Global Automated Guided Vehicle market outlook 2024, Forecast To 2033
29 Feb, 2024
The automated guided vehicle market size has seen rapid growth in recent years, increasing from $4.59 billion in 2023 to$5.19 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to market competition and demand, sustainability initiatives, increased e-commerce activities, industrial automation, and cost efficiency. The market is expected to experience rapid growth, reaching $8.26 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period is driven by global logistics demand, rise in automation, safety enhancement, adaptability and flexibility, and compliance with regulatory standards. Major trends anticipated in the forecast period include autonomous warehousing, integration with Industry 4.0, energy efficiency and sustainability, and flexibility and adaptability.
Global Automated Guided Vehicle Market Key Driver
The rising e-commerce and retail industries are expected to propel the automated guided vehicle market. The purchasing and selling of products and services through an electronic network, typically the internet, is known as e-commerce. The e-commerce sector is rising due to changes in consumer preference, increased convenience, and personalized experience. The use of an automated guided vehicle in e-commerce warehouses and retail hubs provides convenience in material handling, good packaging, and managing the supply chain ecosystem. For instance, according to Forbes, an American business magazine, in the US, e-commerce sales reached $870 billion in 2021, up 50.5% from the previous year and 14.2% from 2020. In the US, e-commerce accounted for 13.2% of retail sales in 2021. Furthermore, in June 2022, an article published by Morgan Stanley, US-based investment management and financial services company, states that global e-commerce increased from 15% to 21% of total retail sales from 2019 to 2021, accounting for approximately 22% of total sales. Therefore, the rise in e-commerce and retail will drive the automated guided vehicle market. In 2023, the market size for automated guided vehicles is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Automated Guided Vehicle Market ReportGlobal Automated Guided Vehicle Market Segments
The global automated guided vehicle market covered in this report is segmented –
1) By Type: Two vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks
2) By Navigation Technology : Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance, Natural Navigation
3) By Application: Transportation, Distribution, Storage, Assembly, Packaging, Waste handling
4) By Industry: Automotive, Maufacturing, Food and Beverage, Aerospace, Healthcare, Logistics, Retail
By Geography: The regions covered in the automated guided vehicle market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacifc was the largest region in the automated guided vehicle market in 2023. The regions covered in the automated guided vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Automated Guided Vehicle Industry Players
Balyo, Daifuku Co Ltd., E&K Automation GmbH, JBT Corporation, Kuka AG, Oceaneering International Inc, Seegrid Corporation, Schaefer Systems International Inc., Toyota Material Handling, Swisslog Holding AG, Bastian Solution, Dematic, inVia Robotics Inc., Kollmorgen, Elettric80 S.P.A., Fetch Robotics Inc., Locus Robotics, Krones AG, SMARLOGY AGV and AMR, Wellwit Robotics, ADDVERB, AGVE GROUP, AGILOX, Creform Corporation, KMH Systems Inc., DF Automation and Robotics Sdn. Bhd., DS AUTOMOTION GmbH, Konecranes and Demag Private Limited, KUKA Systems Aerospace Group, Egemin Automation Inc.
Get The Full Global Automated Guided Vehicle Market ReportAutomated Guided Vehicle Market Overview
An automated guided vehicle (AGV) is a mechanized vehicle that delivers a load through an assembly, production, or storage facility. AGVs are guided by computerised vehicles, which employ software to identify their positioning, movement, and location. This involves delivering products directly to production lines and carrying materials from receiving to the warehouse.
Automated Guided Vehicle Global Market Report 2023 provides data on the global automated guided vehicle market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automated guided vehicle market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.