Automated Guided Vehicles Market is Estimated to Register a Strong CAGR of 16.5% by 2025: Grand View Research Inc.

San Francisco, 9 January 2019: The Report Automated Guided Vehicles (AGV) Market Analysis Report By Type (Tow Vehicle, Unit Load Carrier), By Navigation Technology, By Application (Logistics & Warehousing), By End-use Industry, And Segment Forecasts, 2018 – 2025

The global automated guided vehicles (AGV) market size is expected to reach USD 7.3 billion by 2025, according to a new report by Grand View Research, Inc., registering a 16.5% CAGR over the forecast period. AGVs are transforming the way materials can be moved within manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles can ensure predictable and reliable transfer of raw materials as well as manufactured products from one point to another within the facility, thereby eliminating any potential disruption in production. These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories such as camera vision and LiDAR sensors. These can help in detecting junctions, identifying floor signs, and avoiding collisions with obstacles.

Manufacturing plants and warehouses are increasingly deploying material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are particularly under pressure to boost the efficiency of their operations in line with growing demand for their services. They are hence heavily investing in such equipment. Increasing demand for material handling equipment is expected to boost the AGV market over the forecast period.

The market is witnessing a progressive switch from lead-acid batteries to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid variants. They tend to be lighter and compact. Moreover, they can charge faster, offer longer runtimes, and support more charge cycles. Hence, they are considered to be ideal for AGVs, as they need not be charged frequently during operating shifts or in 24×7 operating environments. AGVs running on lithium-ion batteries can also offer higher round-trip efficiencies.

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Further key findings from the report suggest:

  • Adoption of material handling equipment and automation solutions is growing significantly across several industries
  • Rising adoption of AGVs by the automotive as well as automotive supply industry to move intermediate products within facilities is expected to drive the AGVs market
  • The manufacturing industry is increasingly adopting AGVs in order to save on labor costs. While AGVs can operate on a 24×7 basis, costs associated with their procurement and maintenance tend to be lesser than costs incurred on salaries and employee benefits
  • The logistics and warehousing segment is the largest user of AGVs and generated the highest revenue in 2017. It is expected to retain its dominance over the forecast period
  • Europe dominated the global AGVs market in 2017. Asia Pacific is projected to exhibit the highest CAGR of 17.6% from 2018 to 2025
  • Key players in the market include Swisslog Holding Ltd.; Egemin Automation Inc.; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Corp.; JBT Corporation; Seegrid Corporation; Toyota Industries Corporation; Hyster-Yale Group, Inc.; Balyo Inc.; EK Automation; Kollmorgen; KMH Systems, Inc.; Elettric80 SpA; Fetch Robotics, Inc.; inVia Robotics, Inc.; Locus Robotics; Schaefer Systems International, Inc.; System Logistics Spa; and Transbotics.

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Grand View Research has segmented the global automated guided vehicles (AGV) market by type, navigation technology, application, end-use industry, and region:

Automated Guided Vehicles Type Outlook (Revenue, USD Million, 2014 – 2025)

  • Tow Vehicle
  • Unit Load Carrier
  • Pallet Truck
  • Forklift Truck
  • Hybrid Vehicles
  • Others

Automated Guided Vehicles Navigation Technology Outlook (Revenue, USD Million, 2014 – 2025)

  • Laser Guidance
  • Magnetic Guidance
  • Vision Guidance
  • Inductive Guidance
  • Natural Navigation
  • Others

Automated Guided Vehicles Application Outlook (Revenue, USD Million, 2014 – 2025)

  • Logistics and Warehousing
  • Assembly
  • Packaging
  • Trailer Loading and Unloading
  • Raw Material Handling
  • Others

Automated Guided Vehicles End-use Industry Outlook (Revenue, USD Million, 2014 – 2025)

  • Manufacturing Sector
  • Wholesale and Distribution Sector

Automated Guided Vehicles Regional Outlook (Revenue, USD Million,2014 – 2025)

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa (MEA)

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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