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The global automated guided vehicle market reached a value of about USD 2.66 billion in 2023. The market is further expected to grow at a CAGR of 9.8% in the forecast period of 2024-2032 to reach a value of approximately USD 6.21 billion by 2032.
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Based on type, the unit load carrier segment accounts for a significant share in the automated guided vehicle industry. This can be attributed to the increasing utilisation of unit load carriers to deliver pallets and large containers and their ability to schedule the task efficiently by minimising product damage and aisle traffic. Further, they do not need human intervention unlike fork trucks, and, thus, are great for repetitive tasks and hazardous areas. Being autonomous in nature, they reduce the requirement of human labour and provide enhanced safety to workers. The rising demand for enhanced workers’ safety is significantly contributing to the growth of the segment.
Region-wise, the Asia Pacific is expected to witness a robust growth over the forecast period owing to the increasing acceptance of technology, rapid industrialisation, and growing shift towards automation. Furthermore, the growing investments by the leading e-commerce companies like Amazon and others in emerging countries like China and India are expected to significantly contribute to the industry growth in the forecast period.
Automated guided vehicles (AGV) refer to load carriers or material handling systems that are autonomous in nature. They are programmed to travel autonomously across manufacturing facilities, warehouses, or distribution centres to assist in moving and transporting items. AGVs provide significant advantages like increase in precision and productivity, safety inside facilities, and reduction in labour cost.
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By type, the market is divided into:
Based on navigation technology, the industry can be segmented into:
The market is divided based on application into:
On the basis of end use, the industry can be bifurcated into:
By industry, the market can be segmented into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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In recent years, supply chain management has witnessed a dramatic shift towards automation. There has been a rise in adoption of automated guided vehicles like forklifts, pallet trucks, small rack-carrying robots, and others as these vehicles can perform some tasks by using machine learning and deep learning. They are seen as the safest alternatives for manual material handling. Additionally, the growth of the e-commerce industry is resulting in increased demand for safe and efficient material handling equipment to boost productivity. This is further driving the growth of the automated guided vehicle industry. However, high initial investment and maintenance costs associated with automated guided vehicles may hamper the industry growth.
Over the forecast period, the rapid technological advancements and the increasing focus on safety and accuracy are expected to favour the industry growth. The integration of industry 4.0 is expected to be a major trend in the coming years.
The report gives a detailed analysis of the following key players in the global automated guided vehicle market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Navigation Technology |
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Breakup by Application |
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Breakup by End Use |
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Breakup by Industry |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of approximately USD 2.66 billion.
The market is projected to grow at a CAGR of 9.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 6.21 billion by 2032.
The major drivers of the market include the increasing shift towards automation in material handling, rising demand for enhanced safety, and the growing e-commerce market.
The key trends guiding the growth of the market include the growing technological advancements and the increasing focus on accuracy and precision.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading types of automated guided vehicle in the market are unit load carriers, tow vehicles, assembly line vehicles, forklift vehicles, pallet trucks, and special purpose, among others.
The major navigation technologies of the market are vision guidance, laser guidance, inductive guidance, magnetic guidance, and optical tape guidance, among others.
The significant applications in the market are transportation, assembly, distribution, storage, waste handling, and packaging, among others.
The leading end uses in the market are manufacturing sector and wholesale and distribution sector.
The major industries in the market are automotive, metal and heavy machinery, logistics, chemical, aviation, food and beverage, electrical and electronics, and retail, among others.
The key 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.
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