Automated Guided Vehicles (AGV) in Supply Chain Market is projected to reach the value of $8.29 billion by 2030

According to the report published by Virtue Market Research, the Global Automated Guided Vehicles (AGV) in Supply Chain Market was valued at $3.81 billion in 2022 and is projected to reach a market capitalization of $8.29 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 10.2%.

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The use of Automated Guided Vehicles (AGVs) in supply chain management has been gaining momentum in recent years. These vehicles are capable of performing tasks autonomously, such as transporting goods within a warehouse or distribution center, which can significantly increase efficiency and productivity. The long-term market driver for the AGV industry is the need for increased efficiency and cost reduction in supply chain management. Companies are looking for ways to improve their operations and reduce the cost of labor, and AGVs have proven to be an effective solution. Additionally, the COVID-19 pandemic has increased the demand for automation in supply chain management due to labor shortages and social distancing requirements. AGVs have become essential in ensuring the smooth flow of goods in the supply chain, while minimizing the risk of infection for workers.

The short-term market driver for the AGV industry is the rise of e-commerce and the increasing demand for fast and reliable order fulfillment. This has created an opportunity for AGVs to be used in the last-mile delivery process, which is the final stage of delivery from a warehouse or distribution center to the customer. AGVs can efficiently transport goods from the warehouse to a delivery vehicle, reducing the time and cost of the process.

One trend observed in the industry is the use of artificial intelligence (AI) and machine learning (ML) in AGVs. These technologies can improve the efficiency and safety of AGVs by enabling them to learn and adapt to their environment. For example, AGVs can learn to navigate around obstacles, optimize their route, and avoid collisions with other vehicles or objects. This trend is expected to continue in the future, as AI and ML become more advanced and affordable.

Segmentation Analysis:
The global Automated Guided Vehicles (AGV) in Supply Chain Market segmentation includes:

By Components:
• Hardware
• Software
• Service

Automated Guided Vehicles (AGVs) in the supply chain market are primarily composed of three key components: hardware, software, and services. The hardware components include the physical components of the AGVs, such as the vehicles themselves, the sensors, and the control systems. The software components include the algorithms, programs, and operating systems that allow the AGVs to navigate through the supply chain environment. The services component includes the various support services required for the proper functioning of AGVs, such as installation, maintenance, and repair.

Hardware components make up the largest segment of the AGV market, owing to the high cost of AGVs and the need for ongoing investment in new hardware to support the growth of supply chain operations. The AGV hardware market is expected to maintain its leadership position during the forecast period, as the demand for AGVs continues to rise globally.

The services segment, on the other hand, is expected to witness the highest growth rate in the AGV market during the forecast period. This growth can be attributed to the increasing demand for support services, such as installation, maintenance, and repair, as well as the rising trend of outsourcing these services to third-party providers. The growth of the AGV services segment is also being driven by the increasing adoption of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), which require specialized expertise for installation and maintenance.

The software segment of the AGV market is also expected to grow steadily during the forecast period, owing to the increasing demand for advanced software solutions that can enable more efficient and accurate navigation of AGVs in the supply chain environment. The rise of Industry 4.0 and the Industrial Internet of Things (IIoT) is also driving the demand for advanced software solutions that can facilitate real-time monitoring and control of AGVs in the supply chain.

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By Vehicle Type:
• Tow Vehicle
• Unit Load Carrier
• Pallet Truck
• Forklift Truck
• Hybrid Vehicles
• Others

The largest segment in this market is the tow vehicles, which are primarily used for the movement of heavy loads. These vehicles are equipped with sensors that allow them to move safely and efficiently through a warehouse or manufacturing facility. During the forecast period, the unit load carriers segment is expected to grow at the fastest rate. This growth is attributed to the increasing adoption of AGVs in the automotive and e-commerce industries, where unit load carriers are used for material handling and transportation

By Battery Type:
• Lead Battery
• Lithium-Ion Battery
• Nickel-based Battery
• Others

The largest segment in this market is lead-acid batteries, which are commonly used in AGVs due to their low cost and high availability. However, during the forecast period, the lithium-ion battery segment is expected to grow at the fastest rate. This growth is attributed to the increasing demand for AGVs in e-commerce and automotive industries, which require AGVs to operate for longer periods without frequent battery replacements. Additionally, lithium-ion batteries offer benefits such as longer lifespan, lower maintenance, and higher energy density compared to lead-acid batteries.

By Navigation Technology:
• Laser Guidance
• Magnetic Guidance
• Vision Guidance
• Inductive Guidance
• Natural Navigation
• Others

The largest segment in this market is laser guidance, which uses laser sensors to detect and follow a path marked on the floor. However, during the forecast period, the natural navigation segment is expected to grow at the fastest rate. This growth is attributed to the increasing adoption of AGVs in environments where traditional navigation technologies are not feasible or practical. Natural navigation technologies such as Simultaneous Localization and Mapping (SLAM) use sensors and algorithms to map the environment and navigate without the need for physical markers on the floor.

By Application:
• Logistics & Warehousing
• Storage & Assembly
• Packaging
• Others

The largest segment in this market is logistics and warehousing, where AGVs are used for tasks such as pallet handling, carton transport, and order picking. However, during the forecast period, the storage and assembly segment is expected to grow at the fastest rate. This growth is attributed to the increasing adoption of AGVs in the automotive and electronics industries, where AGVs are used for the assembly of components and storage of finished products.

By End-Use:
• Automotive
• Food & Beverage
• E-commerce
• Manufacturing
• Others

The largest segment in this market is manufacturing, where AGVs are used for material handling and assembly line operations. However, during the forecast period, the e-commerce segment is expected to grow at the fastest rate. This growth is attributed to the increasing adoption of AGVs in warehouses and fulfillment centers of e-commerce companies, which require efficient and automated material handling systems to handle high volumes of orders.

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Regional Analysis:
North America is the largest market for AGVs in supply chain management, accounting for a significant share of the global market. This can be attributed to the increasing adoption of AGVs in various industries such as automotive, healthcare, and retail, among others. Additionally, the region is witnessing high demand for automation in the supply chain, which is driving the growth of the AGV market.

However, the Asia-Pacific region is expected to grow at the fastest rate during the forecast period. The region has witnessed significant growth in the e-commerce sector and has become a hub for the manufacturing industry. Moreover, the government initiatives aimed at promoting automation in industries and increasing investment in the development of advanced technologies are driving the growth of the AGV market in the region.

In Europe, the market for AGVs in supply chain management is driven by the increasing adoption of AGVs in the automotive and retail industries. The region is witnessing an increasing focus on improving supply chain efficiency, which is driving the demand for AGVs. Moreover, the presence of several major players in the region is expected to further boost the growth of the market.

The Rest of the World region includes Latin America and the Middle East & Africa. The region is witnessing a significant increase in the adoption of automation in the supply chain. Moreover, the increasing investment in the development of advanced technologies and the growing e-commerce sector are driving the growth of the AGV market in the region.

Latest Industry Developments:
• A new robotic reach truck was launched in July 2021, which can autonomously deposit and retrieve loads from high and double-deep storage locations. This product is designed to optimize supply chain distribution by enhancing productivity, safety, and efficiency in beverage warehouses and distribution centers.

• A joint venture was announced in February 2023, between two leading companies in the fields of industrial trucks and automated technology, to develop and manufacture AGVs and AS/RS for the global market. The joint venture aims to leverage the strengths and expertise of both companies to offer innovative and competitive solutions for material handling and logistics automation.

• An acquisition was completed in January 2022, between a leading provider of industrial trucks and supply chain solutions and a leading supplier of integrated automated technology, software and services for optimizing the supply chain. The acquisition created a global leader in intralogistics, with a comprehensive portfolio of products and services, including AGVs, for various industries and applications.

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This release was published on openPR.