Automated Guided Vehicle Market Size, Share, Growth and Trends, Report 2024-2031

The Global Automated Guided Vehicle Market is expected to grow at a CAGR of 14% in the forecast period (2024-2031).

The Automated Guided Vehicle (AGV) market refers to the sector involved in the production, distribution, and utilization of autonomous, battery-powered vehicles designed to transport materials and goods within a facility. AGVs are equipped with various navigation technologies such as lasers, magnetic strips, or cameras to guide them along predetermined paths, eliminating the need for human intervention. These vehicles are commonly used in industries like manufacturing, logistics, and warehousing to enhance operational efficiency, reduce labor costs, and improve safety. The AGV market encompasses different types of vehicles, including tow vehicles, unit load carriers, and robotic forklifts, and is driven by trends such as automation, Industry 4.0, and the increasing need for streamlined supply chain operations.

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Market Dynamics:

Rising demands in the e-commerce sector is expected to boost the Automated Guided Vehicles Market.

The increasing demands in the e-commerce sector are driving companies to adopt automated solutions to enhance efficiency and productivity in their factories and warehouses. In 2018, approximately 111,000 automated guided vehicle (AGV) units were sold globally, with around 103,000 deployed in non-manufacturing environments. The 2019 Global Consumer Survey Report revealed that about 30% of consumers shop online at least once a week. E-commerce sales surged to approximately $3.5 trillion in 2019 and represented nearly 20% of total retail sales in 2020, amounting to around $4.3 trillion, with expectations for further growth.

To keep up with consumer demands, there has been a notable increase in the use of AGVs to expedite dispatch and manufacturing processes. For example, Amazon's acquisition of Canvas Technologies in April 2019 aimed to advance AGVs and mobile navigation robots for its logistical operations. AGVs also help manufacturers achieve higher quality and reliability in warehouse operations, contributing to reduced labor costs.

Segment Covered in the Automated Guided Vehicle Market:

By Type: Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Trucks, Others.

By Navigation Technology: Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, Others.

By Application: Logistics and Warehousing, Packaging, Assembly, Raw Material Handling, Others.

By Industry: Automotive, Manufacturing, Food and beverages, Healthcare, Aerospace, Retail, Others.

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Key players involved in Automated Guided Vehicle Market:

• Daifuku
• JBT Corporation
• KION Group
• KUKA
• Toyota Industries,
• Hyster-Yale Materials Handling
• E&K Automation
• Kollmorgen
• Seegrid Corporation
• Egemin Automation, Inc.
• Bastian Solutions
• Elettric80 SpA
• Fetch Robotics, Inc
• inVia Robotics, Inc
• Locus Robotics
• System Logistics Spa

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Product Portfolio:
The company focuses on manufacturing equipment for the material handling, automotive, and textile industries. Their diverse product range includes Automated Guided Vehicle (AGV) Systems such as Tug Carts and Key Carts, Automated Forklift Trucks, and other specialized equipment tailored to enhance operational efficiency in these sectors.
Regional Analysis:

The Automated Guided Vehicle Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Automated Guided Vehicle Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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