Global Automated Guided Vehicle (AGV) Market Size Booming at Significant CAGR of 8.79%
A surging demand for automation and automated guided vehicle (AGV)s an increasing focus on improving safety, accuracy, and productivity are projected to propel the expansion of the global automated guided vehicle (AGV) market during the forecast period between 2023 and 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global automated guided vehicle (AGV) market size at USD 2.63 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global automated guided vehicle market size to grow at a significant CAGR of 8.79% reaching a value of USD 4.36 billion by 2029. Major growth drivers for the global automated guided vehicle (AGV) market include an increasing pace of modernization and globalization and rising adoption of the latest technology across various sectors. Notably, the global demand for AGVs is on the rise, owing to their attributes, such as flexible route mapping, easy implementation, high precision, and scalability. Also, the market is witnessing rising demand, primarily propelled by industrial automation, which is effectively reducing inventory damages and elevating material handling efficiency within production facilities. Another driving force is the continuous increase in R&D investments and the growing number of production facilities worldwide. For instance, in November 2021, Lödige Industries, a leading provider of equipment for air cargo terminals, initiated a trial project at Swissport's new air cargo terminal in Frankfurt. In this project, Lödige Industries introduced its inaugural AGV, a 10ft AGV capable of transporting various ULDs, including 15ft containers. This AGV has the capacity to replace manual ULD transport, such as Slave Pallet Movers and other ground handling equipment, with a remarkable load capacity of 6,800 kg. Hence, such aspects are expected to boost the expansion of global automated guided vehicle market during the forecast period. However, high initial investment costs and lack of flexibility and obstacle resistance in automated guided vehicles are anticipated to restrain the overall market growth during the period in analysis.
Global Automated Guided Vehicle Market – Overview
The global automated guided vehicle (AGV) market refers to the worldwide market for autonomous mobile robots that are designed to transport and move materials within industrial and commercial settings without the need for human intervention. These vehicles are equipped with sensors, navigation systems, and control technology to navigate and perform tasks such as material handling, logistics, and manufacturing operations. The AGVs are programmed to follow predetermined paths, avoid obstacles, and efficiently carry out tasks, contributing to increased efficiency, reduced labor costs, and improved workflow in various industries.
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Impact of COVID-19 on Global Automated Guided Vehicle Market
COVID-19 pandemic had a dual impact on the global automated guided vehicle (AGV) market. While the initial disruption in manufacturing and supply chains affected the AGV industry, the need for automation and contactless operations during the pandemic accelerated its adoption. The demand for AGVs in healthcare, e-commerce, and essential industries surged as they played a crucial role in ensuring efficient and safe operations. Companies increasingly turned to AGVs to mitigate the risk of contagion and maintain business continuity. While the pandemic posed short-term challenges, it underscored the resilience and adaptability of the AGV market, driving its long-term growth and relevance in a post-pandemic world.
Global Automated Guided Vehicle Market – By End Use
On the basis of end use, the global automated guided vehicle market (AGV) is divided into Automotive, Manufacturing, Food & Beverages, Aerospace, Healthcare, Logistics, Retail segments. The manufacturing segment holds the highest share in the global automated guided vehicle (AGV) market by end use. Manufacturing facilities often require the efficient movement of raw materials, work-in-progress items, and finished products within their operations. AGVs offer a reliable and cost-effective solution for automating material handling tasks, ensuring streamlined workflows and minimal downtime. Their precise navigation, ability to work alongside human employees safely, and adaptability to a variety of manufacturing environments make AGVs highly suitable for this sector. As a result, the manufacturing industry has been a prominent adopter of AGV technology, contributing to its dominant share in the global AGV market.
Competitive Landscape
Major players operating in the global automated guided vehicle (AGV) market include Swisslog Holding AG, Egemin Automation Inc., Bastian Solutions, Inc., Daifuku Co., Ltd, Dematic, JBT, Seegrid Corporation, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., BALYO, E&K Automation GmbH, Kollmorgen, KMH Fleet Solutions, ELETTRIC80 S.P.A., and Fetch Robotics, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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