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Global Automated Guided Vehicle Market to Reach USD 3.5 Billion by 2026, Driven by the Increasing Demand for Automation in the Material Handling Segment

According to a new report by EMR titled, ‘Global Automated Guided Vehicle Market Report and Forecast 2021-2026’, the automated guided vehicle industry attained a value of USD 2 billion in 2020. The market is expected to grow at a CAGR of 10% in the forecast period of 2021-2026 to reach USD 3.5 billion by 2026.

The global market for automated guided vehicle is anticipated to grow at a robust pace, owing to the rising utilisation of the unit load carrier segment. The market is further propelled by the increasing demand for enhanced worker safety. The growth of the market is also attributed to the dramatic shift towards automation across industries. The industry growth is further aided by the rising adoption of automated guided vehicles like forklifts, pallet trucks, small rack-carrying robots, and others.

The Asia Pacific accounts for a significant share and is likely to witness a robust growth over the forecast period owing to the rapid advancement in technology, rapid industrialisation, and the growing shift towards automation. The rising investments in emerging economies like China and India are further propelling the market in the forecast period.

In April 2019, Daifuku Co., Ltd., a Japanese material handling equipment supplier and a major player in the automated guided vehicle, announced its acquisition of Hyderabad-based warehouse automation company Vega Conveyors and Automation, with Vega becoming a 100% subsidiary of Daifuku post-acquisition. The acquisition will allow the industry player to expand its manufacturing and distribution business segments within Asia and strengthen its position within the industry as Vega is also a provider of material handling equipment such as automated guided vehicles. Such mergers and acquisitions are likely to positively influence the market in the coming years. The rapid growth of e-commerce giants like Amazon (NASDAQ:AMAZN) is also expected to support the market growth in the forecast period.

Market Analysis by Type, Navigation Technology, Application, End Use, Industry, and Region:

  • On the basis of type, the market is segmented into unit load carriers, tow vehicles, assembly line vehicles, forklift vehicles, pallet trucks, and special purpose, among others.
  • Based on navigation technology, the market is divided into vision guidance, laser guidance, inductive guidance, magnetic guidance, and optical tape guidance others.
  • By application, the market is categorised into transportation, assembly, distribution, storage, waste handling, and packaging, among others.
  • On the basis of end use, the industry is divided into manufacturing sector and wholesale and distribution sector.
  • Based on industry, the market is segmented into automated, metal and heavy machinery, logistics, chemical, aviation, food and beverage, electrical and electronics, and retail, among others.
  • Region-wise, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for automated guided vehicle is being driven by the rising demand for material handling.
  • Rapid advancements in technology and growing industrialisation in developing economies are further aiding the market. 
  • Growing investments by e-commerce sectors in emerging economies is further bolstering the market growth.
  • The increasing adoption of automated guided vehicles such as forklifts, pallet trucks, and others is further accelerating the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automated guided vehicle for the periods (2016-2020) and (2021-2026). 
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, navigation technologies, applications, end uses, industries, and major regions of automated guided vehicle.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automated guided vehicle market are Daifuku Co., Ltd., JBT Europe B.V., KUKA AG, Seegrid Corporation, Toyota Material Handling, Inc., and Oceaneering International, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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