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Automated guided vehicles are computer-controlled load carriers used to transport materials within facilities. They improve operational efficiency by allowing lights-out operations and increasing productivity and throughput. AGVs are commonly used in applications that require the transportation of goods around the clock.
The global Automated Guided Vehicle Market is estimated to be valued at US$ 2,100 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Automated guided vehicles find widespread application in industries such as automotive, manufacturing, food & beverage, aerospace, healthcare, logistics, retail, and warehousing. Growing e-commerce and logistics sectors are expected to drive the demand for AGVs over the forecast period. E-commerce retailers are increasingly adopting AGVs to handle the rising volumes of orders and deliver them to customers within committed timelines. AGVs help streamline operations by enabling 24/7 product pick up and transportation with no dependence on human labor.
Market Dynamics:
The global automated guided vehicle market is majorly driven by the rising demand from the e-commerce and logistics industries, as referred in the heading. The burgeoning e-commerce sector has necessitated efficient logistics networks and warehouse automation to manage the surge in online orders. Automated guided vehicles improve logistics workflows and optimize space utilization within warehouses. Their involvement reduces order fulfillment time and ensures timely delivery of products to customers. Furthermore, AGVs enhance productivity by allowing goods to be transported round the clock with no interruption. They eliminate risks of accidents caused by manual equipment and improve safety within warehouses. The growing need for operational efficiency and productivity improvements across industries is propelling the adoption of automated guided vehicles.
Segment Analysis
The global automated guided vehicle market can be segmented into products, battery types, application areas and end users. The products segment includes tow vehicles, unit load carrier, forklift truck, assembly line vehicles and others. Among these, the tow vehicles segment dominates the market with around 30% share as they provide maximum operational efficiency for intermodal container handling applications.
PEST Analysis
Political: Growth of automated guided vehicles market is supported by government initiatives focusing on automation and development of smart warehouses.
Economic: Continuous growth of e-commerce industry and need to improve warehouse operations is driving demand for automated guided vehicles to boost efficiency.
Social: AGVs help reduce manual labor requirements and ensure safer working environment by eliminating accidents due to human errors in hazardous industrial spaces.
Technological: Advancements in navigation, guidance technologies, internet of things, artificial intelligence are enhancing capabilities of automated guided vehicles.
Key players related content comprises- Key players operating in the automated guided vehicle market are JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc. These key players are focusing on developing technologically advanced and application specific automated guided vehicles to cater to diverse industry requirements.
Key Takeaways
The global Automated Guided Vehicle Market is estimated to be valued at US$ 2,100 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. .
Regional analysis comprises- The Asia Pacific region dominates the market with over 35% share led by China, Japan and other emerging countries rapidly adopting automation. This can be attributed to growing e-commerce and manufacturing industries in the region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
