Automated Guided Vehicle Market Size, Share & Trends Report

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, By Mode Of Operation, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-153-5
  • Number of Pages: 213
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2023
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the automated guided vehicle market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for automated guided vehicle market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of automated guided vehicle market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Automated Guided Vehicle Market Categorization:

The automated guided vehicle market was categorized into eight segments, namely vehicle (Tow Vehicle, Unit Load Carrier, Pallet Truck, Forklift Truck, Hybrid Vehicles), navigation (Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance, Natural Navigation), application (Logistics and Warehousing, Assembly, Packaging, Trailer Loading and Unloading, Raw Material Handling), end-use (Manufacturing Sector, Wholesale and Distribution Sector), component (Hardware, Software, Service), battery type (Lead Battery, Lithium-Ion Battery, Nickel-based Battery), mode of operation (Indoor, Outdoor), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The automated guided vehicle market was segmented into vehicle, navigation, application, end-use, component, battery type, mode of pperation, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The automated guided vehicle market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into Fifteen countries, namely, the U.S.; Canada; Germany; the UK; France; China; Japan; India; Australia; South Korea; Brazil; Mexico; Kingdom of Saudi Arabia; UAE; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Automated guided vehicle market companies & financials:

The automated guided vehicle market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include: 

  • Swisslog Holding AG- Swisslog Holding AG functions as KUKA AG's subsidiary. The company creates, develops, and provides hospitals, warehouses, and distribution centres throughout the world with automation systems. The business is divided into two segments: warehouse & distribution solutions and healthcare & pharmaceutical solutions. The logistics automation solutions for processing, moving, and storing supplies and pharmaceuticals within and between healthcare & pharmaceutical facilities are provided by the healthcare & pharmaceutical solutions category. It provides solutions for process improvement, automated document and financial management, automation in the pharmacy, automation in nursing, and automation in material handling. Picking technologies, material handling, storage and retrieval, and other industry-specific solutions are provided by the warehousing & distribution solutions category. Automated Guided Vehicles are available in its distribution and warehouse region (AGV). The company also provides general contracting, software solutions, logistical equipment, lifetime support services, and consultancy services. The banking, beverage, e-commerce, multichannel, food, pharmaceutical, and retail sectors are the main industries this area services.

  • Egemin Automation Inc.- Egemin Automation Inc. develops and executes automated material handling systems for distribution centres, manufacturing facilities, and warehouses, the business, a KION Group subsidiary, provides AGV systems, including hybrid AGVs, unit loads, forklifts, clamps, and tuggers. AGV navigation, graphical monitoring systems, and warehouse management and control are also included. The company also provides project management, engineering, installation, commissioning, system planning, and lifecycle services. The distribution, logistics, food and beverage, pharmaceutical, manufacturing, paper and print, and tobacco industries are all served by its AGV systems. In 1958, the business changed its name from Electricite Generale pour la Marine et l'Industrie to Egemin Automation Inc. Kion Group AG is the parent company of Egemin Automation Inc. With offices throughout the Netherlands, France, Germany, the United Kingdom, the United States, and China, the corporation is based in Belgium.

  • Bastian Solutions, LLC- Bastian Solutions, LLC is a system integrator that looks for information and material handling equipment innovations combined with tried-and-true operating approaches. The organisation procures equipment from industrial suppliers, such as Swisslog Holding AG, SSI Schaefer, Knapp AG, Murata Machinery Ltd., Southworth Products Corp., Hytrol Conveyor Company, Inc., and others. Furthermore, Bastian Solutions, LLC displays several key brands, including ZiPline conveyor and Exacta warehousing software. It specialises in the design, consulting, project management, maintenance, and installation of material handling systems and industrial equipment and automation technologies. The company's inventory, which includes lift tables, conveyors, dock equipment, industrial racks, casters, ergonomics, trucks, dollies, storage, spare parts, and accessories, is sold online. AGV technology solutions are offered by Bastian Solutions to a range of industries, including food and beverage, pharmaceutical, and aerospace.

  • Daifuku Co., Ltd- Daifuku Co., Ltd. is a firm established in Japan that manufactures and sells equipment, vehicle washes, and material handling systems. The corporation is divided into several divisions, such as electronics, airport technology, lifestyle items, cleanroom production lines, vehicle production lines, and manufacturing and distribution systems. Through its automotive production line system, Daifuku Co., Ltd. provides AGVs. These AGVs operate around the clock, enabling just-in-time supply and continuous-flow manufacturing. With offices and production facilities spread over about 22 nations and regions, the corporation has operated globally.

  • Dematic - Dematic offers software and services to optimise the supply chain in addition to designing integrated automation technology. The company creates, develops, implements, and maintains automated logistics and material handling systems. Leading integrated software platforms, automation technologies, AGVs, storage and picking, palletizers, equipment, automated storage and retrieval systems, sorters, and conveyors are just a few of the products and solutions it offers. Dematic offers AGV to a number of industry verticals, including e-commerce, food & beverage, pharmaceuticals, and general merchandising, as part of its supply chain solutions. With more than 100 outlets across 22 countries, the company is well-known throughout the world. As of April 2014, it had 4,500 integrated systems installed worldwide and 1,200 clients.

  • JBT - John Bean Technologies Corporation (JBT) is a global supplier of technology solutions for the food processing and aviation industries' high-value segments. Its JBT FoodTech division provides automated nutrition system solutions, protein processing, and liquid food processing systems. JBT AeroTech offers both stationary and mobile aviation equipment and services. It provides AGV for material handling applications in the printing, manufacturing, food and beverage, automotive, and warehouse sectors.

  • Seegrid Corporation - Seegrid Corporation manufactures and markets Vision Guided Vehicles (VGVs) in North America and Europe for the materials handling sector, Among the products offered by the company are automated pallet trucks and tow tractors. Long hauls, staging/sorting, parts-to-line, put away, end-of-line, replenishment, kitting/picking, trash collection, and cross-docking/virtual locations are among the uses for its VGVs. Seegrid was established to apply this technological advancement to the problems facing the materials handling industry, including maximizing throughput and productivity, enhancing facility safety, and cutting labour and operating costs. The name Seegrid is a combination of "see" (vision-guided) and "grid" (using a 3D grid of the environment). The first VGV, an industrial truck with the ability to perceive and navigate its surroundings, was introduced by Seegrid in 2008. Among the companies that use Seegrid are 3M Car Care, Walgreens Co., Whirlpool Corporation, Kohler Co., and Volvo Car Corporation.

  • TOYOTA INDUSTRIES CORPORATION - Toyota Industries Corporation is a company that primarily produces and markets industrial vehicles, automobiles, textile machinery, and material handling and logistics equipment. There are four business segments within the corporation. The industrial vehicle category offers warehouse equipment, forklift trucks, automated warehouses, and high-place work vehicles; the automobile segment manufactures and markets engines, foundry components, compressors for automotive air conditioners, and electronic equipment. In addition to providing land transportation services, the logistics section also handles information management and collection and delivery fees. Spinning machines, yarn quality measurement equipment, weaving machines, and cotton grading equipment are all offered by the textile machinery category. Toyota Motor Sales U.S.A. Inc. is the parent company of Toyota Industries Corporation. Through its logistics segment, it offers AGV. The corporation operates a global sales network in addition to production facilities in North America, Europe, and Asia (China and India).

  • Hyster-Yale Materials Handling, Inc. - A variety of materials handling equipment is designed, engineered, produced, and sold by Hyster-Yale Materials Handling, Inc. Company’s products include the toughest freight handling technology, counterbalanced lift trucks, narrow aisle warehouse trucks and a variety of indoor and outdoor lift trucks with internal combustion engines and electric motors. South America, Eastern Europe, Asia-Pacific, and China are its main end-user regions. In January 2016, Hyster-Yale Group, Inc. changed its name from NACCO Materials Handling Group, Inc. to Hyster-Yale Group, Inc. The United States, Mexico, India, China, Australia, Brazil, Italy, Japan, the Philippines, the Netherlands, Northern Ireland, and Vietnam are the countries where its manufacturing plants are located. Hyster-Yale Materials Handling, Inc.'s operating subsidiary is called Hyster-Yale Group, Inc.

  • BALYO - Using ordinary vehicles as a basis, BALYO specialises in the design, engineering, and production of autonomous driving forklifts. The business creates autonomous, intelligent robots that can help human operators out of standard forklift trucks. It is possible to steer the Balyo model without the use of ground lines or reflectors. The organisation provides solutions to numerous industrial firms in France and abroad, including those in North America.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Automated Guided Vehicle Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Automated Guided Vehicle Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

What questions do you have? Get quick response from our industry experts. Request a Free Consultation
pdf

GET A FREE SAMPLE

bck

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

cog

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 now to get our best pricing.

esomar icon

ESOMAR certified & member

ISO

ISO Certified

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.

great place to work icon