The global automated guided vehicle (AGV) market size is expected to reach USD 3.14 billion by 2026 owing to the rapid rise of smart factories in developed economies. As per the new Fortune Business Insights™ report, titled “Automated Guided Vehicle (AGV) Market Size, Share & Industry Analysis, By Type (Unit Load Carrier, Forklift Truck, Mobile Robots and Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided and Others), By Application (Transportation & Distribution, Storage & Assembly, Packaging), By Industry (Automotive, Food & Beverage, E-Commerce and Others) and Regional Forecast, 2019-2026”, the market value stood at USD 1.53 billion in 2018. The report also states that the market is projected to grow at CAGR of 9.5% from 2019 to 2026.
Optimization of Material Handling Processes to Fuel the AGV Market Growth
Material handling is an important process in a manufacturing or warehousing facility. However, it is a task that can be performed by machines and is, therefore, increasingly getting automated. The advantages of this automation are tremendous. For example, automation of material handling can make manufacturing processes flexible and highly efficient as well as enhance quality control mechanisms in a facility. Moreover, it can aid the transition of a regular factory into a connected one and finally, into a smart factory. Besides this, the automated guided vehicles market trends are driven by the expansion of the e-commerce industry, wherein companies such as Amazon and Walmart are automating their processes to enhance productivity of their material resources.
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- By Type: Based on type, the market is segmented into unit load carrier, forklift truck, mobile robots, and others. Here, the unit load carrier segment is expected to grow at a considerable rate as these vehicles are capable of carrying pallets, cartons, and slip-sheets of varied weights. As a result, their demand is rising in the e-commerce industry. The forklift truck segment will hold the second-largest portion in the AGV market share. The other remaining segments are also expected to grow at a steady pace during the forecast period.
- By Navigation Technology: On the basis of navigation technology, the market is divided into laser guided, magnetic guided, vision guided, and others (wire guided, etc.). Amongst these, the laser guided segmented is set to lead as these AGVs are flexible and accurate in navigating within settings which have multiple obstacles. The other segments are also expected to rise as industrial automation picks up pace.
- By Industry: In terms of industry, the market is segregated into automotive, food & beverage, E-commerce, and others. Here, the e-commerce segment is anticipated to lead owing to the rapid expansion of the global e-commerce industry, with the growth of giants such as Amazon and Alibaba. Adoption of AGVs in the other industries is also expected to gather momentum, the automated guided vehicle market analysis states.
- By Region: The AGV market is grouped into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America, geographically. Here, Asia-Pacific is slated to have a commanding hold on the automated guided vehicles market share on account of supportive government policies promoting the e-commerce industry and the manufacturing sector in countries such as India and China. The AGV market size in Asia-Pacific stood at USD 0.37 billion in 2018. The rest of the regions are also anticipated to exhibit substantial growth during the forecast period.
Geographic Expansion to be the Key Strategy for Market Players
Major companies are looking for ways to expand their presence strengthen their hold on the automated guided vehicle market share. Many of these companies are investing in setting up plants and factories in developing economies with a view to consolidate their position in the market.
Some of the key players profiled in the automated guided vehicle market report include:
- SI Systems, LLC.
- ELETTRIC80 S.P.A.
- AGVE Group
- The Raymond Corporation
- Daifuku Co., Ltd.
- HIT Robot Group
- Seegrid Corporation
- KION GROUP AG
- Toyota Advanced Logistics
- April 2019: Daifuku Co. Ltd. acquired Vega Conveyors and Automation, the material handling equipment maker based in India. This would aid the company establish its footprint in the booming Indian economy.
- April 2019: Brose Fahrzeugteile, the Germany-based automotive parts supplier, installed AGVs at its factory in Coventry, with a view to remove human error and fast-track movement of finished goods.
The Global Automated Guided Vehicle (AGV) Market Segmentation:
Value (USD billion)
- Unit Load Carrier
- Forklift Truck
- Mobile Robots
- Other (Tuggers, etc.)
By Navigation Technology
- Laser Guided
- Magnetic Guided
- Vision Guided
- Others (Wire Guided, etc.)
- Transportation & Distribution
- Storage & Assembly
- Food & Beverage
- Others (Healthcare, etc.)
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy and Rest of Europe)
- Asia-Pacific (Japan, China, India, Southeast Asia, and Rest of Asia-Pacific)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)