Westford, USA, Aug. 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Automated Guided Vehicle Market will reach a value of USD 10.06 Billion by 2031, with a CAGR of 9.9% during the forecast period (2024-2031). Automated guided vehicles demonstrate a drastic change in transporting materials inside the industrial building itself. Such self-driven vehicles have transformed manufacturing and advanced logistics scenario by offering optimal efficiency, safety, and adaptability. Moreover, trends like integration of AI and ML, improved sensing technologies for safety, and fleet management enhancement hold promises to bettering functionalities and capabilities of AGVs.
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Browse in-depth TOC on the "Automated Guided Vehicle Market"
- Pages – 202
- Tables – 66
- Figures – 77
Automated Guided Vehicle Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 4.73 Billion |
| Estimated Value by 2031 | USD 10.06 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Vehicle Type, Navigation Technology, Application, End-use Industry, Battery Type and Mode of Operation |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Greater Emphasis by SMEs on Industrial Automation |
| Key Market Drivers | Growing Demand of AGVs in Various Industries |
Hardware Segment to Lead Owing to Expanded Use of Cobots in Manufacturing Areas
By component, hardware segment registered a major market share owing to the increasing use of cobots for reduced labor workforce and monotonous tasks in distribution and manufacturing facilities. Deploying these robots helps in finishing complex tasks like transporting totes and physical labor, assisting business operations with better efficiency and overall productivity. On the other hand, service segment is expected to grow at a fast pace over the estimated period. Owing to the increasing demand for several services in different industries. This includes corrective and preventive maintenance, software and vehicle checks, and educating employees who are indirectly or directly concerned with AGVs’ operations.
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Mounting Demand for Major Operations in Warehouses to Fuel Tow Vehicle Segment
By vehicle type, tow vehicle segment held a larger market share in 2023 and is anticipated to register for a significant market share in future owing to amplified demand for operations like bulk movements of goods in and out of the warehouse. Nonetheless, unit load carrier segment is predicted to grow at a faster pace over the estimated period owing to its extensive use in roll handling, large containers, and delivering pallets. They also enable better scheduling tasks by decreasing product damage and aisle traffic.
Growing Need for Improved Material Handling in Manufacturing Sector to Drive the Market in Europe
Region-wise, Europe lead the market in 2022 and will grow progressively. This growth is mainly driven by the need for better material handling machinery by the imperative in the manufacturing industry. Today, automation is essential in every industry, which is also propelling the market in the region. Moreover, more deployment of automate guided vehicles in such applications will notably reduce labor, enhance productivity, and assist in assembling products in the distribution area.
Asia Pacific is projected to hold fastest CAGR over the forecast period owing to developing economies of like India, China who are witnessing major progresses in the past few years. AGVs industry in India is seeing substantial growth due to progressing warehouse domain concerning palletized loads that are stockpiled at heights. Larger warehouses and logistics operations will need improved handling and storage solutions, which will eventually fuel AGVs demand in the nation.
Automated Guided Vehicle Market Insight
Drivers:
- Growing Demand for Automation in Several Industries
- Reduction of Labor Cost in Businesses
- Expanded Use of Medical Devices Due to Mounting Number of Illnesses
Restraints:
- Significant Initial Investment
- Lack of Flexibility in AGVs to Adapt to New Tasks
- Integration of AGVs with Existing Operations
Prominent Players in Automated Guided Vehicle Market
The following are the Top Automated Guided Vehicle Companies
- KION Group AG
- Toyota Industries Corporation
- Daifuku Co. Ltd.
- JBT Corporation
- Kuka AG
- Hyster-Yale Materials Handling, Inc.
- E&K Automation GmbH
- Swisslog Holding AG
- Oceaneering International Inc.
- Murata Machinery Ltd.
Key Questions Answered in Global Automated Guided Vehicle Market Report - What is the market share and size of Global Automated Guided Vehicle Market?
- Who are the leading players operating in the Automated Guided Vehicle Market?
- Which are the main growth strategies adopted by market players in the Automated Guided Vehicle Market?
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This report provides the following insights:
Analysis of key drivers (growth of e-commerce, focus on improving workforce safety, better accuracy, and productivity), restraints (decreased flexibility, labor displacement, unpredicted obstructions), opportunities (adoption of industry 4.0, novel AGV applications, AGVs catering to numerous applications), and challenges (security concerns, failure of sensor to disturb operations, regulatory compliance) influencing the growth of automated guided vehicle market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the automated guided vehicle market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the automated guided vehicle market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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