The unit load carrier segment dominates the automated guided vehicle industry. This can be attributed to the increased use of unit load carriers to deliver pallets and large containers and their ability to efficiently schedule the task by minimizing product damage and aisle traffic. Furthermore, unlike fork trucks, they do not require human intervention and are thus ideal for repetitive tasks and hazardous areas. Because they are self-sufficient, they reduce the need for human labor and increase worker safety. The rising demand for improved worker safety is significantly contributing to the segment's growth.
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Data Bridge Market Research analyses that the automated guided vehicle market is expected to grow at a CAGR of 11.6% in the forecast period of 2023 to 2030 and is expected to reach USD 2574.78 million by 2022 and USD 6195.18 million by 2030.
Increasing demand from e-commerce expected to drive the market
The retail industry's expansion is being driven primarily by rising e-commerce demand, particularly for automated warehouse solutions. According to the e-commerce Europe report, the region's online sales increased by 13% in 2019, with total sales valued at EUR 621 billion, and market concentration is expected to be concentrated in Western Europe, with the region accounting for the majority of B2C platform turnover (66%). As a result of such developments, market vendors are increasingly adopting automation. For instance, ThyssenKrupp's material handling division, is investing over EUR 70 million in its European warehousing and logistics network.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Pallet Trucks, Assembly Line Vehicles and Others), Navigation Technology (Magnetic Guidance, Laser Guidance, Vision Guidance, Optical Tape Guidance, Inductive Guidance and Others), Battery Type (Lead, Lithium Ion, Nickel Based and Others), Application (Work in Process Movement, Handling Raw Materials, Pallet Handling, Final Product Handling, Container Handling, Roll Handling, Trailor Loading and Others), Industry (Healthcare, Manufacturing, Logistics, Retail, Food & Beverages, Paper & Printing, Tobacco, Chemical and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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System Logistics S.p.A. (Italy), SCAGLIA INDEVA s.p.a. (Italy), Murata Machinery, Ltd. (Japan), Konecranes (Finland), Guangdong Jaten Robot & Automation Co.,Ltd. (China), Jungheinrich AG (Germany), Scott (Switzerland), Oceaneering International, Inc. (U.S.), Dematic (a subsidiary of KION GROUP AG) (U.S.), DF Automation & Robotics Sdn Bhd (Malaysia), E&K Automation GmbH (Germany), KUKA AG (Germany), Fritz SCHÄFER GmbH & Co KG, Eckhart (U.S.) and Kollmorgen (U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
Global automated guided vehicle market is segmented into five notable segments which are based on type, navigation technology, battery type, application and industry.
- On the basis of type, global automated guided vehicle market has been segmented into unit load carriers, forklift trucks, tow vehicles, pallet trucks, assembly line vehicles and others.
Tow vehicles segment is expected to dominate the global automated guided vehicle market
Tow vehicles segment is expected to dominate the global automated guided vehicle market and is expected to reach USD 1810.061334 million by 2030 due to an increase in the utilization of tow vehicles in factories and warehouses for loading material with greater efficiency and with higher productivity.
- On the basis of navigation technology, global automated guided vehicle market has been segmented into laser guidance, magnetic guidance, vision guidance, inductive guidance, optical tape guidance and others. Magnetic guidance segment is expected to dominate the global automated guided vehicle market and is expected to reach USD 1808.168355 million by 2030 owing to several factors including ease of removal and relocation if the course needs to change, less expensive and others.
- On the basis of battery type, global automated guided vehicle market has been segmented into lead, nickel based, lithium ion and others. Lead segment is expected to dominate the global automated guided vehicle market and is expected to reach USD 2381.387957 million by 2030 due to its less cost and economical nature. Moreover, increase in the usage of lead batteries in AGV by varied manufacturers is also one of the factors which help this segment to dominate in the market.
- On the basis of application, global automated guided vehicle market has been segmented into handling raw materials, work in process movement, pallet handling, final product handling, trailor loading, roll handling, container handling and others.
Work in process movement segment is expected to dominate the global automated guided vehicle market
Work in process movement segment is expected to dominate the global automated guided vehicle market with 22.51% market share and is expected to reach USD 1431.37125 million by 2030 due to the growing requirement for continuous movement of goods during the manufacturing process in each industry.
- On the basis of industry, global automated guided vehicle market has been segmented into logistics, food & beverages, pharmaceuticals, manufacturing, paper & printing, tobacco, retail, chemical and others. Manufacturing segment is expected to dominate the g global automated guided vehicle market and is expected to reach USD 1607.143308 million by 2030 due to the continuous need for organizing material handling equipment in regards to picking orders, storing goods, moving or transfer of raw material and goods and relocation of product and stock.
Major Players
Data Bridge Market Research recognizes the following companies as the major automated guided vehicle market players in automated guided vehicle market are System Logistics S.p.A. (Italy), SCAGLIA INDEVA s.p.a. (Italy), Murata Machinery, Ltd. (Japan), Konecranes (Finland), Guangdong Jaten Robot & Automation Co.,Ltd. (China), Jungheinrich AG (Germany), Scott (Switzerland), Oceaneering International, Inc. (U.S.), Dematic (a subsidiary of KION GROUP AG) (U.S.), DF Automation & Robotics Sdn Bhd (Malaysia), E&K Automation GmbH (Germany), KUKA AG (Germany), Fritz SCHÄFER GmbH & Co KG, Eckhart (U.S.) and Kollmorgen (U.S.)
Market Development
- In April 2019, Daifuku Co., Ltd. completed the acquisition of Vega Conveyors & Automation Private Limited ("Vega"), an Indian-based company that manufactures and sells material handling equipment. The rising demand for automation in India has prompted Daifuku Co., Ltd. to establish a manufacturing facility there.
- In March 2020, Seegrid Corporation announced a USD 25 million equity funding round led by venture capital firm G2VP. The company stated that the COVID-19 outbreak is driving the funding, and the industry requires non-essential workers to adhere to social distancing, as well as a variety of industrial roles that require people to be physically present.
- In February 2020, Geek+, a China-based robotics firm specialising in logistics technologies, announced plans to expand its operations in the United States. The company has opened an office in California to manage the country's robotic warehouse and smart factory projects.
Regional Analysis
Geographically, the countries covered in the automated guided vehicle market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
North America is the dominant region in automated guided vehicle market during the forecast period 2023 - 2030
In 2022, North America dominated the automated guided vehicle market due to the rising trend of digitalization in companies, which has compelled employees to improve their skill sets.
Asia-Pacific is estimated to be the fastest-growing region in automated guided vehicle market the forecast period 2023 - 2030
Asia-Pacific is expected to grow during the forecast period due to increasing production in the automobile sector is boosting the demand for AGVs in this region.
COVID-19 Impact on Automated guided vehicle Market
The COVID - 19 outbreaks have caused economic havoc in almost every industry on a global scale. Many organizations have suffered or are suffering losses due to reduced productivity as governments around the world imposed nationwide lockdowns to control the spread of the epidemic. The pandemic has resulted in a significant drop in profits and revenue for the manufacturing industry. Businesses have experienced considerable staff reductions, resulting in an overall loss of manufacturing activities. Due to substantial layoffs, financial crises, and attrition, SMEs (Small and Medium Enterprises) have taken the brunt of the damage. Industrial automation and the deployment of AGVs play a critical role in ensuring that businesses meet their specific production levels during such turmoil. The pandemic has created numerous opportunities for the market.
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