With 7.7% CAGR, Automated Guided Vehicle (AGV) Market Trends to Surpass USD 3.2 billion

The AGV market is projected to grow from USD 2.2 billion in 2021 to USD 3.2 billion by 2026; it is expected to grow at a CAGR of 7.7% from 2021 to 2026.Some of the key factors driving the growth of the market include growing demand for automation in material handling across industries, improved safety standards at workplaces, and shift in demand from mass production to mass customization.

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AGVs were conventionally designed to operate with Wi-Fi however, with commercialization of 5G in several countries, being an advanced alternative has been perceived as an opportunity for market. There are several developments going around regarding this. For instance, Hitachi is partnering with telecommunication enterprises like Verizon and Ericsson, which can fully enable private 5G environments to replace Wi-Fi at the edge. This in turn would increase the density of connected devices, sensors and machines, improving the latency and throughput of data streams and ensuring complete coverage in the industrial facilities, enabling a better operation of AGVs.

Unit load carriers segment to account for largest market size by 2027.

Unit load carriers are the most traditional type of AGVs. They carry a load on their rooftop and are used to move unit loads such as standard pallets, drums, carts, racks, rolls, and custom containers from one location to another. Rooftop carriers use powered rollers, moving belts, mechanized lift platforms, or other built-in devices to ferry load. Unit load carriers are fortified with decks that offer flexibility in unit load transportation. Most unit load carriers follow laser-guided navigation. They ensure the continuous flow of materials on the work floor.

Automotive industry recorded largest market size for AGVs in 2020.

Several types of AGVs are used in the automotive industry-tow vehicles, assembly line vehicles, pallet trucks, forklifts, and unit load carriers for different purposes. Assembly line AGVs are used in the production line. The car to be manufactured starts its journey on an AGV. It is transported from one unit to another, where value addition takes place at every stage (as different parts get assembled) until the car is complete at the final unit. Post pandemic, with increased car demand globally, automotive companies must scale their production to meet the market requirements. This calls for more usage of AGVs in the industry in order to manufacture more cars. Thus, the automotive industry is significantly contributing to the growth of the global AGV market.

Europe is expected to lead the AGV market during the forecast period.

Europe is an attractive market for AGV manufacturing companies worldwide. Several companies that are based out of North America, APAC, and Japan have established their operations in Europe to tap and capture European customers; for instance, top companies like Daifuku, JBT, Hyster-Yale, and Scott Technology, are looking to expand in the European market. Other companies like Meiden America and America in Motion also have customers in the region.

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Daifuku (Japan), JBT (US), KION (Germany), Toyota Industries (Japan), KUKA (Germany), Hyster-Yale (US), SSI Schaefer (Germany), E&K Automation (Germany), and Oceaneering (US)are some of the major players in the AGV market.

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This release was published on openPR.