Advanced Automated Guided Vehicle (AGV) Market Size, Share, Growth, and Industry Analysis by Type (Unit Load Type, Automated Forklift Type, Tugger Type and Others) By Application (Warehouse and Production Line) Regional Forecast By 2031

Updated On: 29 April 2024

Advanced Automated Guided Vehicle (AGV) Market Report Overview

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The global advanced automated guided vehicle market size was USD 595 million in 2022. As per our research, the market is expected to reach USD 1022.41 million in 2031, exhibiting a CAGR of 6.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over.

The advanced automated guided vehicle (AGV) market refers to the industry involved in the development, manufacturing, and deployment of technologically advanced robotic vehicles used for material handling and transportation tasks in various industries. AGVs are self-guided vehicles that can move and transport materials within a predefined area without the need for human intervention.

The rise of Industry 4.0 and the increasing adoption of automation in industries such as manufacturing, logistics, and e-commerce have created a strong demand for advanced AGVs. These vehicles play a crucial role in optimizing operations, improving efficiency, and reducing labor costs. Advanced automated guided vehicles are incorporating artificial intelligence (AI) and machine learning (ML) technologies to enhance their capabilities. AI algorithms enable advanced automated guided vehicles to navigate complex environments, adapt to dynamic situations, and optimize their paths for maximum efficiency.

COVID-19 Impact: Supply Chain Disruptions to Limit the Market Demands

The pandemic led to significant disruptions in global supply chains, including the advanced automated guided vehicle industry. Restrictions on international trade, lockdown measures, and factory closures disrupted the production and distribution of advanced automated guided vehicle and their components. This resulted in delays in delivery, reduced production capacity, and increased lead times for advanced automated guided vehicle manufacturers. The pandemic highlighted the need for increased automation in various industries, including manufacturing, e-commerce, and healthcare. As companies sought to minimize human contact and maintain operations during lockdowns, the demand for AGVs surged. Advanced automated guided vehicle proved to be effective in maintaining social distancing, reducing labor dependencies, and ensuring the continuity of essential operations.

LATEST TRENDS

"Cloud Connectivity and IoT Integration to Augment the Market Growth"

The integration of collaborative robots, also known as cobots, with advanced automated guided vehicle is gaining traction. Cobots work alongside human workers, enhancing productivity and safety in industrial settings. AGVs equipped with cobots can perform tasks that require human-like dexterity and interact with workers more effectively. AGVs are being connected to cloud platforms, allowing real-time monitoring, data analysis, and remote control. Integration with the Internet of Things (IoT) enables seamless communication between AGVs and other devices, facilitating centralized control, fleet management, and predictive maintenance. AGVs are being deployed in large numbers, forming fleets that can operate autonomously. Advanced fleet management systems coordinate multiple advanced automated guided vehicles, optimize routes, manage task assignments, and monitor performance. This trend enables greater efficiency and scalability in automated logistics operations.

Advanced Automated Guided Vehicle (AGV) Market Segmentation

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• By Type Analysis

By type, market is segmented into unit load type, automated forklift type, tugger type and others. The unit load type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into warehouse and production line. The warehouse segment will lead the global share through 2031.

DRIVING FACTORS

"Need for Cost and Time Savings to Push the Market"

The rise in industrial automation across various sectors, such as manufacturing, warehousing, and logistics, is a significant driving factor for the advanced automated guided vehicle market. Advanced automated guided vehicle plays a crucial role in automating material handling tasks, improving operational efficiency, and reducing labor costs. Advanced automated guided vehicle helps companies optimize their operations by reducing manual labor, streamlining processes, and minimizing human errors. By automating material transportation and logistics, advanced automated guided vehicle can significantly reduce costs and save time, leading to increased productivity. Recent advancements in robotics and AI technologies have enhanced the capabilities of AGVs. These vehicles can now navigate complex environments, avoid obstacles, and adapt to dynamic changes in their surroundings. Improved AI algorithms have also made AGVs more intelligent, enabling them to make real-time decisions and optimize their routes.

"Safety and Workplace Regulations to Boost the Market Demands"

The booming e-commerce sector and the increasing demand for faster order fulfillment have driven the adoption of advanced automated guided vehicle in warehouses and distribution centers. Advanced automated guided vehicle enables efficient order picking, sorting, and inventory management, helping companies meet the growing consumer expectations for quick and accurate deliveries. Advanced automated guided vehicle offers a safer working environment by reducing the risk of accidents and injuries associated with manual material handling. Workplace safety regulations and the focus on employee welfare have prompted companies to adopt advanced automated guided vehicle to minimize physical strain and ensure a safer workplace. Advanced automated guided vehicle offer scalability and flexibility to businesses. They can be easily integrated into existing systems and workflows, allowing companies to adapt to changing requirements and increase their operational capacity without significant infrastructure changes.

RESTRAINING FACTORS

"Technological Complexity to Slow the Market Growth "

Implementing advanced automated guided vehicle systems requires a substantial upfront investment. This includes the cost of AGV units, infrastructure modifications, integration with existing systems, and software development. The high capital expenditure can deter some organizations, especially small and medium-sized enterprises, from adopting advanced automated guided vehicle technology. Advanced automated guided vehicle systems incorporate complex technologies such as artificial intelligence, computer vision, and advanced navigation algorithms. Integrating and maintaining these technologies can be challenging, requiring skilled personnel and specialized expertise. The complexity can act as a barrier to entry for companies without the necessary technical capabilities.

Advanced Automated Guided Vehicle (AGV) Market Regional Insights

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"North American Market to Grow Exponentially with the Forecasted Period"

North America is one of the leading regions in the advanced automated guided vehicle market, primarily driven by the presence of established industries such as automotive, e-commerce, and manufacturing. The United States and Canada have witnessed extensive adoption of advanced AGVs in various industries to optimize material handling processes and increase operational efficiency. Key players in the region include Dematic Corporation, Daifuku Co., Ltd., and KION Group AG.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Siasun (China)
• Dematic (U.S.)
• Daifuku (Japan)
• CSG (China)
• JBT (U.S.)
• DS Automotion (Austria)
• Meidensha (Japan)
• Seegrid (U.S.)
• Aichikikai (Japan)
• Yonegy (Japan)
• Toyota (Japan)
• Ek Automation (Germany)
• AGVE Group (Sweden)
• Atab (Sweden)
• KSEC (South Korea)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.