Automated Guided Vehicle (AGV) Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3729
Automated Guided Vehicle Market share is poised to witness prolific growth over 2021-2027, owing to the escalating demand for automation in material handling applications across industries. AGVs are guided robotic load carriers or material handling systems, designed to travel throughout distribution centers, manufacturing facilities or warehouses autonomously. These systems do not require an operator or driver on board and are commonly used to tasks that would typically be handled by systems like manual carts, conveyor systems or manual forklifts.
The emergence of sophisticated technologies, like automated guided vehicles, and their use in modern smart factories has contributed greatly to the industry 4.0 business model in recent times. For instance, in 2020, Continental created a state-of-the-art AGV technology to boost its own production efficiency, especially in brake system manufacturing. These aAGVs (autonomous Automated Guided Vehicles) were designed to accommodate loads weighing more than a ton and were hailed by the company as an essential part of its Industry 4.0 strategy.
Based on end-use, the automated guided vehicle market share from retail segment is expected to amass considerable gains by 2027, owing to the growing deployment of autonomous and robotic systems in warehouses and distribution facilities. Interest in retail robotics has surged massively during the pandemic, given the constant evolution of shopping patterns and consumer preferences. Automated guided vehicles, especially, are gaining prominence in the sector, as they can execute complex logistics and distribution functions for retail, including order picking, sortation, as well as goods-to-person order fulfillment.
Regionally, the Europe automated guided vehicle market is projected to depict a commendable growth rate through 2027, as a result of robust demand for material handling automation in manufacturing applications. Audi, for example, placed an order for nearly 14 AGVs from AVT Europe (VINCI Energies Belgium) in December 2020, to minimize forklift traffic at its new Ingolstadt, Germany-based warehouse.
Toyota Industries Corporation (Toyota Group), Bastian Solutions LLC (Toyota Industries), Hyster-Yale Materials Handling (NACCO Industries), Dematic, Oceaneering AGV Systems, JBT Corporation (FMC Technologies), and Daifuku Co. are among the key entities operating in the automated guided vehicle (AGV) market. These players are employing various strategic tactics to maintain their stronghold in the market, from M&As, new product launches, expansions and more.
In December 2020, Toyota Forklift introduced two new models of autonomous warehouse vehicles in collaboration with Toyota Advanced Logistics firm Bastian Solutions. These vehicles are equipped with BlueBotics-powered ANT software, which serves as an operating system for automated guided vehicles and autonomous mobile robots.
Growing Focus on Industrial Automation During COVID-19 Pandemic May Boost Automated Guided Vehicle Market Trends
The ongoing COVID-19 pandemic has brought nearly every global industry into unchartered territory, with workforce unavailability, imposition of lockdowns and facility closures asserting a great impact on manufacturing applications. Owing to the slowdown in production activities across the automotive, F&B, aerospace and other sectors, the adoption of AGVs will have been affected.
AGVs will garner momentum in the manufacturing space post the pandemic era, given their ability to optimize transport, picking and storage od products without the need for intervention from labor crews. This, in turn, could help boost the safety and efficiency of the production facilities, whilst mitigating the need for employees, augmenting automated guided vehicle (AGV) market dynamics over the years ahead.
This market research report on automated guided vehicle (AGV) includes in-depth coverage of the industry with estimates & forecast in terms of revenue from 2021 to 2027 for the following segments:
Market, By Product Type
- Unit Load Carriers
- Towing Vehicles
- Pallet Trucks
- Assembly Line Vehicles
Market, By Navigation Technology
- Heat Map
- Laser Guidance
- Magnetic Guidance
- Vision Guidance
Market, By End-Use
- Food & Beverage
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
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