Global Advanced Automated Guided Vehicle (AGV) Market by Vehicle Types (Unit Load Carrier, Tow Vehicle, Pallet Truck, Hybrid Vehicles, Forklift Truck), Navigation Types (Magnetic Guidance, Laser Guidance, Vision Guidance, Natural Navigation, Inductive Gui

The advanced automated guided vehicle (AGV) market was valued at approximately USD 3Billion in 2019 and is expected to surpass USD 7.5Billion by 2026, expanding at a CAGR of 14.1% during the forecast period 2020-2026. An advanced automated guided vehicle (AGV) is a portable robot that follows along marked long lines or wires on the floor, or uses radio waves, vision cameras, magnets, or lasers for navigation. They are most often used in industrial applications to transport heavy materials around a large industrial building, such as a factory or warehouse. Application of the automatic guided vehicle broadened during the late 20th century. The AGV can tow objects behind them in trailers to which they can autonomously attach. The trailers can be used to move raw materials or finished product. The AGV can also store objects on a bed. The objects can be placed on a set of motorized rollers (conveyor) and then pushed off by reversing them. AGVs are employed in nearly every industry, including pulp, paper, metals, newspaper, and general manufacturing. Transporting materials such as food, linen or medicine in hospitals is also done. The first AGV was brought to market in the 1950s, by Barrett Electronics of Northbrook, Illinois, and at the time it was simply a tow truck that followed a wire in the floor instead of a rail. Out of this technology came a new type of AGV, which follows invisible UV markers on the floor instead of being towed by a chain. The first such system was deployed at the Willis Tower (formerly Sears Tower) in Chicago, Illinois to deliver mail throughout its offices.

Market Trends, Drivers, Restraints, and Opportunities:

• The acceptance of progressive material technology for material handling solutions enhances the strength and load capacity of automatic guided vehicles. The higher load capacity of automated guided vehicles augments the productivity, which is likely to boost the automated guided vehicle market in the forecast period.
• AGVs are programmed with safety & security and are also installed with lasers, cameras, and other sensors that allow them to safely operate within the company, plant, or an industry. Increased safety leads to reduced operational downtime and cost, which is projected to enhance the productivity of many operations. This factor significantly increases the demand for AGVs in the market during the forecast period.
• The huge initial investment and the subsequent maintenance costs has been an aspect that has been restraining the growth of the market. The buyers think twice before they invest in AGVs as it is a huge investment and its maintenance cost is high.
• There is a huge potential for manufacturers in tapping into different regions to grow their business. There is a huge potential for growth in Asia Pacific as it is one of the fastest growing economies. The increase in demand for e-commerce in developing countries like India is predicted to propel the market in the forecast period.

Scope of the Report

The report on the automated guided vehicle market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2020Historic Data2015-2018Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, Middle East and Africa, Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Automated Guided Vehicle Market Segment Insights:

Based on vehicle types, the market is fragmented into unit load carrier, tow vehicle, pallet truck, hybrid vehicles and forklift truck. The unit load carrier segment is anticipated to demonstrate substantial growth over the forecast period. Unit load AGVs are used for delivering pallets, large containers, and roll handling. Also, it provides the ability to schedule the task efficiently by reducing the aisle traffic and product damage. In terms of navigation types, the market has been segmented into magnetic guidance, laser guidance, vision guidance, natural navigation and inductive guidance. The vision guidance segment is expected to witness healthy growth over the forecast period. The need for intelligent and efficient routing is contributing to the increasing adoption of automated vehicles. Advances in computer vision and related software solutions are allowing AGVs to better analyze the environment in real-time. In terms of application types, the market is divided into logistics and warehousing, assembly, packaging, raw material handling and trailer loading and unloading. The logistics and warehousing segment have been further segmented into transportation, distribution, cold storage, wholesale and distribution, and cross-docking. The assembly segment is expected to witness a noticeable growth over the forecast period. Logistics and warehousing firms are trying to boost the efficiency of their operations in-line with the growing demand for their services. These firms are particularly deploying AGV solutions as they can maneuver accurately and efficiently through narrow aisles and compact layouts On the basis of regions, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The European regional market dominated the market in 2019 and is projected to remain the dominating regional market over the forecast period. The growth of the regional market is primarily driven by the increasing demand for material handling equipment by the incumbents of the manufacturing industry. North America and Asia Pacific follows Europe in terms of market share in this market.

Competitive Landscape:

The global automated guided vehicle market is fragmented with presence of various regional and global users. The key industry participants in the market include Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., 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 and Scott. Increasing collaborations and mergers and acquisitions are expected to maximize the environmental and economic benefits for the market players by enabling them to share ideas and enhance their internal skills and technologies. For instance, in August 2019, GreyOrange pte ltd., a global provider in warehouse automation systems, has partnered with eight warehouse solution providers in U.S., namely Avik Services, Bricz, Active Network, LLC, Infosun, S&H SYSTEMS, TREW, Inc., UST GLOBAL INC., and McCombs-Wall, Inc. Engineering. Under this partnership, these supply chain solution providers would help GreyOrange pte ltd. to sell and deploy GreyOrange technology.

The global advanced automated guided vehicle market has been segmented on the basis of

Vehicle Types

• Unit load carrier
• Tow vehicle
• Pallet truck
• Hybrid vehicles
• Forklift truck

Navigation types

• Magnetic guidance
• Laser guidance
• Vision guidance
• Natural navigation
• Inductive guidance

Application Types

• Logistics and warehousing
• Assembly
• Packaging
• Raw material handling
• Trailer loading and unloading

Regions

• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America