Automated Guided Vehicle (AGV) Market By Type (Load Carriers, Assembly Line Vehicles, Forklift Vehicle, Pallet Trucks, Tow Vehicle, and Special Purpose), By Technology (Laser Guidance, Vision Guidance, and Wire & Tape Guidance), By Application (Materials Handling, Truck Loading/Unloading, End-of-Line Transport, Packaging, Roll Handling, and Clamp Handling), By End-Use Industry (Automotive, Metal & Heavy Machinery, E-Commerce, Chemical, Healthcare, Aerospace, Food & Beverage, and Semiconductors & Electronics) – Analysis & Forecast 2020-2030.

Automated Guided Vehicle (AGV) Market Overview and Introduction

Automated Guided Vehicle (AGV) is a mobile robot and considered a driverless vehicle that offers a complete range of material handling solutions without manual intervention. Also, it has various advantages, such as reduced labor costs, high efficiency, safety, low operating costs, and others. Thus, it has been installed in numerous industries for a wide range of applications including loading/unloading raw materials, work-in-process movements, removal of waste to recycling, product packaging, finished goods movement, and others. Electric motor, host software, communication system, user interface system, and battery are the major components embedded in automated guided vehicles.  Also, technological advancements in the field of electronics (sensors, cameras, actuators, communication systems, etc.) have been making automated guided vehicles more advanced.

Automated guided vehicles do not require a permanent conveying system or manual intervention. Thus, they are extensively utilized in manufacturing facilities, warehouses, and distribution centers for material handling applications. Also, benefits such as reduced product damage, reduced labor costs, increased productivity & efficiency and the potential to support large-scale automation processes will boost market growth across the globe. Moreover, growing collaborations between logistics-related companies and tech giants are expected to create huge opportunities in the operating market. For instance, in 2019, Alert Innovation, Inc and Murata Machinery, Ltd. announced a partnership agreement to develop the Alphabot material handling technology. The partnership is planning to make the technology available for the grocery retail industry. Furthermore, the development of collaborative robots to increase flexibility and improve the workflow is supplementing the market growth.

However, high costs associated with the installation, switching, and maintenance of automated guided vehicles and the lack of a skilled workforce to program automated guided vehicles to perform tasks efficiently are the major limiting factors present in the market. Moreover, the lack of awareness regarding the benefits associated with automated guided vehicles in some geographical regions, including Latin America and the Middle East & Africa, is hampering the market growth.

The global Automated Guided Vehicle (AGV) market can be segmented into type, technology, applications, end-use industry, and region.

Automated Guided Vehicle (AGV) Market By Type

Based on type, the market is segmented into load carriers, assembly line vehicles, forklift vehicles, pallet trucks, tow vehicles, and special purpose. The load carrier segment is expected to grow at the highest CAGR throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of load carriers for delivering pallets, large containers, and roll handling. Moreover, the growing demand for load carriers from the retail industry for loading and unloading of goods is supplementing the growth for this segment.

Automated Guided Vehicle (AGV) Market By Technology

Based on technology, the market can be segmented into laser guidance, vision guidance, and wire & tape guidance. In 2019, the laser guidance segment accounted for the largest market share and is expected to continue its dominance for the next few years. The growth for this segment can be attributed to the advantages associated with it such as the flexibility to automate processes, the requirement of less physical assistance, presence of precise control & collision systems, and others. Moreover, new product launches by established players are propelling the growth of this segment across the globe.

Automated Guided Vehicle (AGV) Market By Application

Based on application, the market can be segmented into materials handling, truck loading/unloading, end-of-line transport, packaging, roll handling, and clamp handling. The loading/unloading segment is expected to grow at the highest CAGR during the forecast period. The growth for this segment can be attributed to the increasing demand from retail, automotive, aerospace, and food & beverage industries to reduce labor costs. Also, the growing demand from Asian countries is expected to boost the growth of this segment.

Automated Guided Vehicle (AGV) Market By End-Use Industry

Based on End-Use Industry, the market can be segmented into automotive, metal & heavy machinery, e-commerce, chemical, healthcare, aerospace, food & beverage, and semiconductors & electronics. In 2019, the automotive industry accounted for the largest market share and is expected to continue its dominance during the forecast period. The growth of this segment can be attributed to the growing utilization of automated guided vehicles in the manufacturing processes of vehicles. Moreover, the increasing utilization of AGV systems in part distribution centers to support heavy goods handling and ensure a safer environment is fueling the market growth for this segment.

Automated Guided Vehicle (AGV) Market By Region

Based on region, the global Automated Guided Vehicle (AGV) market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Europe accounted for the largest market share in 2019 owing to the presence of strong automotive manufacturing industry and online retail. Moreover, the UK, Germany, and France are the largest revenue generators in the European market. However, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth in the Asia Pacific region can be attributed to the growing utilization of automated guided vehicles in the e-commerce industry. Also, Japan and China are considered to be the largest robot suppliers, which will further supplement the market growth in this region.

Automated Guided Vehicle (AGV) Market Prominent Players

Some of the prominent players in the Automated Guided Vehicle (AGV) market include Daifuku Co., Ltd., Dematic, E&K Automation GmbH, Hyster-Yale Group, Inc., JBT, KION GROUP AG, KUKA AG, Oceaneering International, Inc., Seegrid Corporation, and Toyota Material Handling, among others.