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Automated Guided Vehicle Market to Surge at 9.8% CAGR from 2023 to 2030; KION Group Establishes New Facility in China to Strengthen Market Foothold

August 28, 2023 | Machinery & Equipment

The global automated guided vehicle market size stood at USD 2.12 billion in 2022. The market value is slated to rise from USD 2.30 billion in 2023 to USD 4.43 billion by 2030 at a CAGR of 9.8% during 2023-2030. The expansion is propelled by the increasing usage of the product for various purposes such as towing complete sets and heavy loads, moving and loading pallets, and moving goods.


Fortune Business Insights™ presents this information in its report, titled Automated Guided Vehicle Market Size, Share & COVID-19 Impact Analysis, By Type (Tow Vehicles, Automated Forklift Trucks, Underride/Tunneling Vehicles, Assembly Line Vehicles, and Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided, and Others), By Application (Transportation & Distribution, Storage & Assembly, and Packaging), By Industry (Automotive, Food & Beverage, E-commerce, and Others), and Regional Forecast, 2023-2030”.


COVID-19 Pandemic Propelled Industry Expansion Considering the Increasing AGV Adoption


Automated Guided Vehicles (AGVs) exhibit the capability to work without physical contact. This led to an increase in product adoption across various industries during the pandemic period. Besides, the healthcare sector saw an increased product adoption in a bid to combat the pandemic situation.


KION Group Opens a New Facility in China to Establish a Strong Footing


In December 2021, KION Group established a new forklift truck unit in China. The facilities would help KION in the expansion of its product portfolio for material handling equipment.


According to the company, the Jinan-based plant marks a decisive step in its ‘Growing in China’ initiative. KION intends to harness the market’s potential, significantly expanding its position as a key intralogistics supplier in China.


Increasing Adoption of Industry 4.0 Technologies in Warehouses to Propel Industry Expansion


The automated guided vehicle market growth is being impelled by the growing deployment of Industry 4.0 technologies in warehouses. The adoption of these technologies has led to enhanced coordination among warehouse systems, active communication between warehouse operations, and the performance of high-speed, time-consuming activities at lower costs.


However, lack of flexibility and escalated vulnerability associated with virtual connectivity may restrain industry expansion to a considerable extent.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/automated-guided-vehicle-agv-market-101966


Leading Companies Develop Various Strategies to Strengthen Industry Position


Major industry players formulate numerous strategies such as merger agreements, acquisitions, and the rollout of new solutions for strengthening their industry footings. Some of the other initiatives comprise partnership agreements, collaborations, and an increase in research & development activities.


Key Players Profiled:



  • Oceaneering International Inc (U.S.)

  • Toyota Advanced Logistics (Japan)

  • Daifuku Co., Ltd. (Japan)

  • KION GROUP AG (Germany)

  • Dematic (U.S.)

  • Hyster-Yale Materials Handling, Inc., (U.S.)

  • JBT (U.S.)

  • Mitsubishi Caterpillar Forklift America Inc. (U.S.)

  • Crown Equipment Corporation (U.S.)

  • Seegrid Corporation (U.S.)


Notable Industry Development



  • February 2021 – Daifuku and AFT Industries agreed on creating a commercial relationship. The deal was aimed at deploying the companies’ material handling experience in the automobile sector.


Further Report Findings



  • The growing adoption of new technologies by manufacturers is expected to spur the North America automated guided vehicle market share over the forecast period. The region is estimated to dominate the global market, exhibiting a commendable CAGR over the study period.

  • The Europe market is touted to expand at a notable CAGR throughout the projected period. The expansion is driven by the increasing warehouse demand near urban zones for upkeeping the last-mile delivery models.

  • By type, the market is classified into tow vehicles, automated forklift trucks, underride/tunneling vehicles, assembly line vehicles, and others (unit load carriers). The automated forklift trucks segment accounted for a major share in the market and is expected to register lucrative growth over the projected period.

  • On the basis of navigation technology, the market is subdivided into vision guided, magnetic guided, laser-guided, and others (wire-guided). The laser guided segment is estimated to grow at a remarkable CAGR over the study period.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 9.8% from 2023 to 2030



Unit



Value (USD Billion)



By Type




  • Tow Vehicles

  • Automated Forklift Trucks

  • Underride/Tunneling Vehicles

  • Assembly Line Vehicles

  • Others (Unit Load Carriers)



By Navigation Technology




  • Laser Guided

  • Magnetic Guided

  • Vision Guided

  • Others (Wire Guided)



By Application




  • Transportation & Distribution

  • Storage & Assembly

  • Packaging



By Industry




  • Automotive

  • Food & Beverage

  • E-commerce

  • Others (Healthcare)



By Region




  • North America (By Type, Navigation Technology, Application, Industry, and Country)

    • U.S. (By Type)

    • Canada (By Type)



  • Europe (By Type, Navigation Technology, Application, Industry, and Country)

    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Rest of Europe



  • Asia Pacific (By Type, Navigation Technology, Application, Industry, and Country)

    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific



  • Middle East & Africa (By Type, Navigation Technology, Application, Industry, and Country)

    • GCC (By Type)

    • South Africa (By Type)

    • Rest of Middle East & Africa



  • South America (By Type, Navigation Technology, Application, Industry, and Country)

    • Brazil (By Type)

    • Argentina (By Type)

    • Rest of South America




Automated Guided Vehicle (AGV) Market
  • PDF
  • 2022
  • 2019-2021
  • 160

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