Press release
Automated Guided Vehicle Market expected to Witness Huge Revenue Growth to 2031
According to the latest research by InsightAce Analytic, the Global Automated Guided Vehicle Market is valued at US$ 2.20 Bn in 2022, and it is expected to reach US$ 4.07 Bn by 2031, with a CAGR of 7.2% during a forecast period of 2023-2031.
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Automated Guided Vehicles (AGVs) are self-operating material handling systems designed to transport loads within warehouses, distribution centers, and manufacturing facilities without the need for human intervention. The implementation of AGVs in industrial environments supports the growing demand for enhanced material handling capabilities, reduced production times, minimized human error, improved safety standards, increased production output, and consistent operational repeatability. As the manufacturing sector continues to expand and the demand for e-commerce logistics accelerates, significant opportunities are emerging for the growth of the automated guided vehicle market. Consequently, the market demand for AGVs is expected to rise substantially in the coming years.
Nevertheless, a notable challenge associated with AGVs is the limited adaptability of their guidance systems when confronted with unforeseen obstacles. Despite this, the introduction of advanced technologies and sustained global economic development are positive indicators of the market's future potential.
List of Prominent Players in the Automated Guided Vehicle Market:
• Daifuku
• JBT
• KION Group AG
• Toyota Industries Corp.
• KUKA AG
• Hyster-Yale Materials Handling
• Oceaneering International
• EK Robotics
• SSI Schaefer
• Scott Technology
• America In Motion
• Asseco CEIT
• CASUN
• DANBACH Robot Jiangxi Inc.
• ECA Group
• E80 Group S.P.A.
• Global AGV
• Grenzebach Group
• IDC Corporation
• IKV Robot Co., Ltd.
• Meiden America, Inc.
• Rocla AGV
• SAFELOG Gmbh
• Simplex Robotics Pvt. Ltd.
• System Logistics S.P.A.
Market Dynamics:
Drivers-
The increasing demand for automated guided vehicles (AGVs) is primarily driven by their ability to efficiently transport raw materials, track shipments, and manage assembled components through computer-controlled systems. AGVs enhance workplace safety, reduce product damage, and improve operational accuracy by automating the storage, distribution, and transportation of goods without human intervention.
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Challenges:
One of the main obstacles to the growth of the AGV market is the high initial investment required, coupled with resistance to adopting advanced technologies. AGVs are complex machines that rely heavily on sophisticated sensors and software, making them expensive and often requiring customized solutions with long replacement cycles. In emerging markets, the benefits of AGV systems are not widely recognized, with misconceptions about their durability and effectiveness in extreme conditions. Furthermore, the potential for recycling and reusing AGV components is often overlooked in developing countries, limiting sustainable growth.
Regional Trends:
The Asia-Pacific region is expected to hold a substantial share of the AGV market and register the highest growth rate over the forecast period. This is attributed to increased investment in research and development, rising demand for large-scale warehousing, and a surge in industrial automation. North America also represents a significant portion of the market, supported by a mature economy, a growing population, and expanding e-commerce and manufacturing sectors. The heightened need for efficient material handling solutions has driven adoption among established industry players. Moreover, the presence of key market participants and strategic collaborations aimed at expanding regional market presence are expected to further fuel growth in the global AGV market.
Recent Developments:
• In September 2023, The collaboration between GROPYUS and automation specialist KUKA was announced to establish a production facility at the Richen location near Heilbronn, Germany. This facility will be entirely automated and operated by digital means. This entailed an investment amounting to several Bn euros in the mid-double-digit range. By the conclusion of 2024, the production capacity of GROPYUS had been augmented to around 3,500 residences annually.
• In September 2022, Toyota Material Handling Japan (TMHJ), a subsidiary of Toyota Industries Corporation, successfully created an autonomous lift truck incorporating groundbreaking AI technology. This advanced system can accurately identify the precise location and orientation of trucks and loads and subsequently generate automated travel routes to efficiently carry out loading operations. This innovation enabled the automation of loading processes in scenarios where the truck's halting location and load position were variable, in addition to the traditional fixed-position loading.
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Segmentation of Automated Guided Vehicle Market-
By Type -
• Tow Vehicles
• Unit Load Carriers
• Pallet Trucks
• Assembly Line Vehicles
• Forklift Vehicles
• Others
By Navigation Technology-
• Laser Guidance
• Magnetic Guidance
• Inductive Guidance
• Optical Tape Guidance
• Vision Guidance
• Others
By Industry-
• Automotive
• Chemicals
• Aviation
• Semiconductor & Electronics
• E-commerce
• Food & Beverage
• Healthcare
• Metals & Heavy Machinery
• 3PL
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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