Global Automated Guided Vehicles Market to Reach US$ 7.67 Billion by 2027, Spurred by the Escalating Demand for Automated Warehouse Solutions

November 28, 2022

The latest report by IMARC Group, titled “Automated Guided Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global automated guided vehicles market reached US$ 3.18 Billion in 2021. Automated guided vehicles (AGVs) refer to computer-controlled, wheel-based, self-guided material handling systems or load carriers that move along the floor of the facility without an onboard driver or operator. They help move and carry products autonomously across warehouses, distribution centers, or manufacturing facilities. They are operated by following adjustable guidelines with magnetic tape on the floor, wire guide, installed sensors, range-sensing, magnetic-gyroscopic guide, or laser-guided vehicles (LGV), which assist in optimizing transportation while storing and picking items. They also offer various advantages, including low labor costs and product damage, reduced human errors, minimized utility costs, enhanced productivity, and safety. As a result, AGVs are widely utilized across transportation, automotive, manufacturing, aerospace, food and beverages (F&B), logistics, healthcare, and retail industries.

Global Automated Guided Vehicles Market Trends:

The market is primarily driven by the escalating demand for automated warehouse solutions owing to the expanding e-commerce sectors. In addition, the widespread adoption of AGVs in material handling processes across various industries, including healthcare and automotive, is contributing to the market growth. Moreover, the increasing awareness regarding the safety of workers and the growing inclination toward laser-guided AGVs for better precision and flexibility are providing a thrust to the market growth. Besides this, the significant investments in industrial automation projects and the rising usage of AGVs in the food and beverage (F&B) industry on account of their ability to handle palletized and unit loads of goods and packaging materials in the trailer loading, cross-docking, manufacturing, and warehousing environments represents another major growth-inducing factor. Furthermore, extensive research and development (R&D) activities conducted by key players and rapid industrialization are anticipated to propel the market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 7.67 Billion by 2027, exhibiting a CAGR of 14.70% during the forecast period (2022-2027).

Market Summary:

  • Based on the type, the market has been segmented into tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, and forklift trucks.
  • On the basis of the mode of operation, the market has been bifurcated into indoor and outdoor.
  • Based on navigation technology, the market has been divided into laser guidance, magnetic guidance, inductive guidance, optical tape guidance, vision guidance, and others.
  • On the basis of the application, the market has been segregated into transportation, distribution, storage, assembly, packaging, and waste handling.
  • Based on the industry, the market has been classified into automotive, manufacturing, food and beverages (F&B), aerospace, healthcare, logistics, retail, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined in the report, with some of the key players being Bastian Solutions LLC (Toyota Industries Corporation), Daifuku Co. Ltd., Ek Robotics Gmbh, IKV Robot Nanchang Co. Ltd., John Bean Technologies Corporation, Jungheinrich AG, Kion Group AG, KUKA Aktiengesellschaft, Murata Machinery Ltd., Schaefer Systems International Pvt Ltd., Scott Systems International Inc., and Simplex Robotics Pvt. Ltd.
     

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Automated Guided Vehicles Market to Reach US$ 7.67 Billion by 2027, Spurred by the Escalating Demand for Automated Warehouse Solutions
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