The latest research study “Automated Guided Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global automated guided vehicles market size reached a value of US$ 3.18 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 7.67 Billion by 2027, exhibiting a CAGR of 14.70% during 2022-2027.
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Automated guided vehicles (AGVs) are self-guided material handling systems or load carriers that help move and carry products autonomously across distribution centers, manufacturing facilities, or warehouses. They help optimize transportation while picking and storing items and work by following adjustable guidelines with the help of installed sensors. They are generally used and programmed to move pallets, carts, and trays between numerous manufacturing and warehousing facilities, thereby increasing overall efficacy and output. They assist in improving productivity, supporting automated processes, reducing labor costs, and minimizing product damage. As a result, AGVs are gaining immense traction among transportation and logistics companies across the globe.
COVID-19Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Automated Guided Vehicles Market Trends and Drivers:
The market is primarily driven by the increasing demand for automated warehouse solutions due to the expanding e-commerce platforms. Moreover, the growing awareness about worker safety and the shifting consumer preferences toward laser-guided AGVs for greater precision and flexibility have augmented product demand.
Additionally, the rising demand for AGVs in numerous industries, such as healthcare, automotive, and food and beverages (F&B), for high efficiency in material handling processes is contributing to the market growth. Besides this, heavy investments in industrial automation represent another major growth-inducing factor.
Furthermore, there is a rise in applications of AGVs in numerous Industry 4.0 solutions as they are complementary with 5G networks and RFID tags, which in turn, has catalyzed the market growth. Other factors, including product innovations, escalating demand for effectively managing plant assets, ongoing research and development (R&D) activities, and rapid industrialization, are also anticipated to propel the market growth.
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|Automated Guided Vehicles Market Report Scope|
|Market size value in 2021||US$ 3.18 Billion|
|Market forecast in 2027||US$ 7.67 Billion|
|Growth Rate||CAGR of 14.70% from 2022 to 2027|
|Base year for estimation||2021|
Global Automated Guided Vehicles Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bastian Solutions LLC (Toyota Industries Corporation), Daifuku Co. Ltd., Ek Robotics Gmbh, IKV Robot Nanchang Co. Ltd., John Bean Technologies Corporation, Jungheinrich AG, Kion Group AG, KUKA Aktiengesellschaft, Murata Machinery Ltd., Schaefer Systems International Pvt Ltd., Scott Systems International Inc. and Simplex Robotics Pvt. Ltd.
The report has segmented the market on the basis of region, type, mode of operation, navigation technology, application and industry.
Breakup by Type:
- Tow Vehicles
- Unit Load Carriers
- Pallet Trucks
- Assembly Line Vehicles
- Forklift Trucks
Breakup by Mode of Operation:
Market Breakup by Navigation Technology:
- Laser Guidance
- Magnetic Guidance
- Inductive Guidance
- Optical Tape Guidance
- Vision Guidance
Breakup by Application:
- Waste Handling
Breakup by Industry:
- Food and Beverages
Market Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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