Quick Summary:
Fuelled by advancements in technology and growing demand, the global automated guided vehicle (AGV) market is set to experience significant growth. AGVs represent an innovative solution to efficient and reliable movement of materials within manufacturing and distribution facilities. Operating flawlessly within complex environments and ensuring seamless transfer of goods, AGVs have become an integral part of operations for businesses aiming to optimize their productivity and maintain unwavering consistency in production.
AGVs stand out for their ability to safely navigate around structures, machinery, and staff members. Enhanced with features such as camera vision and LiDAR sensors, AGVs can recognize junctions, identify floor markings, and avoid obstacles to ensuring smooth and safe operations. Partnerships and collaborations within the industry, coupled with AGV applications in navigating logistics and warehouse operations, further underscore the significance of this pivotal technology.
Optimization, safety, and efficiency are preeminent concepts in today's competitive manufacturing landscape. Thus, investing in our comprehensive AGV market report represents a strategic move towards informed decision-making and staying abreast of industry trends and developments. This report serves as a valuable guide to businesses aiming to leverage AGV technology optimally for sustained growth and operational excellence.
The global automated guided vehicle market size is anticipated to reach USD 9.18 billion by 2030, registering a CAGR of 9.7% from 2023 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 and manufactured products from one point to another 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, which help detect junctions, identify floor signs, and avoid collisions with any obstacle. For instance, in November 2021, Quanergy Systems, Inc., a U.S.-based company that offers an AI-powered LiDAR platform, launched the new M1 Edge 2D LiDAR sensors for automation. The newly launched LiDAR sensor is light in weight, broad 360°, with a sensing capability of up to 200 meters used in mobile robotics, AGVs, warehouse logistics applications, and port automation.
Several manufacturing plants and warehouses deploy material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on deploying such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in March 2023, MasterMover Ltd, a prominent manufacturer of electric tug and tow solutions, announced a collaboration with BlueBotics, a navigation, robotics, and industrial automation company.
The partnership intends to offer best-in-class Autonomous Navigation Technology (ANT) technologies for MasterMover's range of AGVs. In February 2021, Scott (Transbotics Corporation), a prominent solution provider for AGVs, partnered with KUKA AG, a German manufacturer of robots, to coordinate the industrial robots of KUKA AG into material handling systems. Further, these robots would also benefit the warehouse team in assembling, packaging, welding, storing, and shipping. Also, material handling solutions are used to increase transportation efficiency, decrease physical damage to the material, and reduce overheads by limiting the number of employees.
The AGV market is witnessing a progressive switch from lead-acid to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and more compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies. For instance, in March 2021, Nissan Motor Co., Ltd, a global manufacturer of automobiles, buses, and trucks, stated that they use lithium-ion batteries to power their automated guided vehicles, which no longer need a worker to remove the battery and plug them in it charges faster. These batteries let AGVs last longer and bring significant innovations to their warehouse.
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These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, which help detect junctions, identify floor signs, and avoid collisions with any obstacle. For instance, in November 2021, Quanergy Systems, Inc., a U.S.-based company that offers an AI-powered LiDAR platform, launched the new M1 Edge 2D LiDAR sensors for automation. The newly launched LiDAR sensor is light in weight, broad 360°, with a sensing capability of up to 200 meters used in mobile robotics, AGVs, warehouse logistics applications, and port automation.
Several manufacturing plants and warehouses deploy material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on deploying such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in March 2023, MasterMover Ltd, a prominent manufacturer of electric tug and tow solutions, announced a collaboration with BlueBotics, a navigation, robotics, and industrial automation company.
The partnership intends to offer best-in-class Autonomous Navigation Technology (ANT) technologies for MasterMover's range of AGVs. In February 2021, Scott (Transbotics Corporation), a prominent solution provider for AGVs, partnered with KUKA AG, a German manufacturer of robots, to coordinate the industrial robots of KUKA AG into material handling systems. Further, these robots would also benefit the warehouse team in assembling, packaging, welding, storing, and shipping. Also, material handling solutions are used to increase transportation efficiency, decrease physical damage to the material, and reduce overheads by limiting the number of employees.
The AGV market is witnessing a progressive switch from lead-acid to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and more compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies. For instance, in March 2021, Nissan Motor Co., Ltd, a global manufacturer of automobiles, buses, and trucks, stated that they use lithium-ion batteries to power their automated guided vehicles, which no longer need a worker to remove the battery and plug them in it charges faster. These batteries let AGVs last longer and bring significant innovations to their warehouse.
Automated Guided Vehicle Market Report Highlights
- The unit load carrier segment is expected to expand at the fastest CAGR over the forecast period owing to its ability to handle multiple items simultaneously, reducing the number of trips required and, potentially, handling costs
- Natural navigation technology’s adoption is expected to grow significantly over the forecast period as it enables businesses to easily modify and expand the guide path of the AGV
- Assembly line application is expected to have the highest CAGR over the forecasts period as assembly line AGV are replacing traditional mechanical production lines
- The manufacturing segment dominated the market in 2022 and accounted for a revenue share of over 77%. The growing adoption of automated guided vehicles across various industries can be attributed to the benefits offered by AGVs in terms of productivity, safety, and accuracy
- The service segment is anticipated to be the fastest-growing segment in the forecast period. This growth can be attributed to the rising demand for various services, which include preventive and corrective maintenance, vehicle and software health check, and training employees directly or indirectly with the operation of AGVs
- Europe dominated the market in 2022 and accounted for a revenue share of over 30%. Rising investments in the manufacturing sector's technological advancement are expected to improve the AGV market in Europe
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| Report Attribute | Details |
|---|---|
| No. of Pages | 213 |
| Published | April 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 4.28 Billion |
| Forecasted Market Value ( USD | $ 9.18 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 19 |
Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 AGV Industry Outlook
Chapter 4 AGV Market: Vehicle Type Estimates and Trend Analysis
Chapter 5 AGV Market: Navigation Technology Estimates & Trend Analysis
Chapter 6 AGV Market: Application Estimates & Trend Analysis
Chapter 7 AGV Market: End-Use Industry Estimates & Trend Analysis
Chapter 8 AGV Market: Component Estimates & Trend Analysis
Chapter 9 AGV Market: Battery Type Estimates & Trend Analysis
Chapter 10 AGV Market: Regional Estimates and Trend Analysis
Chapter 11 Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Swisslog Holding AG
- Dematic
- Bastian Solutions, Inc.
- Daifuku Co., Ltd.
- 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
- Scott
Methodology
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