At 14.70% CAGR, Automated Guided Vehicles Market to Reach US$ 7.67 Billion by 2027

The global automated guided vehicles market reached a value of US$ 3.18 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 7.67 Billion by 2027, exhibiting a CAGR of 14.70% during 2022-2027.

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Automated guided vehicles (AGVs) refer to mobile robots that follow a predetermined path or set of routes using sensors, cameras, and lasers. They are programmed to follow a set of instructions and respond to certain conditions, such as the presence of an object in their path or a change in the environment. They can operate round the clock, which helps increase the productivity and efficiency of the process. They also aid in reducing labor costs and ensuring accurate and consistent delivery of materials. Moreover, they are integrated with warehouse management systems (WMS) to provide real-time tracking and management of inventory. AGVs are programmed to navigate different types of terrain and are suitable for a wide range of applications, including transportation, distribution, storage, assembly, packaging, and waste handling. At present, they are extensively employed in the automotive, manufacturing, food and beverages, aerospace, healthcare, logistics, and retail industries, across the globe.

Automated Guided Vehicles Market Trends and Drivers:

The burgeoning e-commerce sector is catalyzing the demand for AGVs to streamline operations and increase efficiency. AGVs also help in reducing costs and improving customer satisfaction by automating tasks. This represents one of the key factors positively influencing the market across the globe.

Moreover, companies can reduce the amount of time and labor required to move and manage inventory, which helps them stay competitive. Apart from this, the increasing awareness about worker safety and the widespread preference for laser-guided AGVs to achieve greater precision and flexibility are strengthening the market growth.

Additionally, rising industrial automation and advancements in sensor technology are offering lucrative growth opportunities to key market players for introducing more accurate and reliable AGVs. This is further catalyzing the demand for AGVs in more complex environments, which is bolstering the market growth. Furthermore, companies are constantly focusing on reducing their reliance on human workers and providing a cost-effective alternative to manual labor, which is creating a positive market outlook.

In addition, governments of various countries are providing support through tax incentives, grants, and other financial assistance for the adoption of automation technologies like AGVs. Besides this, AGVs equipped with radio frequency identification (RFID) tags and 5G networks are widely adopted for numerous Industry 4.0 solutions. This, in confluence with increasing investments in research and development (R&D) activities in the electronics industry, is fueling the growth of the market worldwide. Furthermore, continuous product innovations are increasing the demand for effectively managing plant assets, which is stimulating the growth of the market around the world.

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Global Automated Guided Vehicles Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Bastian Solutions LLC (Toyota Industries Corporation), Daifuku Co. Ltd., Ek Robotics Gmbh, IKV Robot Nanchang Co. Ltd., John Bean Technologies Corporation, Jungheinrich AG, Kion Group AG, KUKA Aktiengesellschaft, Murata Machinery Ltd., Schaefer Systems International Pvt Ltd., Scott Systems International Inc. and Simplex Robotics Pvt. Ltd.

The report has segmented the market on the basis of region, type, mode of operation, navigation technology, application and industry.

Breakup by Type:
• Tow Vehicles
• Unit Load Carriers
• Pallet Trucks
• Assembly Line Vehicles
• Forklift Trucks

Breakup by Mode of Operation:
• Indoor
• Outdoor

Breakup by Navigation Technology:
• Laser Guidance
• Magnetic Guidance
• Inductive Guidance
• Optical Tape Guidance
• Vision Guidance
• Others

Breakup by Application:
• Transportation
• Distribution
• Storage
• Assembly
• Packaging
• Waste Handling

Breakup by Industry:
• Automotive
• Manufacturing
• Food and Beverages
• Aerospace
• Healthcare
• Logistics
• Retail
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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