The global automated guided vehicles (AGV) market was valued at US$ 3,310.8 million in 2020 and is projected to reach US$ 9,077.3 million by 2028; it is expected to grow at a CAGR of 14.59% during 2021-2028.
The adoption of automated guided vehicle (AGVs) has increased drastically as they are effective and reliable solutions for material handling, which, in turn, increases the production capacity of the industry. These material handling solutions reduce physical damages to goods and boost the efficiency of operations.
The overall need for high efficiency in the automotive, healthcare, e-commerce, and food & beverage industries propels the demand for automated material handling. It has enabled the industries to have connected factories with big data and machine learning, resulting in increased automation in the industries.
The AGV-enabled automation in industrial facilities can help meet the requirements related to material handling capacity and reduced production time. Moreover, this automation facilitates improved labor management, enhanced safety, high production volumes, and increased accuracy and repeatability by enhancing quality control with flexible manufacturing processes. AGVs enable just-in-time (JIT) delivery of raw material, computerized control of received assembled parts, and tracking of shipped articles. At present, the automotive industries are rapidly adopting automation and AGVs, especially in their production floors.
For instance, in Martorell, Spain, the SEAT plant is moving toward digital and smart factory, with which the manufacturers are adopting AGVs with SLAM navigation, 4G connection, and induction battery charging. Till date, the facility adopted eight AGVs for outdoor operation and has over 200 AGVs that deliver parts inside the assembly workshops at the Martorell and Barcelona factories. Thus, growing demand for automation in material handling across industries is likely to increase the adoption of automated guided vehicles during the forecast period.
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development of AGV technologies and systems.
A few major players operating in the market are Balyo SA; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Group; Hyster-Yale Group, Inc.; SSI SCHAEFER Group; Konecranes Oyj; Kuka AG; and Lodamaster Group.
4. Global Automated Guided Vehicles - Market Landscape 4.1 Overview 4.2 PEST Analysis 4.3 Expert Opinion
5. Automated Guided Vehicles Market- Industry Dynamics 5.1 Market Drivers 5.1.1 Growing Demand for Automation in Material Handling Across Industries 5.1.2 Increasing Demand for AGVs in E-commerce 5.2 Market Restraints 5.2.1 High Installation, Maintenance, and Switching Costs 5.3 Market Opportunities 5.3.1 Incorporation of Industry 4.0 5.4 Future Trends 5.4.1 Growing Strategic Activities 5.5 Impact analysis
6. Automated Guided Vehicles Market - Global Analysis 6.1 Global Automated Guided Vehicles Market Overview 6.2 Automated Guided Vehicles Market - Revenue and Forecast to 2028 (US$ Million) 6.3 Market Positioning
7. Automated Guided Vehicles Market Analysis and Forecast to 2028 - Technology 7.1 Overview 7.2 Automated Guided Vehicles Market, by Technology, 2020 & 2028 (% Share) 7.3 Wired Navigation 7.4 Guide Tape Navigation 7.5 Laser Target Navigation 7.6 Magnetic Navigation
8. Global Automated Guided Vehicles Market Analysis and Forecast to 2028 - Type 8.1 Overview 8.2 Automated Guided Vehicles Market, by Type, 2020 & 2028 (% Share) 8.3 Standard 8.4 Hybrid 8.5 Compact
9. Global Automated Guided Vehicles Market Analysis and Forecast to 2028 - Vehicle Type 9.1 Overview 9.2 Automated Guided Vehicles Market, by Vehicle Type, 2020 & 2028 (% Share) 9.3 Pallet Trucks 9.4 Unit Load Carriers 9.5 Driverless Trains 9.6 Forklift Trucks
10. Global Automated Guided Vehicles Market Analysis and Forecast to 2028 - End User 10.1 Overview 10.2 Automated Guided Vehicles Market, by End User, 2020 & 2028 (% Share) 10.3 General Manufacturing 10.4 Food and Beverage 10.5 Aerospace 10.6 Retail 10.7 Healthcare 10.8 Logistics 10.9 Automotive
11. Automated Guided Vehicles Market Revenue and Forecast to 2028 Geographical Analysis
12. Impact Of COVID-19 Pandemic on Global Automated Guided Vehicles Market
13. Industry Landscape 13.1 Overview 13.2 Market Initiative 13.3 New Product Development