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Automated Guided Vehicle Market - Global Outlook and Forecast 2018-2023

SKU : ARZ180908
  • Published on : September 2018

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This market research report on the global automated guided vehicle market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by navigation (laser guidance, magnetic guidance, vision guidance, inductive guidance, natural guidance, and others), by vehicle (tow vehicles, unit load vehicles, pallet trucks, forklift trucks, and others), by end-users (automotive, retail, food & beverage, healthcare, and aerospace), and by geography (APAC, Europe, North America, Latin America, and MEA).

Automated Guided Vehicle Market Insights 2023

Key highlights of automated guided vehicle market:

  • A surge in demand for tow AGVs, increasing demand for AGVs with laser navigation, and constant product development to drive the growth and sales of the global automated guided vehicle market.
  • Replacing a human with AGV is more cost effective as it improves productivity and removes several costs, potential for errors, and increasing output.
  • The use of AI in manufacturing supply chain, machine vision, tracks operations, performance, and improve overall productivity will positively impact the automated guided vehicle market during the forecast period.
  • Industry 4.0 enables real time networking of industrial processes which will make production faster, more flexible, cheaper, and more efficient in automated guided vehicle market.
  • Automated guided vehicles use flexible production automation to accommodate the huge inflow of varied components in the electronic industry. 

Automated Guided Vehicle Market  - Overview

The rise in modernization and globalization is leading to the adoption of the latest technology across sectors and augmenting the growth of the global automated guided vehicle market. The increasing demand for high-quality goods and services at affordable prices will drive the need for automation of processes across the industries in the global  AGV market. The advent of industrial automation will help reduce inventory damages and improve material handling in production facilities, fueling the demand in the global AGV market. The vendors are launching vehicles that are computer controlled with guidance and collision avoidance systems to gain a larger global AGV market share. These vehicles maneuver around the factory floor using guidance technologies such as laser, magnetic, and wired among others. These AGV systems are instrumental in the manufacturing and logistics sector that enables flexibility in the manufacturing process without making any major structural changes in the design. Europe and North America are the largest end-users, however, with the increasing concentration of manufacturers and higher adoption of industrial robots,  the automated guided vehicle market in APAC will gain traction during the forecast period. The installation of various navigation technologies such as laser guidance, magnetic guidance, vision guidance, and natural guidance will improve the maneuverability of these vehicles in the global automated guided vehicle market. The increase in wastage due to product damage and delays caused by accidents due to human error are the primary factors attributing to the growth of this market. The focus on automation in material handling and an increase in the adoption of industrial robots will contribute to the revenues in the global automated guided vehicle market.

The easy implementation, flexible route mapping, high accuracy, and easy scalability are some of the major factors contributing to the rising demand in the global AGV market. The ability to move more loads with multiple trailers, low maintenance costs, and increased safety are expected to boost sales of varied products in the market over the next few years. The global automated guided vehicle market is expected to reach revenues of approximately $5 billion by 2023, growing at a CAGR of around 18% during 2017-2023. The research report offers market size analysis in terms of unit shipment values during the forecast period.

Automated Guided Vehicle Market Overview 2023

 

Automated Guided Vehicle Market - Dynamics

The increasing flexibility in the production process is propelling the requirement for innovative and advanced systems, thereby, driving the growth of the global automated guided vehicle market. The launch of the new generation robot workforce which assists human labors to achieve new levels of productivity is gaining immense traction across industries. Manufacturers are leveraging these guided vehicles to respond quickly to a variety of product specifications and customization requests contributing to the AGV market revenues. With the advancements in sensor and battery technology, these systems are available at lower costs in the market. These systems assist production lines and release the manufacturer from dependency on conveyor belt throughput capacity and station processing rates, in situations where there are lots of small production stages with lots of variety. The manufacturers are designing vehicles that enable seamless quality control between production stations to gain a larger global automated guided vehicle market share.

Automated Guided Vehicle Market  - Segmentation

This market research report includes a detailed segmentation of the global automated guided vehicle market by navigation, vehicle, end-users, and geography.

Global Automated Guided Vehicle Market Share 2023

 

Automated Guided Vehicle Market  (AGV Market) – By Navigation

Laser guidance offers flexible solutions for automating processes in the global automated guided vehicle market

The global automated guided vehicle market by navigation is classified into laser guidance, magnetic guidance, vision guidance, inductive guidance, natural guidance, and others. Laser guidance segment dominated around half of the total market share in 2017, growing at a CAGR of approximately 18% during the forecast period. These vehicles are guided by  automated guided vehicle applications like fixed reflectors that are detected by a laser sensor mounted on the top of the vehicle. The increasing adoption of laser-guided vehicles that offer flexible solutions for automating the process in a warehouse or manufacturing facility is propelling the growth of this segment in the global AGV market. Laser technology helps systems to operate in a warehouse without any physical assistance efficiently. The growing demand for precise control and collision systems that helps improve safety in the workplace will create lucrative opportunities for top players in the global automated vehicle market. The increasing use of geoguidance, dead reckoning, and beacon guidance systems will boost the revenues in the global automated guided vehicle market. The growing demand for ultraviolet, cameras, and LiDAR across facilities will increase the adoption of magnetic, vision, inductive, natural, and inertial systems in the market.

Automated Guided Vehicle Market – By Vehicle

Tow vehicles to help in decreasing the operational costs in the global automated guided vehicle market during the forecast period

The vehicle segment in the global automated guided vehicle market is categorized into tow vehicles, unit load vehicles, pallet trucks, forklift trucks, and others. Tow vehicles occupied more than 1/3rd of the market share in 2017, growing at a CAGR of more than 18% during the forecast period. The high capacity of tow vehicles to lift heavy loads over long distances is one of the primary factors contributing to the growth of this segment. The extensive use of these vehicles to decrease operational costs and turn around time will boost the demand for global automated guided tow vehicles in the market. These vehicles are designed to operate in a wide variety of environments and are capable of handling loads ranging from 2,000 pounds to 160,000 pounds. The adoption of tow vehicles for bulk movement of products into and out of warehouse areas or manufacturing/assembly operation will have a positive impact on the global AGV market. Tow vehicles are used in industries such as automotive, aerospace, retail, and food and beverages which involves the movement of products over long distances sometimes between buildings, outdoors, or in very large distributed systems. Forklift trucks will help move towards 100% automation and propel development in the global automated guided vehicle market.

Automated Guided Vehicle Market – By End-User

Stringent emission and safety norms in the automotive industry to drive growth in the global automated guided vehicle market

The global automated guided vehicle market by end-users is segmented into automotive, retail, food & beverage, healthcare, and aerospace. Automotive industry contributes to the highest revenues in the market in 2017, growing at a CAGR of over $18% during the forecast period. The implementation of stringent emission and safety norms is resulting in higher investments in R&D and driving the growth of this segment in the global automated guided vehicle market. The use of this system in the automotive industry will enable manufacturers to offer high-quality products at competitive prices. The increase in the electrification of vehicles, in the form of powertrain, automotive infotainment, connected vehicles, and  safety electronics, will drive the demand of AGVs. The focus on safety in production plants will lead to the use of robotic technologies in the automotive sector, transforming the global automated guided vehicle market during the forecast period. These vehicles perform functions such as material handling, transporting finished, and semi-finished parts from one end of the factory to the assembly line. The ability to handle palletized and unit loads of beer, soft drinks, cereals, candy, snack foods, in-process ingredients, packaging materials, etc., in manufacturing, cross-docking, warehousing, and trailer loading environments in the food and beverage industry will contribute to the revenues in the global automated guided vehicle market.

Automated Guided Vehicle Market – By Geography

Germany, France, and the UK are contributing to the revenues in the global automated guided vehicle market

The geographical segment in the global automated guided vehicle market is dividedinto APAC, Europe, North America, Latin America, and MEA. Europe dominated the largest market share in 2017, growing at a CAGR of approximately 16% during the forecast period. The exponential growth of the online retail and automotive industries propelling the growth of the European AGV market. Germany, France, and the UK are the largest revenue generators in the automated guided vehicle market in European region. The automation of material handling greatly reduces human efforts for operations like production, handling, storing and shipping of the materials, which in turn drives the demand in the global market. The use of these vehicles helps in increasing the productivity in warehousing and logistics due to its enhanced capabilities and efficiency. The vendors are launching innovative products to attract new consumers into the global automated guided vehicle market. North America is the second largest automated guided vehicle market globally. Industrial development in the APAC region will contribute to the revenues in the market.

Key Countries Profiled in the report are:

  • UK
  • Germany
  • France
  • US
  • Canada
  • China
  • Japan
  • India
  • Brazil

Key Vendor Analysis 

The global automated guided vehicle market is witnessing a diverse structure in competitive dynamics and intensity of competition across geographies. The players are offering competitive prices to sustain the intense competition in the global market. The exponential growth of the automotive and e-commerce sectors is creating lucrative opportunities for leading vendors in the global automated guided vehicle market. The leading manufacturers are focusing on expanding their businesses in the APAC, Latin American, and MEA region to gain a larger global automated guided vehicle market share during the forecast period. The increasing investments in R&D activities will help players gain a competitive advantage over other vendors in the global AGV market.

The major vendors in the global automated guided vehicle market are:

  • KION Group
  • Daifuku
  • JBT Corporation
  • Toyota Industries

Other prominent vendors in the global automated guided vehicle market include KUKA, Hyster-Yale Group, EK AUTOMATION, Seegrid Corporation, Kollmorgen, Quirepace, Fori Automation, AGVE, SSI SCHAEFER, Transbotics, Savant Systems, Jungheinrich, and Fetch Robotics.

Key market insights include

  1. The analysis of global automated guided vehicle market provides market size and growth rate for the forecast period 2018-2023.
  2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers for the global automated guided vehicle market.
  3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
  4. It offers a complete overview of market segments and the regional outlook of the global automated guided vehicle market.
  5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

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