Automated guided vehicles or AGVs are driverless vehicles that transport materials within facilities through automated guidance systems. They enhance operational efficiency by transporting materials faster and accurately compared to traditional forklifts. AGVs improve productivity by minimizing manual labor, reducing accidents, and allowing 24/7 operations. They are equipped with advanced navigation technologies such as magnetic tape guidance, laser guidance, indoor GPS, and vision guidance to move loads accurately.
The global Automated Guided Vehicle Market is estimated to be valued at US$ 2,100 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased warehouse operational efficiency is one of the major trends driving the growth of the automated guided vehicle market. AGVs help in streamlining workflows and optimizing operations by automating material transportation within warehouses and facilities. They enable tracking loads in real-time through integrated technologies which helps optimize routes and improve turnaround times. AGVs also eliminate unsafe conditions for workers by removing the need to operate manual forklifts in busy work environments. Their use allows expanding facility floors without increasing labor requirements, leading to higher functional workspace and vaulting return on investments for end-use industries.
The global automated guided vehicle market is dominated by unit load carriers sub segment. This sub segment held around 45% share of the overall market in 2022. Unit load carriers are used extensively in logistic and e-commerce industries for transportation of pallets within warehouses. Their ability to efficiently transport pallets with high payloads acts as a key factor for their wide adoption in different industries.
The global automated guided vehicle market is expected to witness high growth over the forecast period. Growing e-commerce industry and focus of manufacturers towards warehouse automation are fueling the demand for AGVs. The global Automated Guided Vehicle Market is estimated to be valued at US$ 2,100 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024-2030.
The North America region currently dominates the automated guided vehicle market and is expected to maintain its dominance during the forecast period. Rapid growth of third-party logistics and focus of industries towards warehouse automation are driving the regional market. Europe is projected to be the fastest growing regional market for automated guided vehicles between 2023-2030. This can be attributed to presence of major automotive manufacturers and focus of European Union towards factory automation. Germany and UK hold major share of Europe AGVs market owing to large presence of automobile OEMs and chemical industries in these countries.
Key players related content comprises
Key players operating in the automated guided vehicle market are JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIAL EQUIPMENT and Hyster-Yale Materials Handling. JBT is one of the leading player in unit load carrier AGVs. While KION GROUP provides forklift trucks and warehouse equipment including tractors AGVs. KUKA is a pioneer AGVs manufacturer providing solutions for various applications.
- Source: Coherent Market Insights, Public sources, Desk research
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