Automated Guided Vehicle Market to Reach USD 3.72 billion at 9.3% CAGR from 2021 to 2028 Backed by Growing Import-Export Activities in North America: Fortune Business Insights™

Monday, January 10, 2022 at 9:56am UTC

Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) -- The global automated guided vehicle market size is expected to reach USD 3.72 billion by 2028, exhibiting a CAGR of 9.3% between 2021 and 2028. Fortune Business Insights™, in its latest report, titled Automated Guided Vehicle Market, 2021-2028.”, states that the market was worth USD 1.83 billion in 2020 and USD 2.00 billion in 2021. Aspects such as the growing e-commerce sector and the rising emphasis on refining the manufacturing competence is projected to thrust the product’s implementation across the world.    

COVID-19 Impact

COVID-19 to Delay Prospects for AGV Adoption over Short Term  

The influence on the market has been comparatively limited. In the short term, impact majorly lies in supply chain obstacles and trouble in refining production owing to the lack of traffic constraints and personnel mobility. The massiveness of these commotions upsurges as the time to retrieval lengthens. AGVs implementation was previously on an elevation before the spread of coronavirus, which in short has observed a comparative drop in the demand.

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Market Segmentation

On the basis of type, the market is segregated into automated forklift trucks, tow vehicles, assembly line vehicles, underride/tunneling vehicles, and others. The tow vehicles segment held a global automated guided vehicle market share of about 17.2% in 2020 and is projected to showcase exponential growth during the forecast period.

In terms of navigation technology, the market is divided into laser-guided, magnetic guided, vision guided, and others.

On the basis of application, the market is branched into transportation & distribution, storage & assembly, and packaging.  

By industry, the market is classified into automotive, food & beverage, e-commerce, and others.

Geographically, the market is fragmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe.

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Report Scope and Segmentation:

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 9.3 %
2028 Value Projection USD 3.72 Billion
Base Year 2020
Market Size in 2020 USD 1.83 Billion
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered By Type, By Application, By Industry, By Region

Growth Drivers Focus on Increasing Production Efficiency to Boost Market Growth
Increasing Automation in Material Handling Process to Favor Growth
COVID-19 to Slow Down Opportunities for Adoption of AGVs
Pitfalls & Challenges High Initial Investment Required for Setup to Hinder Market Growth

Report Coverage

  • It highlights the latest industry developments and key market trends.
  • It advises strategies to overcome the challenges and restraints to market growth.
  • It incorporates SWOT analysis for accurate market prediction.
  • It includes the list of key players profiled in the market.
  • It highlights key revenue pockets for the market.

Driving Factors

Surging E-commerce Sector to Propel Market Growth

The COVID-19 pandemic has resulted in the initiation of digitization as several businesses are desiring the digital route to safeguard the endurance of their businesses. As the lockdown constraints inflicted by government agencies across the globe, limit the mobility of humans, the online medium has attained traction. A number of people are preferring online to purchase goods and commodities. This is projected to contribute to the global automated guided vehicle market growth during the forecast period.

Regional Analysis

North America to Dominate Led by Surging International Trade in the U.S.

North America held the maximum automated guided vehicle market shares and is anticipated to lead the market in the upcoming years. This is attributable to the rising number of import and export activities in nations such as the U.S.

Asia Pacific is estimated to experience substantial growth backed by the quick-paced growth of e-commerce in countries such as India, China, and Japan that will thrust the acceptance of advanced automated guided vehicles in the region between 2021 and 2028.

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Competitive Landscape

Key Players Focus on Acquisition Strategies to Maintain Their Market Positions

The market is witnessing intense competition between the industry players. The major companies are focusing on procuring other smaller companies to expand their AGV portfolio and further preserving their existence. Furthermore, other key players are adopting novel and positive tactics to attain a competitive benefit over their competitors that is set to work in favor of the growth of the market in the upcoming years.

Industry Development

February 2021: SafeLog unveiled robots for warehouses, which can function self-sufficiently as well as in group. Additionally, the company also provides altered AGV solutions, which do not necessitate control station connection. The company’s SafeLog AGV L1 can lift loads up to 1,500 kg.

List of the Companies Profiled in the Market Report:

  • Oceaneering International Inc. (U.S.)
  • Toyota Advanced Logistics (Japan)
  • Daifuku Co., Ltd. (Japan)
  • KION GROUP AG (Germany)
  • Hyster-Yale Materials Handling, Inc., (U.S.)
  • JBT (U.S.)
  • Mitsubishi Caterpillar Forklift America Inc. (U.S.)
  • Crown Equipment Corporation (U.S.)
  • Seegrid Corporation (U.S.)
  • E&K Automation GmbH (Germany)
  • HIT Robot Group (China)
  • Kollmorgen (U.S.)
  • AGVE Group (U.S.)
  • ELETTRIC80 S.P.A. (Italy)
  • SI Systems, LLC. (U.S.)
  • Scott (Switzerland)
  • Heartland Automation LLC (U.S.)
  • Swisslog Holding AG (Switzerland)

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Table of Content

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Forces Analysis
    • Government Rules & Regulations
    • Global Automated Guided Vehicle Market Share Analysis and Matrix, 2020
  • Key Market Insights and Strategic Recommendations
  • Profiles of Key Players (Would be provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Primary Interview Responses
  • Annexure / Appendix
    • Global Automated Guided Vehicle Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (Value)
        • Tow Vehicles
        • Automated Forklift Trucks
        • Underride/ Tunneling Vehicles
        • Assembly Line Vehicles
        • Others (Unit Load Carriers, etc.)
      • By Navigation Technology (Value)
        • Laser Guided
        • Magnetic Guided
        • Vision Guided
        • Others (Wire Guided, etc.)
      • By Application (Value)
        • Transportation & Distribution
        • Storage & Assembly
        • Packaging
      • By Industry (Value)
        • Automotive
        • Food & Beverage
        • E-commerce
        • Others (Healthcare, etc.)
      • By Region (Value)
        • North America
        • Latin America
        • Europe
        • Middle East & Africa
        • Asia Pacific

TOC Continued.

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