Automated Guided Vehicle Market Is Expected To Accelerate At A Whopping 12.5% CAGR by 2032

Automated Guided Vehicle Market

The Automated Guided Vehicle market reached a valuation of US$ 3.05 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 12.5% CAGR, reaching US$ 9.9 Billion. According to Fact.MR, increasing industrialization across the globe is one of the major factors that is expected to augment the demand for automated guided vehicles in oil & gas, transportation, and construction industry. Growing demand can be attributed to advanced features offered by automated guided vehicles such as fuel efficiency and customized material handling, which will further shape the sales outlook of the market.

The market’s growth is attributed to limited awareness and penetration of industry automation in various countries. However, the automated guided vehicles market has been gaining momentum, owing to increasing laser-guided AGV’s production and reduced labor costs.

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The integration of Industry 4.0 concepts has led conventional industrial facilities to develop into smart, networked as well as highly efficient automated facilities. Also, Industry 4.0 has the ability to transform a manufacturing facility into a self-contained operation as it is a single automated unit that incorporates computers, industrial automation systems, and robots. A network of linked devices creates a smart architecture capable of making decentralized choices. In addition, the rise of Industry 4.0 is transforming the way warehouses operate & Industry 4.0 also intends to establish a productive working environment in which people and robots can collaborate well.

Moreover, the integration of Industry 4.0 and robots would turn processes into an industrial space with greater automation system coordination. This integration will enable high-velocity operations at lower costs along with making it time-critical, in the extremely demanding and constantly expanding supply chain environment. Furthermore, the deployment of Industry 4.0 technology has aided active communication between warehouse activities along with improving warehouse system coordination and assists warehouse operators in performing time-critical as well as high-velocity activities at a reduced cost, which in turn is escalating the growth of the automated guided vehicle market growth over the analysis period.

Key Takeaways from the Market Study

  • According to Fact.MR, a CAGR of 1.5% was recorded for the Automated Guided Vehicle market from 2017-2022
  • In FY 2022, the Automated Guided Vehicle market reached a valuation of US$ 3.05 Billion
  • The market is likely to register a Y-o-Y growth rate of 10.0% in 2023
  • By Vehicle Type, the Forklift Trucks Segment is expected to dominate the market, documenting a 12.3% value CAGR
  • As per Fact.MR’s projections, the market for Automated Guided Vehicle in the US will likely expand at a 12.4% CAGR
  • The Automated Guided Vehicle market in India is expected to expand at a 12.3% CAGR

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Competitive Landscape

Prominent players in the Automated Guided Vehicle Industry are taking advantage of the rapidly increasing demand for the Automated Guided Vehicle in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:

  • In January 2022, KUKA AG signed a contract with Ford Otosan for the supply of more than 700 robots for Ford’s next-generation electrical and connected commercial vehicle projects. The contract marks a continuation of the company’s partnership, which has been in place for more than 20 years.
  • In April 2021, JBT Corporation exhibited its Warehouse Freezer AGV, which operates in an array of temperatures from -10°F to 110°F. It operates with a lift capacity of 2,500 pounds. The automatic guided vehicle (AGV) features a triple-stage hydraulic mast, which has an integrated side shift and tilt. Additionally, it provides a variety of lift heights, ranging from 357 inches (or less) to the top of its forks, to 422 inches.

Prominent Automated Guided Vehicle Service Players

  • Addverb Technologies
  • Aichi Machine Industry Co., Ltd.
  • China SME Group Co., Ltd
  • Egemin Automation Inc.
  • GreyOrange
  • JBT Corporation
  • Konecranes
  • Murata Machinery, Ltd.
  • Oceaneering International, Inc.
  • System Logistics S.p.A.

Key Segments Covered in the Automated Guided Vehicle Industry Survey

  • By Vehicle Type :
    • Tow Vehicles
    • Unit Load Carriers
    • Pallet Trucks
    • Assembly Line Vehicles
    • Forklift Trucks
    • Other Types
  • By Navigation Technology :
    • Laser Guidance
    • Magnetic Guidance
    • Inductive Guidance
    • Optical Tape Guidance
    • Vision Guidance
    • Others
  • By Battery :
    • Lead Battery
    • Lithium-Ion Battery
    • Nickel-based Battery
    • Others
  • By Application :
    • Transportation
    • Storage
    • Distribution
    • Assembly
    • Packaging
    • Waste Handling
  • By End-User :
    • Automotive
    • Manufacturing
    • Food & Beverages
    • Aerospace
    • Healthcare
    • Logistics
    • Retail
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global Automated Guided Vehicle market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of vehicle type (tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift trucks, and other types), by navigation technology (laser guidance, magnetic guidance, inductive guidance, optical tape guidance, vision guidance, and others), by battery (lead battery, lithium-ion battery, nickel-based battery, and others), by application (transportation, storage, distribution, assembly, packaging, and waste handling), end-user (automotive, manufacturing, food & beverages, aerospace, healthcare, logistics, and retail), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).

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