Automated Guided Vehicle Market To Reach $9.18Bn By 2030

June 2023 | Report Format: Electronic (PDF)

Automated Guided Vehicle Market Growth & Trends

The globalautomated guided vehicle marketsize is anticipated to reach USD 9.18 billion by 2030, registering a CAGR of 9.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Automated guided vehicles (AGVs) have transformed the way materials can be moved within the manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles ensure a predictable and reliable transfer of raw materials and manufactured products from one point to another within the facility, thereby eliminating any potential disruption in production.

These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, which help detect junctions, identify floor signs, and avoid collisions with any obstacle. For instance, in November 2021, Quanergy Systems, Inc., a U.S.-based company that offers an AI-powered LiDAR platform, launched the new M1 Edge 2D LiDAR sensors for automation. The newly launched LiDAR sensor is light in weight, broad 360°, with a sensing capability of up to 200 meters used in mobile robotics, AGVs, warehouse logistics applications, and port automation.

Several manufacturing plants and warehouses deploy material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on deploying such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in March 2023, MasterMover Ltd, a prominent manufacturer of electric tug and tow solutions, announced a collaboration with BlueBotics, a navigation, robotics, and industrial automation company.

合作打算er best-in-class Autonomous Navigation Technology (ANT) technologies for MasterMover's range of AGVs. In February 2021, Scott (Transbotics Corporation), a prominent solution provider for AGVs, partnered with KUKA AG, a German manufacturer of robots, to coordinate the industrial robots of KUKA AG into material handling systems. Further, these robots would also benefit the warehouse team in assembling, packaging, welding, storing, and shipping. Also, material handling solutions are used to increase transportation efficiency, decrease physical damage to the material, and reduce overheads by limiting the number of employees.

The AGV market is witnessing a progressive switch from lead-acid tolithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and more compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies. For instance, in March 2021, Nissan Motor Co., Ltd, a global manufacturer of automobiles, buses, and trucks, stated that they use lithium-ion batteries to power their automated guided vehicles, which no longer need a worker to remove the battery and plug them in it charges faster. These batteries let AGVs last longer and bring significant innovations to their warehouse.


keyRequest a free sample copy or view report summary:Automated Guided Vehicle Market Report


Automated Guided Vehicle Market Report Highlights

  • The unit load carrier segment is expected to expand at the fastest CAGR over the forecast period owing to its ability to handle multiple items simultaneously, reducing the number of trips required and, potentially, handling costs

  • Natural navigation technology’s adoption is expected to grow significantly over the forecast period as it enables businesses to easily modify and expand the guide path of the AGV

  • Assembly line application is expected to have the highest CAGR over the forecasts period as assembly line AGV are replacing traditional mechanical production lines

  • The manufacturing segment dominated the market in 2022 and accounted for a revenue share of over 77%. The growing adoption of automated guided vehicles across various industries can be attributed to the benefits offered by AGVs in terms of productivity, safety, and accuracy

  • The service segment is anticipated to be the fastest-growing segment in the forecast period. This growth can be attributed to the rising demand for various services, which include preventive and corrective maintenance, vehicle and software health check, and training employees directly or indirectly with the operation of AGVs

  • Europe dominated the market in 2022 and accounted for a revenue share of over 30%. Rising investments in the manufacturing sector's technological advancement are expected to improve the AGV market in Europe

Automated Guided Vehicle Market Segmentation

Grand View Research has segmented the global automated guided vehicle market based on vehicle type, navigation technology, application, end-use industry, component, battery type, and region:

Automated Guided Vehicle Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Tow Vehicle

  • Unit Load Carrier

  • Pallet Truck

  • Forklift Truck

  • Hybrid Vehicles

  • Others

Automated Guided VehicleNavigation Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • 激光制导

  • Magnetic Guidance

  • Vision Guidance

  • Inductive Guidance

  • Natural Navigation

  • Others

Automated Guided VehicleApplication Outlook (Revenue, USD Million, 2017 - 2030)

  • Logistics & Warehousing

    • Transportation

    • Cold Storage

    • Wholesale & Distribution

    • Cross-docking

    • Assembly

  • Packaging

  • Trailer Loading and Unloading

  • Raw Material Handling

  • Others

Automated Guided VehicleEnd-Use Industry Outlook (Revenue, USD Million, 2017 - 2030)

  • Manufacturing Sector

    • Automotive

    • Aerospace

    • Electronics

    • Chemical

    • Pharmaceuticals

    • Plastics

    • Defense

    • FMCG

    • Tissue

    • Others

  • Wholesale & Distribution Sector

    • E-commerce

    • Retail Chains/Conveyance Stores

    • Grocery Stores

    • Hotels & Restaurants

Automated Guided Vehicle Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Hardware

  • Software

  • Service

Automated Guided Vehicle Battery Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Lead Battery

  • Lithium-Ion Battery

  • Nickel-based Battery

  • Others

Automated Guided Vehicle Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa (MEA)

    • Kingdom of Saudi Arabia (KSA)

    • UAE

    • South Africa

List of Key Players in Automated Guided Vehicle (AGV) Market

  • Swisslog Holding AG

  • Egemin Automation Inc.

  • Bastian Solutions, Inc.

  • Daifuku Co., Ltd.

  • Dematic

  • JBT

  • Seegrid Corporation

  • TOYOTA INDUSTRIES CORPORATION

  • Hyster-Yale Materials Handling, Inc.

  • BALYO

  • E&K Automation GmbH

  • Kollmorgen

  • 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)

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

NEED A CUSTOM REPORT?

We can customize every report -free of charge- including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us nowto get our best pricing.