The global automated guided vehicle market size was valued at US$ 2.34 billion in 2021 and is expected to garner around US$ 6.23 billion by 2030 with a registered CAGR of 11.5% from 2022 to 2030.
The demand for automation in material handling across various industries, the rise in popularity of online sales channel, the transition from mass production to mass customization, and enhanced workplace safety norms are some of the factors driving the automated guided vehicle market growth.
The automated guided vehicle market is growing due to an increase in demand for automation technologies in different types of industries. The market is also driven by improvements in accuracy, safety, and high productivity of automated guided vehicles. Moreover, the low labor costs help to boost the market growth of automated guided vehicle market.
However, the automated guided vehicle market’s growth is hampered by high initial investment costs and a lack of flexibility. Furthermore, the integration of industry 4.0 is expected to give lucrative growth prospects for market players in the automated guided vehicle market.
The industries such as food & beverage, automotive, aerospace, manufacturing, retail, logistics, and other end-use industries are all using automated guided vehicles. The demand for industrial equipment is driven by lower labor costs and increased productivity. As industries have become more technology driven and automated, the need for automated guided vehicles is likely to rise.
The factors such as increasing automation in material handling process and increased production and efficiency of automated guided vehicles is boosting the market growth. On the other hand, risks associated with automated guided vehicles restrict the growth of automated guided vehicles market. The technological advancements are creating lucrative opportunities for the growth and development of automated guided vehicle market.
Scope of the Automated Guided Vehicle Market
|Market Size by 2030||US$ 6.23 Billion|
|Growth Rate from 2021 to 2030||CAGR of 11.5%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Type, Navigation Technology, Application, Industry, End User, Component, Battery, Geography|
|Companies Mentioned||Swisslog Holding AG, AGVE Group, JBT, Hyster-Yale Materials Handling, Inc., Toyota Advanced Logistics, KION GROUP AG, Heartland Automation LLC, E&K Automation GmBH, Daifuku, SSI Schaefer|
Based on the type, the tow vehicles segment has garnered 41.5% revenue share in 2021. This is attributed to improved lifestyles in emerging economies, rising middle class group in developing countries, and increased urban population. As disposable income rises, more people are willing to drive their own vehicle instead of ride sharing or carpooling. All these factors drive the growth of tow vehicles segment.
The unit load carrier segment is expected to grow at a CAGR of 13.4% during the forecast period. The main advantages of unit load carrier include better protection against weather conditions and damage & faster loading and unloading of cargo products.
Navigation Technology Insights
Based on the navigation technology, the laser guidance segment has hit 35.6% revenue share in 2021. The market for laser automated guided vehicles is growing because of the features such as scalability, versatility, and accuracy. The technology also helps to improve safety of the automated guided vehicles. The laser guidance provides accurate navigation.
On the other hand, the others segment is estimated to be the most opportunistic segment during the forecast period. The wire-guided and other types of automated guided vehicles comprise the others segment of the navigation technology.
End Use Industry Insights
Based on the end use industry, the manufacturing segment has garnered 76% revenue share in 2021. The manufacturing segment includes manufacturing of automotive, chemicals, food & beverage, pharmaceuticals, and others.
The aerospace is estimated to be the most opportunistic segment during the forecast period. The complexity of components such as wings, engine pods, and nacelles, causes aerospace manufacturing facilities to be immense. The automated guided vehicles help aerospace components to transport easily without any accidents or mishaps.
Based on the region, the North America segment dominated the global automated guided vehicle market in 2021, in terms of revenue. In North America, the U.S. is the most powerful economy. The manufacturing industry in this region is a major source for automated guided vehicles. Furthermore, automation allows small enterprises or local market players to compete on an equal ground with the global market players. The U.S. is regarded as one of the top most automobile and automotive manufacturer across the globe. Thus, the increase in demand for automated guided vehicle in U.S. is contributing to the region’s expansion.
On the other hand, the Asia-Pacific is estimated to be the most opportunistic segment during the forecast period. The retail industry, particularly e-commerce industry is growing at a faster rate in Asia-Pacific countries. The application of automated guided vehicle in e-commerce industry is growing at a rapid pace which is contributing to the growth of the market in Asia-Pacific region.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions. The companies are also spending on the development of improved products. Moreover, they are also focusing on competitive pricing.
In October 2019, the Hit Robotic Group (HRG) launched new product line of automated guided vehicles for simultaneous localization and mapping.
The various developmental strategies such as new product launches, acquisition, partnerships, joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players include:
Segments Covered in the Report
By Navigation Technology
By End User
By Component Type
By Battery Type
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