Pune, India, Feb. 22, 2021 (GLOBE NEWSWIRE) -- The global "automated guided vehicle (AGV) market size" is slated to reach USD 3.14 billion by 2028, exhibiting a CAGR of 9.5% during the forecast period. A rising tide of industrial automation is likely to emerge as the central factor driving the growth of this market in the coming decade. Automation in industrial processes is primarily based on the integration of Artificial Intelligence-based technologies such as Internet of Things (IoT) with the existing infrastructure. Automated technologies are taking industries by storm and their future looks immensely promising. For example, the World Economic Forum (WEF) estimates that by 2035, only 35% of working hours will be spent on manual routine jobs that currently take up 48% of work time. Furthermore, the manufacturing, logistics, and retail sectors will have the highest potential for automation by 2028, notes the WEF. AGVs are a prelude to the adoption of full-fledged AI-powered technologies in any industry and as automation gains ground, the AGV market demand will remain steady.
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The Automated Guided Vehicle Market Report Profiles the Following Players:
- HIT Robot Group
- SI Systems, LLC.
- ELETTRIC80 S.P.A.
- AGVE Group
- The Raymond Corporation
- Daifuku Co., Ltd.
- Seegrid Corporation
- KION GROUP AG
- Toyota Advanced Logistics
Fortune Business Insights shares the above information in its report, titled “Automated Guided Vehicles (AGV) Market Size, Share & Industry Analysis, By Type (Unit Load Carrier, Forklift Truck, Mobile Robots, and Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided and Others), By Application (Transportation & Distribution, Storage & Assembly, Packaging), By Industry (Automotive, Food & Beverage, E-Commerce and Others) and Regional Forecast, 2021-2028”. As per the report, the value of this market was at USD 1.53 billion in 2021. The other highlights of the report include:
- Detailed analysis of the market share, size, and figures and the factors shaping them;
- An exhaustive study of the different market segments;
- 360-degree overview of the general industry outlook;
- A comprehensive evaluation of the regional and competitive dynamics of the market; and
- In-depth assessment of the market restraints.
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The promise of Enhanced Efficiency to Propel the Market
One of the main automated guided vehicles market trends is the increasing uptake of AGVs across industries owing to their high efficiency. For example, AGVs can operate 24/7 without rest, something that humans cannot do. As a result, they not increase productivity but also bring down utility costs. Furthermore, AGVs, once connected and synched with warehouse management system, can effectively monitor inventory, thereby removing the need to hire extra personnel to do inventory work. Even more important is the fact that deploying AGVs in hazardous environments, such as handling of toxic chemicals, can reduce the incidence of industrial accidents. Thus, AGVs offer a slew of advantages in terms of productivity and efficiency, which bodes well for the AGV market revenue.
Speedy Expansion of the E-commerce Industry to Drive the Market in Asia-Pacific
The AGV market size in Asia-Pacific stood at 0.37 billion in 2021 and the region is anticipated to dominate the automated guided vehicles market share in the forthcoming years. This is mainly attributable to the fast-growing e-commerce industry in India and China. Moreover, these countries are heavily investing in developing their manufacturing sectors and improving their warehousing infrastructure through intelligent systems, which is further driving this market.
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In North America, growth is expected to stable as the region has a well-established manufacturing sector and companies are rapidly adopting automation technologies to optimize their warehousing processes. The low working-age population is forcing many companies in Europe to implement automated technologies to maintain their efficiency in operations.
The urbanization and the growth of e-commerce in Latin American countries is fueling the demand for AGVs.
Increasing Focus on Research and Innovation to Create a Charged-up Competitive Atmosphere
According to the automated guided vehicle market analysis, competition in this market is set to intensify as major players double down their investment launching innovative products. This would enable them to solidify their market position and diversify their product portfolio.
- October 2021: Hit Robot Group (HRG) launched its new-age automated guided vehicle, powered by the SLAM (Simultaneous Localization and Mapping) technology used by the company in its automated mobile robots. The AGV can recreate a 2D map of the facility it is deployed in and navigate on its own.
- September 2021: Seegrid Corporation, an automated guided vehicles market leader, introduced its new vision guided vehicle as an expansion of the company’s automated solutions platform. The smart platform would enable manufacturing, e-commerce, and distribution companies to optimize their operations and streamline their processes
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Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Government Rules & Regulations
- Impact of Covid-19: Automated Guided Vehicle (AGV) Industry Analysis
- Global Automated Guided Vehicle (AGV) Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Tow Vehicles
- Automated Forklift Trucks
- Underride/ Tunneling Vehicles
- Assembly Line Vehicles
- Others (Unit Load Carriers, etc.)
- Market Sizing Estimations and Forecasts – By Navigation Technology (Value)
- Laser Guided
- Magnetic Guided
- Vision Guided
- Others (Wire Guided, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Transportation & Distribution
- Storage & Assembly
- Market Sizing Estimations and Forecasts – By Industry (Value)
- Food & Beverage
- Others (Healthcare, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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