Automated Guided Vehicle Market To Reach $9.18 Billion By 2030

Automated Guided Vehicle Market Growth & Trends

The global automated guided vehicle market size is expected to reach USD 9.18 billion by 2030, registering a CAGR of 9.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Automated guided vehicles (AGVs) have transformed the way materials can be moved within the manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles ensure a predictable and reliable transfer of raw materials and manufactured products from one point to another within the facility, thereby eliminating any potential disruption in production.

These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, which help detect junctions, identify floor signs, and avoid collisions with any obstacle. For instance, in November 2021, Quanergy Systems, Inc., a U.S.-based company that offers an AI-powered LiDAR platform, launched the new M1 Edge 2D LiDAR sensors for automation. The newly launched LiDAR sensor is light in weight, broad 360°, with a sensing capability of up to 200 meters used in mobile robotics, AGVs, warehouse logistics applications, and port automation.

Several manufacturing plants and warehouses deploy material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on deploying such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in March 2023, MasterMover Ltd, a prominent manufacturer of electric tug and tow solutions, announced a collaboration with BlueBotics, a navigation, robotics, and industrial automation company.

The partnership intends to offer best-in-class Autonomous Navigation Technology (ANT) technologies for MasterMover's range of AGVs. In February 2021, Scott (Transbotics Corporation), a prominent solution provider for AGVs, partnered with KUKA AG, a German manufacturer of robots, to coordinate the industrial robots of KUKA AG into material handling systems. Further, these robots would also benefit the warehouse team in assembling, packaging, welding, storing, and shipping. Also, material handling solutions are used to increase transportation efficiency, decrease physical damage to the material, and reduce overheads by limiting the number of employees.   

The AGV market is witnessing a progressive switch from lead-acid to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and more compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies. For instance, in March 2021, Nissan Motor Co., Ltd, a global manufacturer of automobiles, buses, and trucks, stated that they use lithium-ion batteries to power their automated guided vehicles, which no longer need a worker to remove the battery and plug them in it charges faster. These batteries let AGVs last longer and bring significant innovations to their warehouse.

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Automated Guided Vehicle Market Report Highlights

• The unit load carrier segment is expected to grow at the fastest CAGR from 2024 to 2030 owing to its ability to handle multiple items simultaneously, reducing the number of trips required and, potentially, handling costs

• The natural navigation segment is expected to register the fastest CAGR over the forecast period as it enables businesses to easily modify and expand the guide path of the AGV

• The assembly segment is expected to grow at the fastest CAGR over the forecast period as assembly line AGV are replacing traditional mechanical production lines

• The manufacturing segment dominated the market in 2023 and accounted for a revenue share of over 76%. The growing adoption of automated guided vehicles across various industries can be attributed to the benefits offered by AGVs in terms of productivity, safety, and accuracy

• The service segment is predicted to foresee significant growth in the coming years. This growth can be attributed to the rising demand for various services, which include preventive and corrective maintenance, vehicle and software health check, and training employees directly or indirectly with the operation of AGVs

• The AGV market in Europe is expected to witness significant growth over the forecast period. Rising investments in the manufacturing sector's technological advancement are expected to improve the AGV market in Europe

Automated Guided Vehicle Market Segmentation

Grand View Research has segmented the global automated guided vehicle market on the basis of on vehicle type, navigation technology, application, end-use industry, component, battery type, mode of operation, and region:

Automated Guided Vehicle Type Outlook (Revenue, USD Million, 2017 - 2030)

• Tow Vehicle

• Unit Load Carrier

• Pallet Truck

• Forklift Truck

• Hybrid Vehicles

• Others

Automated Guided Vehicle Navigation Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Laser Guidance

• Magnetic Guidance

• Vision Guidance

• Inductive Guidance

• Natural Navigation

• Others

Automated Guided Vehicle Application Outlook (Revenue, USD Million, 2017 - 2030)

• Logistics and Warehousing

  • Transportation

  • Cold Storage

  • Wholesale & Distribution

  • Cross-docking

• Assembly

• Packaging

• Trailer Loading and Unloading

• Raw Material Handling

• Others

Automated Guided Vehicle End-use Industry Outlook (Revenue, USD Million, 2017 - 2030)

• Manufacturing Sector

  • Automotive

  • Aerospace

  • Electronics

  • Chemical

  • Pharmaceuticals

  • Plastics

  • Defense

  • FMCG

  • Tissue

  • Others

• Wholesale and Distribution Sector

  • E-commerce

  • Retail Chains/Conveyance Stores

  • Grocery Stores

  • Hotels and Restaurants

Automated Guided Vehicle Component Outlook (Revenue, USD Million, 2017 - 2030)

• Hardware

• Software

• Service

Automated Guided Vehicle Battery Type Outlook (Revenue, USD Million, 2017 - 2030)

• Lead Battery 

• Lithium-Ion Battery

• Nickel-based Battery 

• Others

Automated Guided Vehicle Mode of Operation Outlook (Revenue, USD Million, 2017 - 2030)

• Indoor

• Outdoor

Automated Guided Vehicle Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East and Africa (MEA)

  • Kingdom of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of Key Players in the Automated Guided Vehicle Market

• Swisslog Holding AG

• Egemin Automation Inc.

• Bastian Solutions, Inc.

• Daifuku Co., Ltd.

• Dematic

• JBT

• Seegrid Corporation

• TOYOTA INDUSTRIES CORPORATION

• Hyster-Yale Materials Handling, Inc.

• BALYO

• E&K Automation GmbH

• Kollmorgen

• KMH Fleet Solutions

• ELETTRIC80 S.P.A.

• Fetch Robotics, Inc.

• inVia Robotics, Inc.

• Locus Robotics

• Schaefer Systems International, Inc.

• System Logistics Spa

• Transbotics (A division of Scott Systems International Incorporated)