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Automated Guided Vehicle Market

Automated Guided Vehicle Market Size, Share & Industry Analysis, By Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks, Others), By Navigation Technology (Laser Guidance, Magnetic Guidance, Natural Navigation, Vision Guidance), By Application (Transportation, Distribution, Storage, Assembly, Packaging, Others), By Industry Vertical (Automotive, Manufacturing, Food & Beverage, Aerospace, Healthcare, Logistics, Retail, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Code: AUT00894
Report Format: PDF + PPT + Excel
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Report Description

Market Overview:

The global automated guided vehicle (AGV) market is expected to grow at a CAGR of X.X% during the forecast period of 2024-2031, reaching a market size of USD YY billion by 2031 from USD XX billion in 2024. The Asia-Pacific region is projected to dominate the market, driven by the rapid industrialization, increasing adoption of automation in manufacturing and logistics sectors, and growing investments in Industry 4.0 technologies. The growth of the AGV market is fueled by factors such as the rising need for optimizing material handling processes, increasing emphasis on workplace safety, and the growing demand for automation in various industries to improve efficiency and reduce costs. However, the high initial investment and the need for specialized infrastructure may restrain the market growth to some extent.

 

Market Dynamics:

Increasing Adoption of Automation in Manufacturing Driving Market Growth

The increasing usage of automation in the manufacturing sector is a major trend propelling the AGV market forward. Manufacturers are increasingly using AGVs to optimise material handling procedures, increase production efficiency, and save labour costs. AGVs allow for the automated carriage of raw materials, work-in-process, and finished goods throughout the production facility, decreasing the need for manual handling and lowering the danger of errors and accidents. The integration of AGVs with other automation systems, such as robotic arms and conveyor belts, improves the efficiency and flexibility of production processes.

 

Growing Emphasis on Workplace Safety Fueling Market Expansion

The increased emphasis on workplace safety is a key driver of the AGV market. AGVs serve an important role in decreasing workplace accidents and injuries, especially in industries that require heavy lifting, repetitive operations, or hazardous products. By automating material handling duties, AGVs reduce the need for human intervention in hazardous or strenuous activities, lowering the risk of accidents and improving overall workplace safety. Furthermore, AGVs are outfitted with advanced safety features like obstacle identification and collision avoidance, which improves their safety performance in industrial settings.

 

High Initial Investment and Need for Specialized Infrastructure Hindering Market Growth

Despite the various advantages, the substantial initial investment necessary to adopt AGV systems may stifle market growth, particularly among small and medium-sized businesses (SMEs) and in developing nations. AGVs and their related infrastructure, such as navigation sensors, charging stations, and software systems, can be costly, making it difficult for certain organisations to justify the investment. Furthermore, the requirement for specialised infrastructure, such as designated floors or magnetic tape for navigation, may raise implementation costs and limit the use of AGVs in specific industries or facilities.

 

Segment Overview

Forklift Trucks Segment to Dominate the AGV Market

During the forecast period, the forklift truck segment is likely to dominate the AGV market. AGV-based forklift trucks are commonly used in manufacturing, storage, and distribution centres to handle and carry palletised products in an automated manner. This segment's growth is being driven by rising demand for efficient and safe material handling solutions in industries such as automotive, food & beverage, and e-commerce. AGV forklift trucks provide various advantages over typical manual forklifts, including increased safety, lower labour costs, and more operational efficiency.

Major AGV manufacturers, including Dematic, Daifuku, and KION Group, are focussing on developing advanced AGV forklift trucks with capabilities like autonomous navigation, real-time tracking, and remote monitoring to meet the changing needs of clients. For example, in 2023, Dematic introduced a new series of AGV forklift trucks with increased safety features and longer battery life to meet the growing need for sustainable and efficient material handling solutions.

 

Regional Outlook:

Asia-Pacific to Dominate the Global AGV Market

The Asia-Pacific region is expected to dominate the AGV market over the forecast period, owing to factors such as fast industrialisation, increased automation in the manufacturing and logistics sectors, and increased investments in Industry 4.0 technologies. China, Japan, and South Korea are likely to be the region's leading growth markets due to their strong manufacturing bases and government measures to boost automation and digitalisation.

According to a recent industry analysis, the Asia-Pacific AGV market is predicted to expand at a CAGR of X.X% between 2024 and 2031, surpassing other regional markets. The region is home to numerous top AGV manufacturers and system integrators, who are constantly increasing their footprint to meet the growing demand from diverse industries.

Recent market developments in the Asia-Pacific area include the formation of new AGV production facilities, strategic alliances between AGV providers and end-user industries, and the growing use of AGVs in industries such as e-commerce, healthcare, and food and beverage.

 

Competitive Intelligence:

The worldwide AGV market is extremely competitive, with both established firms and rising startups contending for market dominance. Leading market players include Dematic (KION Group), Daifuku Co., Ltd., JBT Corporation, KUKA AG, Murata Machinery, Ltd., Toyota Industries Corporation, Seegrid Corporation, Hyster-Yale Materials Handling, Inc., Oceaneering International, Inc., and Bastian Solutions, LLC, among others.

These organisations are focussing on initiatives such as product innovation, global expansion, and strategic partnerships to strengthen their market positions and meet the changing needs of their customers. For example, in 2022, KUKA AG purchased a top mobile robot firm to strengthen its AGV portfolio and increase its foothold in the logistics and e-commerce industries.

The AGV market's competitive environment is also influenced by the growing usage of advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT), which allow for the development of more intelligent and connected AGV systems.

 

Analyst Opinion:

The AGV market is expected to grow rapidly in the coming years, driven by increased automation in the manufacturing and logistics sectors, a greater emphasis on workplace safety, and a growing demand for efficient and cost-effective material handling solutions. The market growth will be especially strong in the Asia-Pacific region, which has fast industrialising economies and has seen major investments in automation and Industry 4.0 technology.

The forklift truck category is likely to dominate the market because to its diverse applications and rising demand for effective and safe material handling solutions in industries such as automotive, food and beverage, and e-commerce. However, the hefty initial investment and the necessity for specialised infrastructure may remain a barrier, particularly for SMEs and underdeveloped countries.

To thrive in this competitive industry, AGV manufacturers and system integrators must focus on creating creative, customer-centric solutions that improve performance, safety, and connection. Strategic collaborations, global expansion, and the use of modern technology will all be critical in gaining a competitive advantage and meeting the changing needs of end-user industries.

Overall, the AGV market has substantial development potential, driven by rising demand for automation and the need for efficient and safe material handling solutions across a wide range of industries. Companies that can provide dependable, versatile, and cost-effective AGV systems are anticipated to experience significant growth in the coming years.

 

Major Players:

  • Dematic (KION Group)

  • Daifuku Co., Ltd.

  • JBT Corporation

  • KUKA AG

  • Murata Machinery, Ltd.

  • Toyota Industries Corporation

  • Seegrid Corporation

  • Hyster-Yale Materials Handling, Inc.

  • Oceaneering International, Inc.

  • Bastian Solutions, LLC

 

Key Developments:

  • Daifuku Co., Ltd. will introduce a new range of AGVs for the automobile industry in September 2024, complete with upgraded safety features and improved navigation.

  • KION Group announced plans to expand its AGV production capacity in China in November 2024 to fulfil rising demand from Asia and the Pacific area.

Table of Content

1. INTRODUCTION

   1.1. Market Definitions & Study Assumptions

   1.2. Market Research Scope & Segment

   1.3. Research Methodology

 

2. EXECUTIVE SUMMARY

   2.1. Market Overview & Insights

   2.2. Segment Outlook

   2.3. Region Outlook

 

3. COMPETITIVE INTELLIGENCE

   3.1. Companies Financial Position

   3.2. Company Benchmarking -- Key Players

   3.3. Market Share Analysis -- Key Companies

   3.4. Recent Companies Key Activities

   3.5. Pricing Analysis

   3.6. SWOT Analysis

 

4. COMPANY PROFILES (Key Companies list by Country) (Premium)*

 

5. COMPANY PROFILES

   5.1. Dematic (KION Group)

   5.2. Daifuku Co., Ltd.

   5.3. JBT Corporation

   5.4. KUKA AG

   5.5. Murata Machinery, Ltd.

   5.6. Toyota Industries Corporation

   5.7. Seegrid Corporation

   5.8. Hyster-Yale Materials Handling, Inc.

   5.9. Oceaneering International, Inc.

   5.10. Bastian Solutions, LLC (*LIST NOT EXHAUSTIVE)

 

6. MARKET DYNAMICS

   6.1. Market Trends

        6.1.1. Increasing Adoption of Automation in Manufacturing

        6.1.2. Growing Integration of AGVs with Industry 4.0 Technologies

        6.1.3. Rising Demand for Flexible and Scalable AGV Solutions

   6.2. Market Drivers

        6.2.1. Rising Need for Optimizing Material Handling Processes

        6.2.2. Growing Emphasis on Workplace Safety

        6.2.3. Increasing Labor Costs and Shortage of Skilled Workforce

   6.3. Market Restraints

        6.3.1. High Initial Investment and Infrastructure Costs

        6.3.2. Lack of Standardization and Interoperability

   6.4. Market Opportunities

   6.5. Porter's Five Forces Analysis

        6.5.1. Threat of New Entrants

        6.5.2. Bargaining Power of Buyers/Consumers

        6.5.3. Bargaining Power of Suppliers

        6.5.4. Threat of Substitute Products

        6.5.5. Intensity of Competitive Rivalry

   6.6. Supply Chain Analysis

   6.7. Value Chain Analysis

   6.8. Trade Analysis

   6.9. Pricing Analysis

   6.10. Regulatory Analysis

   6.11. Patent Analysis

   6.12. SWOT Analysis

   6.13. PESTLE Analysis

 

7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

   7.1. Tow Vehicles

   7.2. Unit Load Carriers

   7.3. Forklift Trucks

        7.3.1. Counterbalanced Forklift Trucks

        7.3.2. Narrow Aisle Forklift Trucks

        7.3.3. Reach Fork Trucks

        7.3.4. Others

   7.4. Assembly Line Vehicles

   7.5. Pallet Trucks

   7.6. Others

 

8. BY NAVIGATION TECHNOLOGY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

   8.1. Laser Guidance

   8.2. Magnetic Guidance

   8.3. Natural Navigation

        8.3.1. Contour Guidance

        8.3.2. Grid Guidance

   8.4. Vision Guidance

        8.4.1. Camera-Based

        8.4.2. Laser-Based

 

9. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

   9.1. Transportation

        9.1.1. Raw Material Transport

        9.1.2. Work-in-Progress Transport

        9.1.3. Finished Goods Transport

   9.2. Distribution

        9.2.1. Picking and Sorting

        9.2.2. Cross-Docking

   9.3. Storage

        9.3.1. Pallet Racking

        9.3.2. Automated Storage and Retrieval Systems (AS/RS)

   9.4. Assembly

        9.4.1. Sub-Assembly

        9.4.2. Final Assembly

   9.5. Packaging

        9.5.1. Primary Packaging

        9.5.2. Secondary Packaging

   9.6. Others

 

10. BY INDUSTRY VERTICAL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

    10.1. Automotive

          10.1.1. Original Equipment Manufacturers (OEMs)

          10.1.2. Component Manufacturers

    10.2. Manufacturing

          10.2.1. Electronics and Semiconductor

          10.2.2. Heavy Machinery

          10.2.3. Aerospace

          10.2.4. Others

    10.3. Food & Beverage

          10.3.1. Processing

          10.3.2. Packaging

 

*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

Scope of the Report

By Type:

  • Tow Vehicles

  • Unit Load Carriers

  • Forklift Trucks

    • Counterbalanced Forklift Trucks

    • Narrow Aisle Forklift Trucks

    • Reach Fork Trucks

    • Others

  • Assembly Line Vehicles

  • Pallet Trucks

  • Others

By Navigation Technology:

  • Laser Guidance

  • Magnetic Guidance

  • Natural Navigation

    • Contour Guidance

    • Grid Guidance

  • Vision Guidance

    • Camera-Based

    • Laser-Based

By Application:

  • Transportation

    • Raw Material Transport

    • Work-in-Progress Transport

    • Finished Goods Transport

  • Distribution

    • Picking and Sorting

    • Cross-Docking

  • Storage

    • Pallet Racking

    • Automated Storage and Retrieval Systems (AS/RS)

  • Assembly

    • Sub-Assembly

    • Final Assembly

  • Packaging

    • Primary Packaging

    • Secondary Packaging

  • Others

By Industry Vertical:

  • Automotive

    • Original Equipment Manufacturers (OEMs)

    • Component Manufacturers

  • Manufacturing

    • Electronics and Semiconductor

    • Heavy Machinery

    • Aerospace

    • Others

  • Food & Beverage

    • Processing

    • Packaging

    • Distribution

  • Aerospace

    • Aircraft Manufacturing

    • Maintenance, Repair, and Overhaul (MRO)

  • Healthcare

    • Pharmaceuticals

    • Medical Devices

  • Logistics

    • Third-Party Logistics (3PL)

    • E-commerce

    • Freight and Warehousing

  • Retail

    • Supermarkets and Hypermarkets

    • Specialty Stores

  • Others

By Region:

  • North America

    • United States

    • Canada

  • Europe

    • Germany

    • United Kingdom

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • South Korea

    • India

    • Australia

    • Rest of Asia-Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa

    • Saudi Arabia

    • United Arab Emirates

    • South Africa

    • Rest of Middle East & Africa

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