Automatic Guided Vehicle (AGV) Market Size Is Projected to Reach $5.5 Billion by 2027 | CAGR: 10.3%: Astute Analytica
NEW DELHI, Aug. 19, 2021 /PRNewswire/ -- As per the report, Automatic Guided Vehicle (AGV) Market published by Astute Analytica, the market for AGV round the globe is expected to reach US$5.5 Billion over the forecast period 2021-2027. The market is growing at the CAGR of 10.3% during the forecast period 2021-2027.
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An Automated Guided Vehicle (AGV) is a mobile robot that navigates using a variety of navigation technologies such as long lines or cables on the floor, radio waves, magnets, vision cameras, or lasers. AGVs provide various benefits to the manufacturing and distribution industries, including lower operational costs, improved worker safety, and shorter production times. AGV systems help move and carry products in industrial plants, warehouses, and distribution centers without the necessity of a fixed conveying system or manual intervention. It follows adjustable guide lines to optimize storage, picking, and transportation tasks in a premium space environment. AGVs are widely used due to various advantages, such as lower labor costs, less product damage, higher productivity, and the ability to support automation operations extensively.
The demand for automation is growing in the automotive, healthcare, e-commerce, and food and beverage industries due to the overall requirement for high efficiency. AGV-enabled industrial facility automation can help to meet material handling capacity requirements while saving production time and reducing the risk of human error, among other things. Also, growth in urbanization, along with a significant increase in industrial production, are likely to generate attractive growth opportunities for automated guided vehicle producers. AGVs are programmed with safety and security features, as well as lasers, cameras, and other sensors, allowing them to function safely within a firm, facility, or industry. Increased safety leads to less operational downtime and cost, which is expected to boost many operations' productivity. As a result, this aspect has a substantial impact on the demand for automated guided vehicles. However, the installation of automated guided vehicles necessitates a significant capital investment. Manufacturing firms requires significant amount of investment in high-end AGVs. Small enterprises are also unable to purchase automated solutions, forcing them to rely on traditional/ manual forklift trucks.
Integration of robotics in industry 4.0 generates profitable opportunities in the market
Over the projected period, the growing trend of digitalization, automation, and robotics, as well as the usage of AI and big data analysis in manufacturing processes, will fuel the expansion of the AGV market. The market is benefited from aggressive government investments supporting the implementation of Industrial Internet of Things (IIoT) solutions, as well as increased penetration of machine learning technology in industrial automation with the help of industry 4.0. According to International Data Corporation (IDC), Canada's IoT spending valued at USD 6.5 billion in 2018, up from USD 2.8 billion in 2013. Manufacturing and industrial products have also played an important role in the Canadian economy for a long time. Industry 4.0 and digital transformation provide the biggest opportunity for Canadian businesses to generate breakthrough goods while also giving a route forward in a rapidly changing digital world.
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Europe Automated Guided Vehicle (AGV) Industry: Top-tier region in the global market
North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America make up the global market. Due to the increasing demand for material handling equipment by various manufacturing and retail industries, Europe is expected to have the highest share of the worldwide AGV market in the year 2020, with a share of around 37.3 percent. The rise of the retail business is mostly fueled by rising e-commerce demand, particularly for automated warehousing solutions. According to the e-commerce Europe study, online sales in the region grew by 13% in 2019. As a result of these advancements, market suppliers are progressively implementing automation. ThyssenKrupp's material handling division, for example, is to invest more than $82.5 million in its European warehouse and logistics network.
The rapid rise of the automotive, e-commerce, food & beverage, and healthcare industries in rising economies such as China, India, and South Korea has aided the growth of the AGV market in APAC, which is expected to grow at a CAGR of 12.1% over the projected period. With increased production activity in countries such as India, Indonesia, Singapore, and Malaysia, the leading companies' significant investment share have started to flow into these nations. India is attracting foreign investment as a result of initiatives like "Make in India". Indonesia and Malaysia are also emerging as leading automotive manufacturers in Southeast Asia, due to low labor costs and rising domestic demand.
Competitive Landscape
Balyo, Bastian Solutions, Inc., Daifuku Co., Ltd., Dematic, E&K Automation Gmbh, Fetch Robotics, Inc., Invia Robotics, Inc., Kmh Fleet Solutions, Kollmorgen, Locus Robotics, Schaefer Systems International, Inc., Scott, and others are among the major firms profiled in the research. The increase in number of participants and their contribution to the market acted as economic pillars to support the growing market. Furthermore, companies are involving consumers in their innovation and expansion efforts, ensuring that they remain competitive among the top companies. New product development, agreements, partnerships, expansions, mergers, and acquisitions are some major strategies used by market players. For instance, to establish an integrated fulfilment solution, Fetch Robotics collaborated with VARGO, a producer and distributor of material-handling systems integration, warehouse execution software, and equipment solutions for major fulfilment and distribution centers. Another player, Hyster-Yale Materials Handling introduced a new 7- to 9-ton lithium-ion battery electric counterbalanced truck for the global market in 2020, featuring both economy and premium performance options. As a result of releasing another AGV product to the market, it has strengthened its position in the AGV market.
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Segment Outline
Market size analysis based on revenue and volume distribution in several categories are included in the report's market segments. Magnetic guidance under navigation technology, for example, is expected to rise at a CAGR of 11.6 percent during the forecast period, while laser guidance is expected to have a market share of more than 45 percent in 2020.
Similarly, among all applications, logistics and warehousing dominated the market with around 55 percent share in 2020, while the raw material handling segment is expected to develop at the fastest CAGR of 12.8 percent over the forecast period.
The report provides a thorough analysis of Automatic Guided Vehicles (AGV) Market – Industry Dynamics, Market Size and Opportunity Forecast to 2027, based on the following:
By Product Type
- Tow-Vehicles
- Unit Load Carriers
- Pallet Trucks
- Assembly Line Vehicles
- Forklift Vehicles
- Others
By Battery Type
- Lithium-Ion Battery
- Nickel-based Battery
- Others
By Navigation Technology
- Laser Guidance
- Magnetic Guidance
- Inductive Guidance
- Optical Tape Guidance
- Vision Guidance
- Others
By Application
- Logistics and Warehousing
- Transportation
- Cold Storage
- Wholesale & Distribution
- Others
- Assembly
- Packaging
- Trailer Loading and Unloading
- Raw Material Handling
- Others
By End-User Industry
- Manufacturing Sector
- Automotive
- Electronics
- Pharmaceuticals
- FMCG
- Others
- Wholesale and Distribution Sector
- E-commerce
- Retail Chains/Conveyance Stores
- Grocery Stores
- Hotels and Restaurants
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
Find more research reports on Industrial and Heavy machinery Industry by Astute Analytica
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About Astute Analytica
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