Automated Guided Vehicle (AGV) Market is anticipated to grow at a CAGR of 12.65% from 2020 to 2030.

Market Industry Reports (MIR) has published a new report titled “Automated Guided Vehicle (AGV) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Automated Guided Vehicle (AGV) market accounted for over US$ 2.70 billion in 2019. It is anticipated to grow at a CAGR of 12.65% from 2020 to 2030. 

COVID-19 pandemic is an extraordinary crisis. It has no therapeutic solution including vaccines or drugs. Hence, countries & governments have taken serious decisions including locking down the country for months or beyond to control the spread of the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2). As a result, there is a slowdown in processes such as manufacturing, logistics, and distribution of the products. This implies a negative impact on the automotive guided vehicle market as it is highly dependent on manufacturing, logistics, and distribution.

The rise in modernization and digitalization leads to the increasing adoption of the latest technologies by various end-use industries. The emergence of AI in the supply chain, tracking operations, machine vision, and other operations are expected to have a positive impact on the automated guided vehicle market. For instance, Kivnon launched an autonomous guided vehicle, particularly for supply chain and logistics operations. Kivnon’s AGV utilized the AI technology to navigate without markings and tracks on the ground.

Automated Guided Vehicle (AGV) is shaping the future of Industry 4.0 (the fourth transformation for the manufacturing industry) by providing full automation support. For instance, Comau has launched Agile1500 (the first automated guided vehicle within the new AGV platform) that responds to the logistics needs imposed by Industry 4.0. Additionally, in, January 2020, ECA GROUP launched its new generation Indoor/Outdoor autonomous AGV for Industry 4.0.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, 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. in detail along with the table of contents:

The increasing demand for automation in material handling processes, growing adoption of industrial automation by SMEs and government initiatives to improve safety standards at workplaces are the major driving factors present in the market. However, the high costs associated with automated guided vehicles, technical challenges involved in sensing elements and the lack of a skilled workforce are the major limiting factors present in the market.

Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth in Asia Pacific can be attributed to the growing demand from  high-potential economies, such as India, China, South Korea, and Japan, due to the rapid growth of e-commerce, food & beverages, automotive, and healthcare industries. Additionally, several regional governments from Asian countries have been taking steps to automate manufacturing process, which will further create new opportunities in the Asian automated guided vehicle market. For instance, “Made in China 2025,” an initiative undertaken by the Chinese government has a primary goal of implementing robotics in various manufacturing process.

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.

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