Automated Guided Vehicle Market Research Report: Information By Technology (Traditional Guidance, Laser Guidance, Natural Features Guidance, Inductive Guidance, Vision Guided Vehicle) ,By Vehicle Type (TOW vehicle, Unit Load Carrier, Forklift Vehicle, Pallet Trucks, Assembly Line Vehicles, Others), By Application (Transportation, Distribution, Assembly, Roll Handling and others), By Industry(Automotive, Electrical & Electronics, Logistics & Distribution, Pharmaceutical, Plastics & Polymers, Food & Beverage and others) - Global Forecast 2027

ID: VPR/A&T/1044 Publishing Year: October 2021 Pages: 98 Format:   


Automated Guided Vehicle Market Overview:

The Automated Guided Vehicle Market is projected to grow from USD 4.2 billion in 2020 to reach USD 9.8 billion by 2027; it is expected to grow at a CAGR of 12.87% from 2020 to 2027.

Automated Guided Vehicles, also known as Autonomous Guided Vehicles or self-guided vehicles, are driverless vehicles that are utilised in warehouses, industrial facilities, and distribution centres to handle materials or as load carriers. Automated guided vehicles are employed for a variety of tasks, including transportation of raw materials or finished goods, work in progress, and product lifting and handling.

The growing demand for automation in various industries and manufacturing facilities is propelling the Automated Guided Vehicle Market forward. In businesses and manufacturing plants, using an Autonomous Guided Vehicle Minimiseshuman effort while also increasing worker safety. Because the time it takes to get a return on investment (ROI) is fairly long, an automated guided vehicle (AGV) is not suited for short-term use. Furthermore, the market for Automated Guided Vehicles is hampered by expensive maintenance and upfront investment costs.

Several manufacturers are using the firms' Automated Guided Vehicle (AGV) Systems to automate their operations and lead to more linked technologies. The increased usage of INDUSTRY 4.0 will open up new opportunities for the Automated Guided Vehicle Market to flourish. The Automated Guided Vehicle is used continuously throughout the manufacturing process for various processes such as material handling, pallet lifting, and transportation; however, the limited energy density and lifespan of batteries can limit the working of these automated vehicles, posing a major challenge to the market's growth.

Key Players:

  • Seegrid Corporation (US)
  • KUKA AG (Germany)
  • Hyster-Yale Materials Handling Inc. (the US)
  • Jungheinrich AG (Germany)
  • Daifuku Co. Ltd (Japan)
  • Toyota Industries Corporation (Japan)
  • SSI SCHÄFER (US)
  • E&K Automation GmbH (Germany)
  • Crown Equipment Corporation (US)
  • JBT Corporation (US)
  • KION GROUP AG (Germany)
  • SCOTT (New Zealand)
  • Meidensha Corporation (Japan)

Covid-19 Impact:

The COVID-19 outbreak hasn't given industries or businesses enough time to prepare or protect themselves against potential damages. The market outlook is hazy, and depending on the activities performed and outcomes achieved by the firms, it could go sharply up or down. Various sectors around the world have been affected by the outbreak. In most industrial units around the world, this has resulted in the closure or suspension of their manufacturing activity. The pandemic of COVID-19 is having a huge influence on businesses like aviation, automotive, manufacturing, and food and beverage. To combat the spread of COVID-19, a number of governments throughout the world have halted domestic and international travel. This is projected to result in a drop in aircraft demand, a reduction in aircraft manufacturing, and significant financial losses. The automotive industry is one of the primary industries that has suffered considerable losses as a result of the COVID-19 epidemic. Lockdowns conducted in many countries throughout the world, as well as the closure of production units, have had an impact on global vehicle supply and demand. COVID-19 has been sweeping the globe, beginning in Asia, then migrating to Europe, and now accelerating in North America. Nearly every continent has been affected by COVID-19, but the United States, Brazil, India, Russia, and the United Kingdom have seen a significant increase in diagnosed cases. COVID-19 has had a huge impact on numerous industries around the world, and it is expected to have a significant impact on the AGV market.

Market Drivers:

The need for Automation is expanding in the automotive, healthcare, e-commerce, and food and beverage industries due to the overall need for high efficiency. Material handling capacity requirements will be met using AGV-enabled automation of industrial facilities, which will save production time, increase safety, ensure high production volumes, and improve accuracy and repeatability. Just-in-time (JIT) supply of raw materials, computerised control of received assembled parts, and tracking of delivered items are all possible with AGVs.

Restraints:

The installation of AGVs necessitates colossal capital expenditure. High expenses may dissuade manufacturers from opting for high-end AGVs. Because small enterprises cannot afford automated systems, they must rely on manual handling forklift trucks. The expense of maintaining AGVs, which varies based on their age, type, location, number of shifts each day, and condition, is another impediment to the industry's expansion. Maintenance expenses are considerable for AGVs used in the manufacturing, chemical, and construction industries, for example. Furthermore, due to high capital costs and long payback periods, businesses find it difficult to invest in automation solutions. Because these vehicles are programmed and require navigation and communication systems to communicate with other material handling equipment, the expenses involved with the overall set-up of AGV systems are considerable. AGVs often have a payback time of between 3 and 5 years. As a result, many firms find it difficult to engage in AGVs due to high initial costs and a long payback period.

Market Segmentation:

Type, navigation technology, application, industry, mode of operation, and region are all used to segment the automated guided vehicle market. Tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, and forklift trucks are the different types of vehicles in the Automated Guided Vehicle Market. Laser guidance, magnetic guiding, inductive guidance, optical tape guidance, vision guidance, and others are the different types of navigation technology. Transportation, distribution, storage, assembly, packaging, and waste processing are the different types of applications. Automotive, manufacturing, food & drinks, aerospace, healthcare, logistics, retail, and other industries are all examined. It is divided into two categories based on the mode of operation: indoor and outdoor. The market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.

Regional Analysis:

In 2020, Europe dominated the market, accounting for more than 31% of total sales. Over the forecast period, Europe is expected to be the dominating regional market. The increasing demand for material handling equipment by the manufacturing industry's incumbents is driving the regional market's growth. Furthermore, automation in every industry has aided regional market expansion. For example, E&K Automation GmbH, a German robotics business, debuted their autonomous ultra-flat transport robot, FAST MOVE, in March 2018 to promote the development of industry 4.0 and industrial automation.

Over the forecast period, Asia Pacific is expected to grow at the fastest CAGR of 14 percent. In Asia Pacific emerging economies such as China and India, the e-commerce business has been rapidly expanding. As a result of the e-commerce boom, some e-commerce companies are considering expanding into these regional markets. As a result, competition in the e-commerce business has increased, and industry incumbents are attempting to differentiate themselves by reducing the time it takes to deliver products to end-users.



Frequently Asked Questions
Automated Guided Vehicle Market is predicted to grow at 12.87% through forecast period of 2020-2027
By 2027, worth USD 9.8 billion is estimated for the Automated Guided Vehicle Market.
The need for Automation is expanding in the automotive, healthcare, e-commerce, and food and beverage industries due to the overall need for high efficiency.
Seegrid Corporation (US) ,KUKA AG (Germany) ,Hyster-Yale Materials Handling Inc. (the US) ,Jungheinrich AG (Germany) ,Daifuku Co. Ltd (Japan) ,Toyota Industries Corporation (Japan) ,SSI SCHÄFER (US) ,E&K Automation GmbH (Germany) ,Crown Equipment Corporation (US) ,JBT Corporation (US) ,KION GROUP AG (Germany) ,SCOTT (New Zealand) ,Meidensha Corporation (Japan)

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