Automated Guided Vehicle Market Trends, Industry & Size 2031

Report Description

Automated Guided Vehicle Market Outlook

The global automated guided vehicle market size was valued at USD 4.97 Billion in 2022 and is likely to reach USD 15.54 Billion by 2031, expanding at a CAGR of 13.5% during the forecast period, 2023–2031. The growth of the market is attributed to the rising need for accurate and remote detection tools.

An automated guided vehicle, automatic guided vehicle (AGV), or autonomous mobile robot (AMR) is a portable machine, which follows along marked long lines or wires on the floor, vision cameras, or uses radio waves, magnets, or lasers for navigation.

They are extensively used in industrial applications to transport heavy materials, around a large industrial building such as in a factory or warehouse. Application and usage of automatic guided vehicle have greatly broadened in the 21st century.

Get Free Sample Report

Automated Guided Vehicle Market Drivers, Restraints and Opportunities

• Cost-effectiveness of automated guidance vehicles and rising awareness about its major key benefits of the manufacturing sector are driving the market.
• Increasing efficiency of AI and related technologies is driving the market.
• Inaccuracy of the automated guidance vehicle can restrain the market.
• Growing threat of cyber-attacks can impede the market.
• Increasing demand for fast and efficient guided vehicle services is expected to create lucrative opportunities during the forecast period.

Scope of Automated Guided Vehicle Market Report

The report on the global automated guided vehicle market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Automated Guided Vehicle Market Segment Insights

Vehicle Types Segment Analysis

Based on vehicle types, the market is divided into unit load carrier, forklift truck, tow vehicle, pallet truck, and others. The tow vehicle segment dominated the market in 2020; however, the unit load carrier segment is anticipated to expand at a high CAGR during the forecast period. Unit load AGVs are used for delivering pallets, giant containers, and roll handling.

These are used within the place of fork truck that needs an employee to work. Thus, these AGVs are ideal for long distances, repetitive tasks, and unsafe areas. Additionally, they are autonomous robots that consequently reduce the need for human labor and boosting workers safety.

Get Free Sample Report

Navigations Segment Analysis

On the basis of navigations, the automated guided vehicle market is categorized as magnetic guidance, inductive guidance, laser guidance, vision guidance, natural navigation, and others. The laser guidance segment dominated the market in 2020. The natural navigation segment is projected to expand at a high CAGR during the forecast period.

The vision guidance segment is estimated to expand at a high pace in the coming years due to rising need for intelligent and economical routing. Vision guidance vehicles are equipped with cameras, Lidar sensors, and PC systems that help in making certain correct navigation within production facilities and warehouses.

These cameras assist in getting data and detecting obstacles. They facilitate with analyzing the infrastructure in real-time, inside the facilities.

Application Segment Analysis

In terms of applications, the market is fragmented into logistics and warehousing, assembly, packaging, trailer loading and unloading, raw material handling, and others. The logistics and warehousing segment is sub-segmented into transportation, cold storage, wholesale & distribution, and cross-docking. The logistics and warehousing segment dominated the automatic guided vehicle market in 2020.

The assembly segment is projected to expand at a high CAGR during the forecast period. The logistics and warehousing segment is divided into transportation, distribution, cold storage, wholesale & distribution, and cross-docking.

Get Free Sample Report

Components Segment Analysis

Based on components, the automated guided vehicle market is trifurcated into software, hardware, and others. The hardware segment dominated the market in 2020 due to rising deployment of cooperative robots to reduce human labor and replacement for repetitive tasks such as production and distribution.

The others segment is anticipated to expand at a rapid pace in the coming years. Automated guidance vehicles became a mainstay in distribution center operations and producing facilities, wherever tasks are extremely repetitive and standardized.

Based on the need, machine-driven vehicles are obtainable for numerous industries, such as pharmaceuticals, automotive, warehouses & distribution, and food & beverages.

Battery Types Segment Analysis

On the basis of battery types, the market is divided into Lithium-ion, Lead, Nickel-based, and Others. The lead battery segment held a key share of the market in 2020, as these batteries are low-cost, offer stable voltage, long service life, good reversibility, and is suitable for an array of applications. The lithium-ion battery segment is estimated to expand at a high CAGR of 19.2% during the forecast period.

Automated Guided Vehicle Market Regional Analysis

In terms of regions, the global automated guided vehicle market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe dominated the global market in 2020 and this trend is projected to continue during the forecast period.

The expansion of the regional market is attributed to the increasing demand for material handling instrumentation by the incumbents of the producing business.

Furthermore, automation in each sector has increased in the region, thus fueling the market. The market in Asia Pacific is estimated to expand during the forecast period. The e-commerce business has been growing significantly, thus fuelling the economies in the region, especially in countries such as China and India.

Get Free Sample Report