Automated Guided Vehicle Market Analysis Report By Vehicle Type, By Navigation Technology, By Application, By End-use Industry, By Component, By Battery Type, By Region And Segment Forecasts From 2021 To 2028

Synopsis

Regarding the report published, the global automated guided vehicle market was prized by USD 3.39 billion in 2020. It is estimated to witness a 13.0% CAGR from 2021 to 2028.

Drivers

The Automated Guided Vehicle (AGV) arrangement helps in transportation as well as shifting of the substances in distribution centers, manufacturing amenities plus storehouses. It tracks configurable directed pathways, meant for the optimization of the transportation, storage, and picking purposes, within the surroundings of the best place.

On account of the numerous benefits, like, augmented output, decreased labor expenses, decreased damages of the manufactured goods, and to maintain automation procedure, AGVs are tremendously accepted.

These distinguished advantages are cheering the logistics and transportation companies to install the automated guided vehicles to increase the effectiveness of their business. Conversely, it is boosting the market for the automated guided vehicle.

Effect of Covid-19

The eruption of the Covid-19 pandemic has generated financial disorder for approximately every business on the international stage. Since the various governments the world imposes countrywide lockdown, to restrain the spread of the disease, several businesses have experienced or are undergoing losses, because of a deficit in production. The pandemic has caused a huge fall-off in revenue as well as profits for the manufacturing business. The pandemic has fetched several openings for the international AGV market since it assists industries in carrying on their manufacturing process.

In India, a group of new graduates, along with the scholars of technology, has developed the automated guided vehicle, used for the Covid-19 hospital building block of the Karnataka Institute of Medical Sciences (KIMS), in October 2020. ‘Pradhaaya’ is the given name of this AGV. It travels on a selected pathway for contactless deliverance of foodstuff to the Covid-19 patients.

Moreover, IIT Kharagpur’s student exploration group, in India, has developed a low-priced AI-prepared cyber-physical automated guided vehicle, designed for the checking of social distance in community spaces, in June 2020.

Component Insight

In 2020, the hardware section held more than 70.0% revenue share and led the automated guided vehicle market. The enlargement can be credited to the progressively more arranged two-way robots, designed to decrease individual efforts as well as the substitution for recurring responsibilities in the distribution or the manufacturing amenities. The service segment is projected to nurture by the highest 14.6% CAGR, during the forecast period.

End-Use Industry Insight

The manufacturing sector held more than 75.0% revenue share and led the AGV market in 2020. The manufacturing business is, furthermore, subdivided into FMCG, chemicals, electronics, defense & aerospace, tissue, plastics, pharmaceuticals, automobiles, and others.

The wholesale and distribution division is anticipated to record the highest 15.2% CAGR, during the period of the forecast. Besides, the wholesale and distribution division is additionally subdivided into restaurants & hotels, grocery stores, conveyance stores, retail chains, and e-commerce.

The rising acceptance of automated guided vehicles, through a variety of businesses, can be credited to the benefits, presented by the automated guided vehicles, under the conditions of accurateness, efficiency and security.

Application Insight

The logistics and warehousing division held more than 40.0% revenue share and dominated the automated guided vehicle market, in 2020. The assembly section is likely to increase by the highest 16.2% CAGR, for the period of the forecast. The logistics and warehousing sector is furthermore subdivided into cross-docking, cold storage, transportation, wholesale & distribution, and cold storage.

Navigation Technology Insight

The laser guidance sector held more than 35.0% revenue share and led the market, in 2020. The natural navigation sector is likely to enlarge by the highest 21.0% CAGR, during the forecast period. The vision guidance sector is anticipated to observe a strong development for the period of the forecast.

Battery Type Insight

The lead battery sector held more than 60.0% revenue share and led the automated guided vehicle market, in 2020. Due to their low down prices, these batteries possess advantages above other battery categories. In addition, it presents extended service life, superior reversibility, as well as steady voltage and is appropriate for an extensive variety of uses. The lithium-ion battery division is anticipated to increase by the highest 19.2% CAGR, during the forecast period.

The market is witnessing a gradual transformation from lead-acid batteries to lithium-ion batteries. Lithium-ion batteries possess greater prices, in contrast to a lead-acid battery. Lithium-ion batteries sustain the cycles of high-power discharge and charge.

Moreover, it comes across dissimilar industrial circumstances of the consumer requirements, together with outstanding performance at high temperature, greater concentration of energy plus the extended life cycle. These returns of lithium-ion batteries are expected to promote the manufacturing companies of AGV to accept lithium-ion batteries for their vehicles.

Vehicle Type Insight

The tow vehicle section held more than 40.0% revenue share and led the market, in 2020. The unit load carrier sector is anticipated to develop by the highest 15.3% CAGR, during the forecast period. The unit load carrier sector is expected to exhibit sizeable enlargement, during the forecast period.

Unit load AGVs are utilized for transporting the big containers, and pallets. Moreover, it offers the capability of professional arrangement of the jobs, using dropping the gangway travel as well as generation of damages.

Regional Insight

In 2020, Europe held more than 30.0% revenue share and led the global AGV market. Moreover, Europe is likely to stay the leading local market for the period of the forecast. The growing order for the material handling equipment by the manufacturing companies is mainly driving the progress of the local market. Besides, the mechanization in each subdivision has, furthermore, increased the enlargement of the local market.

Asia Pacific is estimated to increase by the highest, 14.1% CAGR, during the forecast period. The e-commerce industry is significantly rising in budding markets of the Asia Pacific, like India and China. Such type of growth in the e-commerce business is promoting several e-commerce companies, to think about an incursion into these local markets.

The arrangement of the automated guided vehicle in storehouses is serving e-commerce companies, in mechanizing the intralogistics responsibilities, similar to palletizing, sorting, and picking, thus increasing the effectiveness.

Companies

Rising partnerships and mergers & acquisitions are anticipated to make the best use of the ecological as well as financially viable benefits for the contestants of the market, using allowing them to communicate thoughts and improve their in-house equipment and skills.

Some of the companies for the automated guided vehicle market are:

    • Scott
    • Schaefer Systems International, Inc.
    • In Via Robotics, Inc.
    • ELETTRIC80 S.P.A.
    • Kollmorgen
    • BALYO
    • TOYOTA INDUSTRIES CORPORATION
    • JBT
    • Daifuku Co., Ltd.
    • Swiss log Holding AG
    • System Logistics Spa
    • Locus Robotics
    • Fetch Robotics, Inc.
    • KMH Fleet Solutions
    • E&K Automation GmbH
    • Hyster-Yale Materials Handling, Inc.
    • See grid Corporation
    • Dematic
    • Bastian Solutions, Inc.

Report Scope

Segments Covered in the Report

This report provides forecasts for revenue growth at the global, regional, and country levels and analyses of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Million Insights has segmented the global automated guided vehicle market report based on vehicle type, navigation technology, application, end-use industry, component, battery type, and region:

• Vehicle Type Outlook (Revenue, USD Million, 2017 - 2028)
    • Tow Vehicle
    • Unit Load Carrier
    • Pallet Truck
    • Forklift Truck
    • Hybrid Vehicles
    • Others

• Navigation Technology Outlook (Revenue, USD Million, 2017 - 2028)
    • Laser Guidance
    • Magnetic Guidance
    • Vision Guidance
    • Inductive Guidance
    • Natural Navigation
    • Others

• Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Logistics and Warehousing
        • Transportation
        • Cold Storage
        • Wholesale & Distribution
        • Cross-docking
    • Assembly
    • Packaging
    • Trailer Loading and Unloading
    • Raw Material Handling
    • Others

• End-use Industry Outlook (Revenue, USD Million, 2017 - 2028)
    • 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

• Component Outlook (Revenue, USD Million, 2017 - 2028)
    • Hardware
    • Software
    • Service

• Battery Type Outlook (Revenue, USD Million, 2017 - 2028)
    • Lead Battery
    • Lithium-ion Battery
    • Nickel-based Battery
    • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
    • The Asia Pacific
        • China
        • Japan
        • India
        • Australia
        • South Korea
    • South America
        • Brazil
    • Middle East and Africa (MEA)