The global automated guided vehicle market is growing a CAGR of 33.3% over the forecast period (2021-2027) and was worth USD 2.56 billion in 2020 and is projected to reach USD 18.14 billion by 2027.
Automated guided vehicle (AGV) is an automated transport system for safe transport of all material and products without any human restriction to adopt the increasing essential of automation in material handling. Enhanced safety standards at workplaces and mounting requirement for automation in material handling throughout industries are some of the factors driving the growth of the global automated guided vehicle market. Different types of AGV contributed to the automated guided vehicle market size. The market has witnessed high demand for tow vehicle in the coming years as it can shift heavy loads with various trailers and without any manual interface.
Enhanced safety standards at workplaces, mounting requirement for automation in material handling throughout industries, free from human error, and mounting production owing to enhanced supply chain processes and are the primary growth drivers for automated guided vehicle market.
In addition, evolving e-commerce industry is also driving the growth of the market. For instance, mounting attractiveness of online shopping is the significant feature advancing the progress of the e-commerce industry.
Acceptance of industrial automation by small and medium-sized enterprises, mounting investment in automation sector and integration of fourth industrial revolution with automation solutions are also facilitating the growth for the automated guided vehicle market.
Low labor cost in emerging countries, high switching, installation, and maintenance costs are the major challenges for the growth of automated guided vehicle market. In addition, initial price complication of AGVs and real-time technical disputes are also hindering the growth of the market.
Globally industry players are leveraging market growth through launching new products. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, Europe is the largest automated guided vehicle market due to competitive verge by easing the effectual management of overall warehousing operations. High labor cost, speedy acceptance of automation, mounting need and benefits offered by AGV and mounting need for material handling equipment are also up surging growth of the European automated guided vehicle market.
In addition, Asia-Pacific is observed to witness fastest growth in the market due to rapidly budding e-commerce industry, In addition, several strategic installations of AVGs in India and China, need to ensure safety at workplace, mounting investment in automation sector and growing manufacturing sector are also some of the factors driving ample opportunities for the Asia-Pacific automated guided vehicle market.
Key players in the automated guided vehicle market are catering the demand by investing on technologically advanced AGVs across the globe. In January 2018, KION Group signed a strategic partnership with EP Equipment, a Chinese manufacturer, for entry-level, light-duty warehouse equipment. Daifuku, Kuka, KION Group, Hyster-Yale Materials Handling, JBT Corporation, Seegrid Corporation, SSI Schafer, Toyota Industries, EK Automation and Kollmorgen are the key players offering automated guided vehicle.
Global Automated Guided Vehicle Market Coverage
Type Insight and Forecast 2015-2027
Navigation Technology Insight and Forecast 2015-2027
Industry Insight and Forecast 2015-2027
Battery Type Insight and Forecast 2015-2027
Application Insight and Forecast 2015-2027
Global Automated Guided Vehicle Market by Region
Rest of the World (RoW)