Automated Guided Vehicle Market Size Worth $9.32 Billion By 2028

Automated Guided Vehicle Market Growth & Trends

The global automated guided vehicle market size is expected to reach USD 9.32 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 13.0% from 2021 to 2028. 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, the Automated Guided Vehicles (AGVs)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.

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 September 2019, a U.S.-based robotic solutions provider AHS, LLC partnered with Exotec, which is a France-based mobile robot picking system provider. The former company introduced 3D mobile robots that can move in three dimensions and enable warehouse team members to focus on packing and shipping and neglecting the long-distance walks to access inventories. 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 are not required to be charged frequently during operating shifts or in 24x7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies.

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Automated Guided Vehicle Market Report Highlights

• 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 automated guided vehicles. The segment generated the highest revenue in 2020and is expected to retain its dominance over the forecast period

• Europe dominated the global market in 2020. However, the Asia Pacific region is projected to expand at the highest CAGR from 2021 to 2028

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 Type Outlook (Revenue, USD Million, 2017 - 2028)

• Tow Vehicle

• Unit Load Carrier

• Pallet Truck

• Forklift Truck

• Hybrid Vehicles

• Others

Automated Guided Vehicle Navigation Technology Outlook (Revenue, USD Million, 2017 - 2028)

• Laser Guidance

• Magnetic Guidance

• Vision Guidance

• Inductive Guidance

• Natural Navigation

• Others

Automated Guided Vehicle Application Outlook (Revenue, USD Million, 2017 - 2028)

• Logistics and Warehousing

  • Transportation

  • Cold Storage

  • Wholesale & Distribution

  • Cross-docking

• Assembly

• Packaging

• Trailer Loading and Unloading

• Raw Material Handling

• Others

Automated Guided Vehicle End-use Industry Outlook (Revenue, USD Million, 2017 - 2028)

• 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 Component Outlook (Revenue, USD Million, 2017 - 2028)

• Hardware

• Software

• Service

Automated Guided Vehicle Battery Type Outlook (Revenue, USD Million, 2017 - 2028)

• Lead Battery 

• Lithium-ion Battery

• Nickel-based Battery 

• Others

Automated Guided Vehicle Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America

  • The 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

• 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

• Scott