Automated Guided Vehicle Market to be Worth $9.38 Billion by 2030: Grand View Research, Inc.

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Sep 08, 2022, 08:00 ET

SAN FRANCISCO, Sept. 8, 2022 /PRNewswire/ -- The global automated guided vehicle market size is expected to reach USD 9.38 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to reach a CAGR of 10.2% from 2022 to 2030. 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 as well as manufactured products from one point to another point 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, among others, which help in detecting junctions, identifying floor signs, and avoiding collisions with any obstacle.

Key Industry Insights & Findings from the report:

The adoption of material handling equipment and automation solutions is growing significantly across several industries.
The growing adoption of AGVs by the automotive industry as well as the automotive supply industry to move intermediate products within the facility is expected to drive the growth of the AGV market.
The manufacturing industry is increasingly adopting AGVs to save on labor costs. While AGV can operate on a 24x7 basis, the costs associated with the procurement and maintenance of AGV tend to be lesser than the costs incurred on salaries and employee benefits.
The logistics and warehousing segment happen to be the largest application of AGVs. The segment generated the highest revenue in 2021 and is expected to retain its dominance during the forecast period.
The European regional market dominated the global AGVs market in 2021. However, the Asia Pacific regional market is projected to expand at the highest CAGR from 2022 to 2030.

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, 2022 - 2030", published by Grand View Research.

Automated Guided Vehicle Market Growth & Trends

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 are deploying 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 the deployment of such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, 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 to assemble, pack, weld, store, and ship. Also, material handling solutions are used to increase the efficiency of transportation, 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 batteries to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and 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.

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 Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

Tow Vehicle
Unit Load Carrier
Pallet Truck
Forklift Truck
Hybrid Vehicles
Others

Automated Guided Vehicle Market - Navigation Technology Outlook (Revenue, USD Million, 2017 - 2030)

Laser Guidance
Magnetic Guidance
Vision Guidance
Inductive Guidance
Natural Navigation
Others

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

Logistics and Warehousing

Transportation
Cold Storage
Wholesale & Distribution
Cross-docking

Assembly
Packaging
Trailer Loading and Unloading
Raw Material Handling
Others

Automated Guided Vehicle Market - End-Use Industry Outlook (Revenue, USD Million, 2017 - 2030)

Manufacturing Sector

Automotive
Aerospace
Electronics
Chemical
Pharmaceuticals
Plastics
Defense
FMCG
Tissue
Others

Wholesale and Distribution Sector

E-commerce
Retail Chains/Conveyance Stores
Grocery Stores
Hotels and Restaurants

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

Hardware
Software
Service

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

Lead Battery
Lithium-Ion Battery
Nickel-based Battery
Others

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

North America

U.S.
Canada
Mexico

Europe

U.K.
Germany
France

Asia Pacific

China
Japan
India
Australia
South Korea
South America
Brazil

Middle East and Africa (MEA)

List of Key Players of Automated Guided Vehicle 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)

Check out more related studies published by Grand View Research:

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In-vehicle Payment Services Market The global in-vehicle payment services market size is expected to reach USD 14.43 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.2% from 2022 to 2030. The aggressive spending by automakers on enabling drivers to make payments and authenticate transactions from the vehicle itself coupled with the rising levels of disposable income, especially in the developed economies, and the growing preference for contactless payments are expected to drive the growth of the market over the forecast period.
Peer-To-Peer Electric Vehicle Charging Market - The global peer-to-peer electric vehicle charging market size is expected to reach USD 644,982.3 thousand by 2030, registering a CAGR of 22.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rising demand for electric vehicles worldwide has encouraged an increase in the number of peer-to-peer electric vehicle charging stations installed across the globe to address the range anxiety issues associated with electric vehicles. Moreover, rising awareness among users to use green transportation modes is also expected to propel the adoption of electric vehicles, which is likely to contribute to the market growth over the forecast period.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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