 ON THE AUTOMATED GUIDED VEHICLE MARKET|
|6||AUTOMATED GUIDED VEHICLE MARKET REVENUE (USD BN), 2019-2027F|
|7.2.||Unit Load Carriers|
|7.4.||Assembly Line Vehicles|
|9.3.||Food & Beverages|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.5.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||AUTOMATED GUIDED VEHICLE MARKET OPPORTUNITIES|
|13||AUTOMATED GUIDED VEHICLE MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15.1.1.||Porter’s Five Forces Analysis|
|16.1.||Daifuku Co. Ltd.|
|16.3.||KION GROUP AG|
|16.4.||Toyota Industries Corporation|
|16.6.||Hyster-Yale Materials Handling Inc.|
|16.7.||Oceaneering International Inc.|
|16.8.||ek robotics GmbH|
|16.9.||Fritz SCHÄFER GmbH & Co KG|
|16.10.||Scott Technology Limited|
Research Methodology for the Global Automated Guided Vehicle Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global automated guided vehicle market were the three major steps undertaken to create and analyze the adoption of automated guided vehicles in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automated guided vehicle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the automated guided vehicle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the automated guided vehicle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as technology, type, and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automated guided vehicle market. Further, we conducted factor analysis using dependent and independent variables such as technology, type, and industry of automated guided vehicles. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automated guided vehicle market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automated guided vehicle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the automated guided vehicle market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global automated guided vehicle market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global automated guided vehicle market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, type, and industry in the global automated guided vehicle market.
The main objective of the global automated guided vehicle Market Study
The current & future market trend in the global automated guided vehicle market was pinpointed in the study. Investors can gain strategic insights to base their discretion on investment on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the automated guided vehicle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of technology, type, and industry.
- Define and analysis of the regulatory framework for the automated guided vehicle market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the automated guided vehicle market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the automated guided vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry