Automated Guided Vehicle Market Share, Penetration and Growth Prospect Mapping By 2030

Automated Guided Vehicle Market Growth & Trends

The global automated guided vehicle market size is expected to reach USD 9.38 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to reach a CAGR of 10.2% from 2022 to 2030. Automated guided vehicles (AGVs) have transformed the way materials can be moved within the manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles ensure a predictable and reliable transfer of raw materials as well as manufactured products from one point to another point within the facility, thereby eliminating any potential disruption in production. These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, among others, which help in detecting junctions, identifying floor signs, and avoiding collisions with any obstacle.

Automated Guided Vehicle Market Segmentation

Grand View Research has segmented the global automated guided vehicle market based on vehicle type, navigation technology, application, end use industry, component, battery type, and region: 

Based on the Vehicle Type Insights, the market is segmented into Tow Vehicle, Unit Load Carrier, Pallet Truck, Forklift Truck, Hybrid Vehicles, Others.

• The tow vehicle segment dominated the market in 2021 and accounted for a revenue share of over 40%. The unit load carrier segment is expected to rise at the fastest CAGR of 12.4% over the forecast period. Unit load AGVs are used for delivering pallets, large containers, and roll handling. Also, it provides the ability to schedule the task efficiently by reducing aisle traffic and product damage.
• Furthermore, unit load carrier AGVs are utilized in the place of fork truck that requires an employee to operate. Thus, these AGVs are great for long distances, repetitive tasks, and hazardous areas. Also, these are autonomous robots, which consequently reduce the requirement of human labor along with improving the worker’s safety. Trackable timing and product delivery are the added benefits of unit load carriers which make them efficient for the shipment of large products.

Based on the Navigation Technology Insights, the market is segmented into Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance, Natural Navigation, Others.

• The laser guidance segment dominated the market in 2021 and accounted for a revenue share of over 35%. The natural navigation segment is expected to expand at the fastest CAGR of 17.4% over the forecast period. The vision guidance segment is expected to witness healthy growth over the forecast period. The need for intelligent and efficient routing is contributing to the increasing adoption of automated vehicles. Advances in computer vision and related software solutions are allowing AGVs to better analyze the environment in real-time, thereby boosting the demand for AGVs for operations in challenging environments, such as maneuvering significant components through narrow aisles.
• Furthermore, camera-based vision available in AGVs, which is complemented by the LiDAR sensors and computer systems, helps in ensuring accurate navigation within production facilities and warehouses. The cameras installed on these vehicles can assist with obtaining information and detecting obstacles. It can also help with analyzing the infrastructure in real-time within the facilities. The information provided by the LiDAR sensors and the cameras can help in the creation of a 3D image of the operational area.

Based on the Application Insights, the market is segmented into Logistics and Warehousing, Assembly, Packaging, Trailer Loading and Unloading, Raw Material Handling, Others.

• The logistics and warehousing segment dominated the market in 2021 and accounted for a revenue share of over 40%. The assembly segment is expected to witness the fastest CAGR of 13.1% over the forecast period. The logistics & warehousing segment has been further segmented into transportation, cold storage, wholesale & distribution, and cross-docking. Enterprises upgrading their existing facilities and building new facilities are aggressively adopting modern retrieval and automated storage systems and other material handling equipment to save on labor costs and boost efficiency and productivity.
• Logistics & warehousing firms are trying to retain their competitiveness by opting for taller racks, compact layouts, and narrow aisles within their distribution facilities. At the same time, they are trying to boost the efficiency of their operations in line with the growing demand for their services. These firms are particularly deploying AGV solutions as they can maneuver accurately and efficiently through narrow aisles and compact layouts, along with the enhancement in the reliability of the storage process. The growing demand for AGVs from logistics & warehousing firms is expected to boost the growth of the AGVs market.

Based on the End-Use Insights, the market is segmented into Manufacturing Sector, and Wholesale and Distribution Sector.

• The manufacturing segment dominated the market in 2021 and accounted for a revenue share of over 75%. The manufacturing industry is further sub-segmented into aerospace & defense, automotive, electronics, pharmaceuticals, chemicals, plastics, FMCG, tissue, and others.
• Wholesale and distribution sector segment is expected to witness the fastest CAGR of 12.2% over the forecast period. Also, the wholesale & distribution sector is further sub-segmented intoe-commerce, grocery stores, retail chains/conveyance stores, and hotels & restaurants. The growing adoption of AGVs across various industries can be attributed to the benefits offered by AGVs in terms of productivity, safety, and accuracy.

Based on the Component Insights, the market is segmented into Hardware, Software, Service.

• The hardware segment dominated the market in 2021 and accounted for a revenue share of over 70%. The growth can be attributed to the increasingly deployed collaborative robots for reduced human labor and repetitive tasks in manufacturing or distribution facilities.
• The service segment is expected to witness the fastest CAGR of 11.7% over the forecast period. The growth can be attributed to the growing demand among the end-users for various services, which include preventive and corrective maintenance, vehicle and software health check, and training employees involved directly or indirectly with the operation of AGVs.

Based on the Battery Type Insights, the market is segmented into Lead Battery, Lithium-Ion Battery, Nickel-based Battery, Others.

• The lead battery segment dominated the market in 2021 and accounted for a revenue share of over 60%. These batteries have low-cost advantages over other battery types. Besides, it offers good reversibility, stable voltage, and long service life, and is suitable for a wide range of applications. The lithium-ion battery segment is expected to witness the fastest CAGR of 15.8% over the forecast period.
• The AGVs market is witnessing a progressive switch from lead-acid batteries to lithium-ion batteries. As compared to the lead-acid battery, lithium-ion batteries have higher costs. Lithium-ion batteries support the high-power charge and discharge. Also, it meets different industry conditions of user demand, including excellent temperature performance, high energy density, and long-life cycle. These advantages of lithium-ion batteries are anticipated to encourage the AGV manufacturers to adopt lithium-ion among battery types.

Automated Guided Vehicle Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa (MEA)

Market Share Insights

• March 2022: Seegrid Corporation, an autonomous mobile robot provider, partnered with ROBEX. This initiative towards partnership would allow Seegrid Corporation to expand its business, and clients of ROBEX would also be introduced to Seegrid Corporation products.

Key Companies Profile & Market Share Insights

Increasing collaborations and mergers & acquisitions are expected to maximize the environmental and economic benefits for the market players by enabling them to share ideas and enhance their internal skills and technologies.

Some of the prominent players operating in the global automated guided vehicle market include,

• Swisslog Holding AG
• Egemin Automation Inc.
• Bastian Solutions, Inc.
• Daifuku Co., Ltd.
• Dematic
• JBT
• Seegrid Corporation
• TOYOTA INDUSTRIES CORPORATION
• Hyster-Yale Materials Handling, Inc.
• BALYO
• E&K Automation GmbH
• Kollmorgen
• KMH Fleet Solutions
• ELETTRIC80 S.P.A.
• Fetch Robotics, Inc.
• inVia Robotics, Inc.
• Locus Robotics
• Schaefer Systems International, Inc.
• System Logistics Spa
• Transbotics (A division of Scott Systems International Incorporated)

Order a free sample PDF of the Automated Guided Vehicle Market Intelligence Study, published by Grand View Research.