Automated Guided Vehicle (AGV) Market 2022 Future Development Status Recorded till 2030

The Automated Guided Vehicle Market size was valued at 4.02 billion in 2021 and is predicted to reach 8.66 billion by 2030 with a CAGR of 8.9% from 2022-2030. Automated guided vehicle is the material handling automated machines that are programmed to move carts, trays, and pallets in different warehousing and manufacturing facilities. The automation through automated guided vehicle (AGV) aids the requirement for material handling capacity, decreasing production time in the process. Also, the chances of human errors in production decrease drastically, ensuring increased volume of production, accuracy, and improved safety. It enables computerized control of received assembled parts, in-time delivery of raw material, and tracking of shipped articles. Moreover, it helps store, distribute, and transport material without human intervention; thereby, ruling out the possibilities of injuries to workers and damage to products. Companies such as Walmart and Amazon are focusing on the automation of material handling process to reduce operation cost and increase the inventory size.

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Competitive Landscape

The automated guided vehicle market comprises of various players such as AGILOX, ASTI, AVT, Toyota Forklift, DS Automotion, EK Robotics, Seegrid Corporation, MIR, Nipper, OTTO Motors, Rethink Robotics, Stanley Innovation, and Husarion. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product and increase their growth as well as geographical reach. For instance, in December 2020, Toyota Forklift had announced that they have introduced two new autonomous warehouse vehicles that are core tow tractor automated forklifts and center-controlled rider in partnership with Toyota Advanced Logistics firm. These autonomous mobile robots were designed for manufacturing facilities and distribution center operations where tasks are highly standardized, and easily completed without the help of advanced human management.

Market Dynamics and Trends

The global demand of automated guided vehicle market is projected to be driven by rise in demand for material handling through automated solutions across industries. Also, the demand for automation is increasing in the healthcare, e-commerce, automotive, and food industries owing to the overall requirement for product efficiency. AGV-enabled industrial facility automation help to meet the required material handling capacity while saving production time and reducing the risk of human error. Moreover, rise in urbanization, and significant rise in industrial production is expected to propel the growth of the market during the forecast period. Furthermore, the increase in demand for automation and automated guided vehicles in various industries such as Elettric 80, Daifuku Webb, and JBT Corporation along with rise in safety, accuracy, and productivity drive growth of the market in the upcoming years.

However, high initial investment costs and lack of skilled labor is expected to restrain the growth of market during the forecast period. On the other hand, the adoption of Industry 4.0 technologies in warehousing is capable of converting an industrial facility into an autonomous plant. It will combine the industrial automation solutions, computers, and robotics to form a single automated unit and the network of connected devices that can creates a smart architecture capable for making decentralized decisions. This is expected to create lucrative growth opportunities for the automated guided vehicle market players in future.

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Geographical Analysis

North America holds the lion share of global automated guided vehicle market and is expected to continue dominating the market during the forecast period. The North America has emerged as the largest regional market in 2020 due to increase in expenditure across the U.S. and Canada. In addition, the U.S is witnessing continuous growth in import and export activities. Moreover, the modern manufacturing facilities in North America rely on technological innovation to maximize the product's quality. Automation has gained major importance to improve the customer-fulfillment side of operations, particularly for retail and e-commerce, especially due to longer onboarding and training, and shortages in labor. According to the Bureau of Labor Statistics, in 2020, the total number of warehouses in the U.S. were 19,190 as compared to 18,736 in 2019; thereby, driving the market.

However, Asia Pacific is expected to show a steady rise in the automated guided vehicle market due to the easy availability of affordable automation services as there are highly fragmented market and rising production in the automobile sector. Also, with the growing e-commerce demand in emerging countries such as Japan, China, and India, the e-commerce companies have been deploying automated guided vehicles at their warehouses.

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