SAN FRANCISCO , Sept. 8, 2022 /PRNewswire/ -- The global automated guided vehicle market size is expected to reach USD 9.38 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to reach a CAGR of 10.2% from 2022 to 2030. Automated guided vehicles (AGVs) have transformed the way materials can be moved within the manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles ensure a predictable and reliable transfer of raw materials as well as manufactured products from one point to another point within the facility, thereby eliminating any potential disruption in production. These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, among others, which help in detecting junctions, identifying floor signs, and avoiding collisions with any obstacle.

Key Industry Insights & Findings from the report:

Read 213-page full market research report for more Insights, "Automated Guided Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type, By Navigation Technology, By Application, By End Use Industry, By Component, By Battery Type, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Automated Guided Vehicle Market Growth & Trends

For instance, in November 2021 , Quanergy Systems, Inc., a U.S.-based company that offers an AI-powered LiDAR platform, launched the new M1 Edge 2D LiDAR sensors for automation. The newly launched LiDAR sensor is light in weight, broad 360°, with a sensing capability of up to 200 meters used in mobile robotics, AGVs, warehouse logistics applications, and port automation.

Several manufacturing plants and warehouses are deploying material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on the deployment of such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in February 2021 , Scott (Transbotics Corporation), a prominent solution provider for AGVs, partnered with KUKA AG , a German manufacturer of robots, to coordinate the industrial robots of KUKA AG into material handling systems. Further, these robots would also benefit the warehouse team to assemble, pack, weld, store, and ship. Also, material handling solutions are used to increase the efficiency of transportation, decrease physical damage to the material, and reduce overheads by limiting the number of employees.

The AGV market is witnessing a progressive switch from lead-acid batteries to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies.  For instance, in March 2021 , Nissan Motor Co., Ltd, a global manufacturer of automobiles, buses, and trucks, stated that they use lithium-ion batteries to power their automated guided vehicles, which no longer need a worker to remove the battery and plug them in it charges faster. These batteries let AGVs last longer and bring significant innovations to their warehouse.

Automated Guided Vehicle Market Segmentation

Grand View Research has segmented the global automated guided vehicle market based on vehicle type, navigation technology, application, end use industry, component, battery type, and region 

Automated Guided Vehicle Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

Automated Guided Vehicle Market - Navigation Technology Outlook (Revenue, USD Million, 2017 - 2030)

Automated Guided Vehicle Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

Automated Guided Vehicle Market - End-Use Industry Outlook (Revenue, USD Million, 2017 - 2030)

Automated Guided Vehicle Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

Automated Guided Vehicle Market - Battery Type Outlook (Revenue, USD Million, 2017 - 2030)

Automated Guided Vehicle Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

List of Key Players of Automated Guided Vehicle Market

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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

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