IMARC Group, a leading market research company, has recently releases report titled “Automated Guided Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global automated guided vehicles market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Automated Guided Vehicles Market?
The global automated guided vehicles market size reached US$ 3.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.8 Billion by 2028, exhibiting a growth rate (CAGR) of 14.5% during 2023-2028.
What are Automated Guided Vehicles?
Automated guided vehicles (AGVs) refer to mobile robots that follow a predetermined path or set of routes using sensors, cameras, and lasers. They are programmed to follow a set of instructions and respond to certain conditions, such as the presence of an object in their path or a change in the environment. They can operate round the clock, which helps increase the productivity and efficiency of the process. They also aid in reducing labor costs and ensuring accurate and consistent delivery of materials. Moreover, they are integrated with warehouse management systems (WMS) to provide real-time tracking and management of inventory. AGVs are programmed to navigate different types of terrain and are suitable for a wide range of applications, including transportation, distribution, storage, assembly, packaging, and waste handling. At present, they are extensively employed in the automotive, manufacturing, food and beverages, aerospace, healthcare, logistics, and retail industries, across the globe.
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What are the growth prospects and trends in the Automated Guided Vehicles Industry?
The burgeoning e-commerce sector is catalyzing the demand for AGVs to streamline operations and increase efficiency. AGVs also help in reducing costs and improving customer satisfaction by automating tasks. This represents one of the key factors positively influencing the market across the globe. Moreover, companies can reduce the amount of time and labor required to move and manage inventory, which helps them stay competitive. Apart from this, the increasing awareness about worker safety and the widespread preference for laser-guided AGVs to achieve greater precision and flexibility are strengthening the market growth.
Additionally, rising industrial automation and advancements in sensor technology are offering lucrative growth opportunities to key market players for introducing more accurate and reliable AGVs. This is further catalyzing the demand for AGVs in more complex environments, which is bolstering the market growth. Furthermore, companies are constantly focusing on reducing their reliance on human workers and providing a cost-effective alternative to manual labor, which is creating a positive market outlook.
In addition, governments of various countries are providing support through tax incentives, grants, and other financial assistance for the adoption of automation technologies like AGVs. Besides this, AGVs equipped with radio frequency identification (RFID) tags and 5G networks are widely adopted for numerous Industry 4.0 solutions. This, in confluence with increasing investments in research and development (RD) activities in the electronics industry, is fueling the growth of the market worldwide. Furthermore, continuous product innovations are increasing the demand for effectively managing plant assets, which is stimulating the growth of the market around the world.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Tow Vehicles
- Unit Load Carriers
- Pallet Trucks
- Assembly Line Vehicles
- Forklift Trucks
Breakup by Mode of Operation:
- Indoor
- Outdoor
Breakup by Navigation Technology:
- Laser Guidance
- Magnetic Guidance
- Inductive Guidance
- Optical Tape Guidance
- Vision Guidance
- Others
Breakup by Application:
- Transportation
- Distribution
- Storage
- Assembly
- Packaging
- Waste Handling
Breakup by Industry:
- Automotive
- Manufacturing
- Food and Beverages
- Aerospace
- Healthcare
- Logistics
- Retail
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Bastian Solutions LLC (Toyota Industries Corporation), Daifuku Co. Ltd., Ek Robotics Gmbh, IKV Robot Nanchang Co. Ltd., John Bean Technologies Corporation, Jungheinrich AG, Kion Group AG, KUKA Aktiengesellschaft, Murata Machinery Ltd., Schaefer Systems International Pvt Ltd., Scott Systems International Inc. and Simplex Robotics Pvt. Ltd.
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