Global Automated Guided Vehicle Market Report and Forecast 2024-2032

Global Automated Guided Vehicle Market Outlook

The global automated guided vehicle market reached a value of about USD 2.66 billion in 2023. The market is further expected to grow at a CAGR of 9.8% in the forecast period of 2024-2032 to reach a value of approximately USD 6.21 billion by 2032.            

Increasing Demand for Unit Load Carriers to Augment the Automated Guided Vehicle Industry Growth

Based on type, the unit load carrier segment accounts for a significant share in the automated guided vehicle industry. This can be attributed to the increasing utilisation of unit load carriers to deliver pallets and large containers and their ability to schedule the task efficiently by minimising product damage and aisle traffic. Further, they do not need human intervention unlike fork trucks, and, thus, are great for repetitive tasks and hazardous areas.  Being autonomous in nature, they reduce the requirement of human labour and provide enhanced safety to workers. The rising demand for enhanced workers’ safety is significantly contributing to the growth of the segment.

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The Asia Pacific to Provide Enhanced Growth Opportunities to the Automated Guided Vehicle Industry

Region-wise, the Asia Pacific is expected to witness a robust growth over the forecast period owing to the increasing acceptance of technology, rapid industrialisation, and growing shift towards automation. Furthermore, the growing investments by the leading e-commerce companies like Amazon and others in emerging countries like China and India are expected to significantly contribute to the industry growth in the forecast period.

Automated Guided Vehicle: Market Segmentation

Automated guided vehicles (AGV) refer to load carriers or material handling systems that are autonomous in nature. They are programmed to travel autonomously across manufacturing facilities, warehouses, or distribution centres to assist in moving and transporting items. AGVs provide significant advantages like increase in precision and productivity, safety inside facilities, and reduction in labour cost.

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By type, the market is divided into:

• Unit Load Carriers 
• Tow Vehicles 
• Assembly Line Vehicles 
• Forklift Vehicles 
• Pallet Trucks 
• Special Purpose 
• Others

Based on navigation technology, the industry can be segmented into:

• Vision Guidance 
• Laser Guidance 
• Inductive Guidance 
• Magnetic Guidance 
• Optical Tape Guidance 
• Others

The market is divided based on application into:

• Transportation 
• Assembly 
• Distribution 
• Storage 
• Waste Handling 
• Packaging 
  • Others

On the basis of end use, the industry can be bifurcated into:

• Manufacturing Sector 
• Wholesale and Distribution Sector

By industry, the market can be segmented into:

• Automotive 
• Metal and Heavy Machinery 
• Logistics 
• Chemical 
• Aviation 
• Food and Beverage 
• Electrical and Electronics 
• Retail 
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Automation in Material Handling and the Thriving E-Commerce Sector to Bolster the Growth of the Automated Guided Vehicle Industry

In recent years, supply chain management has witnessed a dramatic shift towards automation. There has been a rise in adoption of automated guided vehicles like forklifts, pallet trucks, small rack-carrying robots, and others as these vehicles can perform some tasks by using machine learning and deep learning. They are seen as the safest alternatives for manual material handling. Additionally, the growth of the e-commerce industry is resulting in increased demand for safe and efficient material handling equipment to boost productivity. This is further driving the growth of the automated guided vehicle industry. However, high initial investment and maintenance costs associated with automated guided vehicles may hamper the industry growth.

Over the forecast period, the rapid technological advancements and the increasing focus on safety and accuracy are expected to favour the industry growth. The integration of industry 4.0 is expected to be a major trend in the coming years.

Key Industry Players in the Global Automated Guided Vehicle Market

The report gives a detailed analysis of the following key players in the global automated guided vehicle market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Daifuku Co., Ltd.
• JBT Europe B.V. 
• KUKA AG 
• Seegrid Corporation 
• Toyota Material Handling, Inc. 
• Oceaneering International, Inc. 
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report