Automated Guided Vehicle Market Navigating Business with CAGR of 16.6% with Revenue of $13.52 Billion by 2027

As per the report published by Allied Market Research, the global automated guided vehicle market was pegged at $5.21 billion in 2019, and is expected to hit $13.52 billion by 2027, growing at a CAGR of 16.6% from 2020 to 2027.

Increase in demand for automation and automated guided vehicles (AGVs) and reduction in labor costs in various organizations, and surge in accuracy, safety, and productivity have boosted the growth of the global automated guided vehicle market. However, high cost of initial investments and dearth of flexibility of automated guided vehicles hinder the market growth. On the contrary, integration of the Industry 4.0 is expected to open lucrative opportunities for the market players in the future.

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An Automated Guided Vehicle (AGV) is a type of mobile robot used in industrial environments to transport materials within a facility. AGVs are equipped with sensors and navigation systems, allowing them to move autonomously along a predefined path, typically marked by wires, magnets, lasers, or other guidance technologies on the floor. They are commonly used in manufacturing plants, warehouses, and distribution centers to streamline operations by moving goods efficiently and reducing the need for human intervention.

The global automated guided vehicle market is segmented on the basis of type, navigation technology, application, industry, mode of operation, and region. Based on type, the assembly line vehicles segment is anticipated to register the highest CAGR of 19.5% during the forecast period. However, the two wheels segment held the largest share in 2019, contributing to around one-fourth of the market.

On the basis of navigation technology, the inductive guidance segment is anticipated to showcase the highest CAGR of 19.2% during the forecast period. However, the laser guidance segment dominated the market in 2019, accounting for around one-third of the market.

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The global automated guided vehicle market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA is projected to manifest the highest CAGR of 26.1% during the forecast period. However, the market across Asia-Pacific held the lion's share in 2019, contributing to more than two-thirds of the market.

The global automated guided vehicle market report includes an in-depth analysis of the major market players such as JBT, KUKA AG, Oceaneering International, Inc., Seegrid Corporation, SSI Schaefer, Toyota Material Handling, BALYO, Daifuku Co., Ltd., E&K Automation GmbH, and inVia Robotics, Inc.

The automated guided vehicle (AGV) market in North America has grown significantly, driven by advanced manufacturing facilities, a high concentration of industrial equipment manufacturers, and favorable trade agreements in the U.S. and Mexico. Companies like The-Scott-Group have expanded in the region through acquisitions, such as its purchase of Transbotics in 2018.

Additionally, warehouse operators are increasingly adopting automation to maximize efficiency, enhancing market growth. Collaborations and partnerships among industry players also fuel advancements; for example, in 2019, GreyOrange partnered with eight U.S.-based warehouse solution providers to expand its automation offerings and improve customer support.

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Globally, the e-commerce boom is a major driver for AGVs, as it increases the demand for warehouse automation to streamline operations. The UK, as a leading e-commerce market, has attracted substantial investments in AGV installations, with companies like Amazon deploying mobile robots across multiple warehouse locations. Technologically, AGVs using laser-guided navigation are widely adopted for their easy installation, high-speed capability, and low maintenance. Magnetic tape navigation, a cost-effective and flexible option, is also growing in popularity, with recent developments in durable magnetic tapes further supporting AGV adoption and providing opportunities for market expansion.

Covid-19 Scenario:

1. The Covid-19 pandemic resulted in lack of workforce. Moreover, several governments imposed lockdown across the country which led to disruptions in the manufacturing operations and supply chain. This negatively affected the demand for AGVs.

2. However, the emergence of contactless and effective logistic infrastructure is expected to favor the sale of AGVs.

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