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Automated Guided Vehicle (AGV) Market is Predicated to Grow at a CAGR of 8.98% From 2024 to 2031, Driven by Safety and Ergonomics Concerns


The Automated Guided Vehicle (AGV) Market, according to the SNS Insider report, reached a value of USD 235.43 Billion in 2023. This market is expected to reach a valuation of USD 292.49 Billion by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 2.75% during the forecast period from 2024 to 2031.

Market Report Scope

This report offers a comprehensive analysis of the AGV market, encompassing market size and growth projections, segmentation by vehicle type, application, and region. It also explores key market drivers, restraints, opportunities, and challenges that will shape the market dynamics during the forecast period. The report further analyzes the impact of the Russia-Ukraine war and potential economic slowdown on the AGV market. Additionally, it identifies key regional developments and leading players in the market.

Market Analysis

The AGV market is flourishing due to a confluence of factors the e-commerce boom has spurred demand for efficient warehouses, and AGVs streamline picking, packing, and shipping, ensuring faster order fulfillment. Additionally, businesses across industries are embracing automation to boost efficiency and cut labor costs. AGVs provide a safe and reliable solution for automating material handling in factories, warehouses, and distribution centers. Finally, the growing focus on sustainability is driving demand for electric-powered AGVs, which help reduce carbon emissions within industrial facilities. These combined forces are propelling the AGV market forward.

Automated Guided Vehicle (AGV) Market
Automated Guided Vehicle (AGV) Market

Major Key Players of Automated Guided Vehicle (AGV) Market

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

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Segment Analysis

The AGV market caters to diverse needs through segmentation. Light duty AGVs, known for their flexibility, handle smaller loads across various applications and dominate the market share. Heavy duty AGVs are gaining ground for heavy-lifting tasks in factories and warehouses. Warehousing and distribution centers lead the application segment due to the focus on efficient order fulfillment. Manufacturing facilities are also witnessing a rise in AGV adoption for handling materials across production lines.

Market Segmentation of Automated Guided Vehicle (AGV) Market

By Type:

  • Tow Vehicles
  • Assembly Line Vehicles
  • Pallet Trucks
  • Unit Load Carriers
  • Forklift Vehicles
  • Others

By Navigation Technology:

  • Laser Guidance
  • Inductive Guidance
  • Magnetic Guidance
  • Vision Guidance
  • Optical Tape Guidance
  • Others

By Industry:

  • Automotive
  • Food & Beverages
  • Metals & Heavy Machinery
  • Semiconductors & Electronics
  • E-commerce
  • Chemicals
  • Healthcare
  • 3PL
  • Aviation
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa.

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Region Analysis

North America dominate the AGV market, boasting a well-established manufacturing and logistics infrastructure. This region’s early adoption of automation technologies further cements its leading position. However, Asia Pacific is poised for explosive growth. The rapid expansion of both e-commerce and industrial sectors in this region is fueling a surging demand for AGVs, making it the market to watch for the fastest growth rates in the coming years.

Impact of Russia-Ukraine War

The ongoing Russia-Ukraine war has disrupted global supply chains, impacting the availability of raw materials and components needed for AGV manufacturing. Additionally, the war has led to rising energy prices, potentially increasing production costs for AGV manufacturers. However, the long-term impact of the war on the AGV market remains uncertain. 

Impact of Economic Slowdown

An economic slowdown could lead to reduced investments in automation projects, potentially hindering the growth of the AGV market. Businesses might prioritize essential expenditures during an economic downturn, delaying decisions regarding AGV implementation. However, the long-term benefits of AGVs in terms of efficiency and cost savings could mitigate the impact of an economic slowdown.

Key Regional Developments

The AGV market landscape is divided into two distinct powerhouses. North America remains the undisputed leader, thanks to its well-established industry giants and a long-standing commitment to automation. This strong foundation ensures continued dominance. However, Asia Pacific is emerging as fastest growing market. The region’s booming e-commerce and industrial sectors are fueling a red-hot demand for AGVs, propelling it towards the fastest growth trajectory in the coming years. This contrasting scenario paints a picture of a mature market holding its ground while a dynamic new player rapidly gains momentum.

Key Takeaways for Automated Guided Vehicle (AGV) Market Study

  • The AGV market is expected to witness steady growth driven by the e-commerce boom and increasing adoption of automation in industrial facilities.
  • Electric-powered AGVs are gaining traction due to the growing emphasis on sustainability.
  • Asia Pacific is anticipated to be the fastest-growing market for AGVs in the coming years.

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Recent Developments

  • General Motors announced an investment of over USD 1 billion at its Flint, Michigan plants to support the production of heavier duty trucks on June 23, 2023 In addition, GM has said it will spend USD 579 million on the development of a 6th generation V-8 combustion engine at its Flint Engine Operations. The upgrade of the separate Flint facility supporting production of pickup trucks will be funded by an additional USD 103.5 million.
  • The first ever Sierra EV was introduced by GMC in October 2022 and will be available at the beginning of 2024. The new pick up truck is equipped with the latest technology, including a touch screen, configurable driving modes, EV propulsion technology, a weatherproof interior, and an infotainment system at the front of the vehicle.

Table Of Content- Major Points

  1. Introduction
  2. Industry Flowchart
  3. Research Methodology
  4. Market Dynamics
  5. Impact Analysis
  6. Value Chain Analysis
  7. Porter’s 5 Forces Model
  8. Pest Analysis
  9. Automated Guided Vehicle (AGV) Market Segmentation, by Type
  10. Automated Guided Vehicle (AGV) Market Segmentation, by Navigation Technology
  11. Automated Guided Vehicle (AGV) Market Segmentation, by Industry
  12. Regional Analysis
  13. Company Profiles

Continue….

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