Automated Guided Vehicle (AGV) Market Overview
The global automated guided vehicle (AGV) market is expected to witness considerable growth during the forecast period (2020–2030), on account of the rising workplace safety concerns in manufacturing facilities and warehouses, coupled with labor shortages and need for reduction in the overall operational costs and increased productivity. For instance, due to the continuous technological advancement and growing trend of industrial automation in small and medium enterprises (SMEs), to avoid high labor costs, especially in developed countries, such as the U.S., Germany, and Japan, the market growth is expected to get a boost during the forecast period.
On the basis of type, the automated guided vehicles market has been categorized into tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift trucks, and others. Among these, the tow vehicle category held the largest market share during the historical period (2014–2019), owing to the increasing replacement and adoption of conventional tow vehicles in various industries. For instance, a major automaker, Tesla Inc., has deployed AGVs in its Gigafactory. The machine uses navigational beacons to make its way through the production facility. Therefore, the increasing integration of these vehicles in production plants is predicted to aid the market growth during the forecast period.
Based on navigation technology, the automated guided vehicles market has been categorized into laser guidance, magnetic guidance, inductive guidance, optical tape guidance, vision guidance, and others. The laser guidance category is expected to dominate the market throughout the forecast period, while the vision guidance category is expected to post the highest CAGR. The vision guidance technology allows AGVs to build a three-dimensional (3D) map, by taking a series of images, during operations in the warehouse. For instance, the vision-powered guided vehicles developed by Seegrid Corporation use a series of stereo cameras that work in unison to continuously capture and build a 3D, computer-generated view of the area around it. This reduces the risk of downtime and allows the vehicles to operate safely.
Geographically, North America accounted for the major share during the historical period. The rise in the warehouse automation rate and integration of emerging technologies, including augmented reality (AR), virtual reality (VR), and internet of things (IoT), in the production and inventory management processes is expected to further drive the market during the forecast period. Asia-Pacific (APAC) is expected to register the highest CAGR during the forecast period, mainly driven by the continuous expansion of the e-commerce, consumer electronics, and automotive industries in the region. Moreover, the logistics industry is expected to register significant growth during the forecast, thereby supporting the AGV market.
Automated Guided Vehicles Market Dynamics
Trends
Recently, the AGV market witnessed a significant number of mergers and acquisitions and partnership activities. Technology start-ups are being acquired by key logistics players, to enhance their operational efficiencies. For instance, in October 2019, Shopify Inc. acquired U.S.-based warehouse management and automation startup, 6 River Systems Inc. Through this move, Shopify is expected to accelerate its growth by adding 6 River Systems’ cloud-based software and fleet of collaborative mobile robots, called ‘Chuck’, to the its Fulfillment Network. Therefore, partnerships, mergers, and acquisitions is expected to further offer growth potential for the major players during the forecast period.
Drivers
The growth of the e-commerce industry in developing economies, such as China, India, and Brazil, is expected to boost the automated guided vehicles market growth during the forecast period. For instance, Amazon Inc. uses robots called ‘drives’ to deliver large stacks of products to the human workforce. These robots follow a set path around the warehouse and are able to detect any obstacle in their path, thus stopping before touching the obstacle. Currently, there are more than 200,000 mobile robots working in Amazon’s warehouse network, globally. Similarly, in March 2019, Flipkart (owned by Walmart Inc.), one of India’s key e-commerce players, introduced AGVs at its Bengaluru sorting center. According to the company, deploying 100 of these AGVs will help in sorting 4,500 shipments in an hour and increasing the efficiency of the facility by 60%. With slight adjustments, it can be scaled up to five times of the existing capacity.
Automated Guided Vehicles Market Competitive Landscape
Some of the major players operating in the global automated guided vehicles market are Amerden Inc., SSI Schaefer Systems International DWC LLC, KUKA Group, Dematic Corporation, Toyota Industries Corporation, and Seegrid Corporation. These companies are increasingly focusing on product research and collaborations with other companies to enhance their product portfolio and increase their market share.
The report also includes a country-wise market analysis. Some of the major countries covered in the report are the U.S., Canada, Germany, the U.K., France, Spain, Italy, China, India, Japan, South Korea, Australia, Brazil, Mexico, the U.A.E., and South Africa.
Automated Guided Vehicles Market Size Breakdown by Segment
The Automated Guided Vehicles Market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Type
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Tow Vehicles
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Unit Load Carriers
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Pallet Trucks
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Assembly Line Vehicles
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Forklift Trucks
Based on Navigation Technology
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Laser Guidance
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Magnetic Guidance
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Inductive Guidance
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Optical Tape Guidance
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Vision Guidance
Based on Industry
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Automotive
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Manufacturing
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Food & Beverages
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Aerospace
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Retail
Geographical Analysis
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North America
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Europe
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U.K.
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France
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Germany
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Spain
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Italy
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Asia-Pacific (APAC)
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China
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Japan
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India
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South Korea
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Australia
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Latin America, Middle East, and Africa (LAMEA)
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Brazil
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Mexico
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U.A.E.
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South Africa
