DELRAY BEACH, Fla., Nov. 27, 2024 /PRNewswire/ -- The global automated guided vehicle market is expected to grow from USD 2.56 billion in 2024 to USD 3.78 billion in 2029, with a CAGR of approximately 8.1% according to a new report by MarketsandMarkets. The market's growth is fueled by the increasing shift towards digital transformation and the adoption of automation technologies in diverse sectors. Enhanced safety standards and the need to minimize human errors in material handling are key factors contributing to the rising demand for AGVs. Additionally, the integration of advanced software solutions ensures greater precision and efficiency, further boosting market adoption. AGVs are becoming critical components in streamlining operations and maintaining competitiveness in rapidly evolving industries.
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Automated Guided Vehicle (AGV) Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 2.56 billion |
Estimated Value by 2029 | $ 3.78 billion |
Growth Rate | Poised to grow at a CAGR of 8.1% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Navigation Technology, Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Maintenance Challenges and Downtime in AGV Operations |
Key Market Opportunities | Enhanced AGV Capabilities through Technological Integration |
Key Market Drivers | Rising Demand in E-commerce Drives Automated Guided Vehicle (AGV) Adoption for Efficient Order Fulfillment |
Unit load carriers are expected hold a significant share in the Automated Guided Vehicle market during the forecast period.
Unit load carriers are highly sought as they help to transport large and heavy loads efficiently and hence are found mostly in manufacturing, warehousing, and logistics industries. The broad applicability and scalability of unit load carriers make them a sought-after business solution for material handling optimization. Unit load carriers can easily be integrated with existing systems. Their automation ensures reduced labor costs and increased productivity. Increasingly, industries are looking at enhancing operational efficiency and minimizing human error. Unit load carriers will always be in demand as its industry grows. Developing navigation technologies, battery life, and safety features have further enhanced the reliability of these vehicles, thus making them a key player in the AGV market. Strong demand for streamlined and automated material transport solutions creates a healthy growth opportunity for unit load carriers over the review period.
Vision-guided Automated Guided Vehicles (AGVs) to witness substantially high CAGR during the forecast period.
These AGVs use advanced vision systems to navigate and understand their surroundings using cameras and image processing algorithms with high accuracy. This system provides flexibility and adaptability in high dynamic environments. Vision guidance provides advantages in complex scenarios where other navigation techniques, like magnetic or laser, may fail to deliver precise information. An increasing requirement of intelligent and autonomous solutions in industries such as manufacturing, logistics, and warehousing across the globe will continue to drive high adoption rates of vision-guided AGVs in the market and drive tremendous growth in it.
The automotive industry is expected to hold a significant market share in the automated guided vehicle market during the projected period.
The growth of automotive industry is driven mainly by the increased demand for automation and effective material handling solutions in manufacturing plants. The growing demand for improved operational efficiency, reductions in labor costs, and safety measures is pushing up the adoption of AGVs within the automotive industry. Other factors that are increasing AGV popularity in automotive applications are improvements in AGV technologies, such as Al-driven navigation systems and autonomous vehicles. The sector also benefits from stricter regulations aimed at workplace safety and operational efficiency, speeding up AGVs' use in production lines in the automobile industry.
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The Asia Pacific automated guided vehicle market is anticipated to experience the highest CAGR during the forecast period.
The Asia Pacific Automated Guided Vehicle (AGV) industry is expected to witness the highest CAGR during the forecast period, due to rapid industrialization and urbanization in countries such as China, India, and Japan. There is a huge demand for automation in manufacturing, warehousing, and logistics. Government initiatives that support automation and smart manufacturing technologies will propel the adoption of AGVs. Growing needs for efficient material handling with advancements in AGV technology, such as the integration of Al and better navigation systems, are likely to drive market development. Strong applications of cost-effectiveness and practical efficiency will help the APAC region significantly grow.
Major companies operating in the automated guided vehicle companies include Daifuku Co., Ltd. (Japan), JBT (US), KION Group AG (Germany), Toyota Industries Corporation (Japan), and KUKA AG (Germany).
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