Automated Guided Vehicles Market Size, AGV Sector / Industry Report & Analysis, 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Automated Guided Vehicles Market


The global Automated Guided Vehicles market size is projected to reach US$ 8.05 billion by 2026, from US$ 3.34 billion in 2020, at a CAGR of 15.8% during 2021-2026. AGVs can deliver numerous benefits, particularly augmenting the efficiency of warehousing operations and logistics management processes. Deploying them for repetitive material handling tasks can also allow enterprises to save on labor costs and reassign staff on other essential tasks, such as enhancing customer satisfaction.

Automated guided vehicles can carry out material handling operations reliably and effectively. These vehicles are equipped with various accessories and devices, such as smart sensors and load protection devices, which can aid in improving efficiency and reducing product damages. AGVs can also be programmed using software tools to follow specific paths and undertake specific tasks as well as track movement of goods in material handling and supply chain operations, thereby augmenting the productivity and efficiency further.

Tasks such as material handling, pallet handling, and finished product handling tend to involve safety concerns. Some material handling and pallet handling operations, particularly those requiring workers to handle heavy and bulky goods, are often labor-intensive and involve safety hazards. Deploying automated guided vehicles on such tasks can help in avoiding any potential mishaps or accidents and ensuring safer operations.

Although high initial costs can be a major concern for those considering deployment of automated guided vehicles, these high initial costs can translate into a high return on investment (ROI) in the long term. For instance, deploying five AGVs in three shifts can lead to potential savings worth USD 1.56 million during five years of operation. Moreover, the ROI can be realized within 16 months.

Market Segmentation, Outlook & Viewpoint: Global Automated Guided Vehicles Market

Vehicle Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

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

Navigation Technology Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Heat Map for Choosing Navigation
  
Laser Guidance
  
Magnetic Guidance
  
Vision Guidance
  
Inductive Guidance
  
Natural Navigation
  
Others

Application Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

Logistics and Warehousing

  
Transportation
  
Distribution
  
Cold Storage
  
Wholesale & Distribution
  
Cross-docking

Assembly

Packaging

Trailer Loading and Unloading

Raw Material Handling

Others

End-Use Industry Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

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

Component Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Hardware
  
Software
  
Service

Battery Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Lead Battery
  
Lithium-Ion Battery
  
Nickel-based Battery
  
Others

Key Players, Recent Developments & Regional Insights: Global Automated Guided Vehicles Market

Based on application, the market has been segmented into logistics and warehousing, assembly, packaging, trailer loading and unloading, raw material handling, and others. The logistics and warehousing segment has been further segmented into transportation, distribution, cold storage, wholesale & distribution, and cross-docking. While the logistics and warehousing segment generated the highest revenue in 2018, the assembly segment is expected to witness the maximum CAGR of 19.2% over the forecast period. Enterprises upgrading their existing facilities and building new facilities are aggressively adopting new retrieval and automated storage systems and other material handling equipment as part of their efforts to save on labor costs and enhance efficiency and productivity.

Logistics and warehousing firms are trying to retain their competitiveness by opting for compact layouts, taller racks, and narrow aisles within their facilities. At the same time, they are also trying to boost the efficiency of their operations in line with rising demand for their services. These firms are deploying automated guided vehicles as they can maneuver accurately and efficiently through compact layouts and narrow aisles and also enhance reliability of the storage process and save on labor costs.

End-Use Insights

Based on end-use industry, the market has been segmented into manufacturing sector and wholesale & distribution sector. The manufacturing sector is sub-segmented into automotive, aerospace, electronics, chemical, pharmaceuticals, plastics, defense, FMCG, tissue, and others. While, the wholesale & distribution sector is sub-segmented into e-commerce, retail chains/conveyance stores, grocery stores, and hotels & restaurants.
Growing adoption of AGVs across various industries can be attributed to the benefits they offer in terms of productivity, safety, and accuracy. AGVs are equipped with laser heads, cameras, and other sensors, which help them in operating safely around structures, machinery, and employees. While operators are prone to making errors that can lead to accidents and mishaps, AGVs can help in improving accuracy of workflows, thereby reducing waste and augmenting productivity.

Aerospace and defense production facilities tend to be massive owing to the size of the components, such as nacelles, engine pods, fuselages, and wings, among others. However, the paths through which these components are moved within the facility tend to be narrow. Human errors while moving heavy components through these narrow paths could lead to mishaps and accidents. Aerospace and defense companies are deploying AGVs so that heavy components can be moved within the manufacturing facility on predefined routes and any such events stemming from human errors can be avoided.

Regional Insights

Europe dominated the global market in 2018 and is projected to remain the dominating regional market over the forecast period. The market is primarily driven by increasing demand for material handling equipment and rapid adoption of automation solutions by incumbents in the manufacturing industry. The e-commerce industry has been growing considerably in emerging economies, such as China and India.

This is prompting several e-commerce companies to consider a foray in these regional markets. Competition in the e-commerce industry is intensifying subsequently and industry incumbents are trying to differentiate themselves by reducing the time taken for product delivery. Deploying AGVs in warehouses can help e-commerce companies in automating intralogistics tasks, such as sorting and picking, thereby augmenting efficiency.

Automated Guided Vehicle (AGV) Market Share Insights

The key industry participants in the market include Swisslog Holding Ltd.; Egemin Automation Inc.; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Corp.; JBT Corporation; Seegrid Corporation; Toyota Industries Corporation; Hyster-Yale Group, Inc.; Balyo Inc.; EK Automation; Kollmorgen; KMH Systems, Inc.; Elettric80 SpA; Fetch Robotics, Inc.; inVia Robotics, Inc.; Locus Robotics; Schaefer Systems International, Inc.; System Logistics Spa; and Transbotics.

Increasing collaborations and mergers & acquisitions are expected to maximize the environmental and economic benefits for the market players by enabling them to share ideas and enhance their internal skills and technologies. For instance, in April 2018, Locus Robotics announced a partnership with E2 Solutions, Inc., a supply chain firm and IT consulting provider. The partnership was aimed at integrating the former companys warehouse robotics solution with the latters HighJump Warehouse Management System (WMS). This integration is expected to help provide a complete end-to-end warehouse management solution to clients and partners jointly.

Key Insights Covered: Global Automated Guided Vehicles Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Automated Guided Vehicles industry.
2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of Automated Guided Vehicles industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Automated Guided Vehicles industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Automated Guided Vehicles industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Automated Guided Vehicles industry.

Research Methodology: Global Automated Guided Vehicles Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other