Automated Guided Vehicle Market

Key Revenue Pockets – Automated Guided Vehicle Market

The automated guided vehicle (AGV) market is expected to grow from USD 1.86 billion in 2018 to USD 2.74 billion by 2023, at a CAGR of 8.02% from 2018 to 2023. AGVs, also known as uncrewed ground vehicles, are used for automated handling of materials. AGVs safely handle and transport all kinds of products without human intervention within production, logistic, warehouse, and distribution environments. AGVs can increase the efficiency and productivity of material handling operations, as well as reduce product damage and labor costs. AGVs are an integral part of manufacturing processes and are indispensable in the material handling industry.

The market for other types of AGVs, such as automated guided carts, hybrid AGVs, and customized AGVs, is projected to grow at the highest CAGR from 2018 to 2023. The requirement for AGVs varies largely depending on the industry. Customized and hybrid AGVs are being manufactured to fulfill varied needs of end users. Hence, the AGV market is witnessing growth.

The market for AGVs based on vision guidance navigation technology is expected to grow at the highest rate during the forecast period owing to their ability to reduce downtime and minimize infrastructure costs as users are not required to modify the existing infrastructure for installing these systems in an industrial facility. Further, vision-guided AGVs navigate their way through warehouses or industrial facilities, without relying on static barriers or infrastructure modifications such as magnets or reflectors.

The market for the aerospace industry is expected to register the highest growth rate during the forecast period. The high CAGR of the aerospace industry can be attributed to AGVs gaining popularity in the aerospace industry, facilitating the manufacturing and assembly of aircraft. AGVs are used for storing aircraft parts, picking and handling components while assembling aircraft, and organizing aircraft parts efficiently for fast and reliable access. Moreover, AGVs offer flexibility and can handle small to large components/parts effectively.

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The market for the distribution application is expected to register the highest growth rate during the forecast period. The distribution application is the key element in operations such as order fulfillment, cross-dock facility, bulk break, and package handling. The increasing number of warehouses have popped up in response to the growing e-commerce industry, thereby creating a huge demand for automated material handling solutions, such as AGVs.

The market for AGVs equipped with lithium-ion batteries is expected to register the highest growth rate during the forecast period. Lithium-ion batteries are highly preferred in the automated material handling industry owing to their good performance, high energy density, tiny memory effect, and low self-discharge. Industries such as automotive, aerospace, and manufacturing require high energy,as well as high-density power sources to satisfy their material handling needs.

APAC is expected to register the highest CAGR during the forecast period owing to the regions fast-growing e-commerce industry, the booming manufacturing sector, and numerous planned installations of AGVs in emerging economies such as China and India. Moreover, governments in APAC countries are increasingly emphasizing safety and security on production floors, which can be best achieved by the implementation of AGVs. In countries such as China and Japan, the AGV market is witnessing rapid growth owing to the increasing investments by manufacturers and suppliers in AGVs to be employed at warehouses and distribution centers.

Related Reports:

Automated Guided Vehicle Market by Type (Unit Load Carrier, Forklift Truck, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Battery Type (Lead, Nickel, Lithium Ion), Application, Navigation Technology, Industry, & Geography - Global Forecast to 2023

Mr. Shelly Singh
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Report Code
SE 3351
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