How Has The Automated Guided Vehicle Market Size Evolved Historically?
The automated guided vehicle market has seen considerable growth due to a variety of factors.
• In recent times, the automated guided vehicle market has seen robust growth. The market size is forecasted to escalate from $5.15 billion in 2024 to $5.8 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.6%. The substantial growth during the historic era is a result of a combination of factors, including market competition and demand, sustainability initiatives, a rise in e-commerce activities, industrial automation, and cost efficiency.
What is the Forecasted Market Size and CAGR for the Automated Guided Vehicle Market?
The Automated Guided Vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for automated guided vehicles is predicted to expand swiftly in the coming years, reaching a peak of $9.26 billion in 2029 with a CAGR of 12.4%.
The forecast period's growth is due to multiple factors, including global demand for logistics, increased automation, improved safety, flexibility, and conformity with regulatory standards. Notable trends for the same period entail autonomous warehousing, merger with industry 4.0, energy conservation and sustainability, alongside flexibility and adaptability.
What Key Factors and Trends Are Driving The Growth Automated Guided Vehicle Market?
The predicted growth of the e-commerce and retail sectors is anticipated to accelerate the market for automated guided vehicles. E-commerce, which involves buying and selling goods and services over the internet, is on the upswing due to shifting consumer preferences, increased convenience, and personalization. The incorporation of automated guided vehicles in e-commerce warehouses and retail centers enhances the efficiency of handling materials, packaging goods, and managing the supply chain ecosystem. For example, Shopify Inc., a Canadian e-commerce company, projected in August 2023 that the global e-commerce industry will be valued at $6.3 trillion in 2023. This figure is expected to increase over the coming years, accounting for 21.2% of all retail sales online by 2024. Furthermore, as per Forbes, a business magazine and media company based in the US, the global e-commerce market is forecasted to surpass $8.1 trillion in valuation by 2026. Consequently, the burgeoning growth in e-commerce and retail is expected to fuel the market for automated guided vehicles.
What Are The Market Segments In The Automated Guided Vehicle Market?
The 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, Manufacturing, Food And Beverage, Aerospace, Healthcare, Logistics, Retail
Subsegments:
1) By Two Vehicles: Automated Towing Vehicles, Automated Transport Vehicles
2) By Unit Load Carriers: Shelf-Based Unit Load Carriers, Conveyor-Based Unit Load Carriers
3) By Pallet Trucks: Automated Pallet Jacks, Pallet Stackers
4) By Assembly Line Vehicles: Automated Assembly Line Carts, Conveyor AGVs
5) By Forklift Trucks: Automated Forklift Trucks, Reach Trucks
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What Trends Are Shaping The Automated Guided Vehicle Market?
The automated guiding vehicles market is experiencing a surge in popularity due to significant technological advancements. Key players in the market are focusing their efforts on creating cutting-edge technologies, such as Internet of Things (IoT)-based vehicles, to maintain their stronghold in the automated guided vehicle industry. IoT essentially connects various things over the internet to produce a network of interconnected physical entities. The main objective of these interconnected physical items is to enable them to autonomously exchange (send/receive) data. For example, Murata Machinery USA, Inc., a US-based manufacturer of automated guided vehicles, recently announced in February 2022, the launch of a wide spectrum of autonomous guided vehicles (AGVs), known as the A-Series. The A-Series enhances their former Muratec Premex Series by including seven standard base models that can be customized for many different load capacities, lift heights, navigating methods, temperature ratings, and software uses. The A-Series standard forklift, roller, and elevated deck vehicles are capable of moving loads weighing from a few pounds up to 65 tons and can operate in challenging temperatures ranging from -10 to 104 degrees Fahrenheit, lifting heights of up to 36 feet. This series encompasses all navigation systems, multiple safety levels, and meets ANSI/ITSDF safety and ISO 3691-4 manufacturing standards, and is suitable for use in Class 1 clean production environments.
Who Are the Key Players In The Automated Guided Vehicle Market?
Major companies operating in the automated guided vehicle market include:
• 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
• Egemin Automation Inc.
What Are The Regional Insights Into The Automated Guided Vehicle Market?
Asia-Pacific was the largest region in the automated guided vehicle market in 2024. The regions covered in the automated guided vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
