Global Automatic Guided Vehicle (AGV) Market was valued at US$ 3,064.70 Million in 2021 and is forecasted to reach US$ 5,519.10 Million by 2027. The market is expected to register a CAGR of 10.3% during the forecast period 2022-2027. In terms of volume, the market is expected to register a CAGR of 9.5% during the forecast period 2022-2027.
An Automatic Guided Vehicle (AGV) is a mobile robot that follows various navigation technology or uses radio waves, magnets, vision cameras, or lasers for navigation. AGVs offer several advantages to the manufacturing and distribution industry such as a reduction in operational cost, enhanced workforce safety, and decrement in production time. Moreover, the overall need for high efficiency in automotive, healthcare, e-commerce, and food & beverages industries is increasing the demand for automation.
Factor such as growing demand for automation in material handling processes across industries, advanced material technology, and growing demand for AGV from the retail sector drives the growth in the global automatic guided vehicle market over the forecast period. Moreover, the integration of industry 4.0 with robotics and the aggressive government investments encouraging the adoption of Industrial Internet of Things (IIoT) solutions create a lucrative growth opportunity in the market. However, high installation, maintenance, and switching costs inhibit the market growth as huge capital expenditure is required for the installation of AGVs.
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Based on product type, the tow vehicles segment holds the highest share in the global automatic guided vehicle market in 2021 as it is the most productive type of AGV used for towing and tugging. Whereas the forklift vehicles segment is anticipated to grow at the highest CAGR during the forecast period.
In terms of battery type, the lead battery segment held the largest share in the market in 2021 as these have low-cost advantages over other battery types. Whereas lithium-ion battery is expected to grow at the highest CAGR during the forecast period. Lithium-ion batteries support the high-power charge and discharge and meets different industry conditions of user demand.
On the basis of navigation technology, the laser guidance segment is estimated to hold the largest market share in 2021 owing to their flexibility, scalability and accuracy of the laser guidance technology. Whereas vision guidance is anticipated to hold the highest CAGR over the forecast period.
Based on application, the logistic and warehousing segment dominated the automatic guided vehicle market in 2021. Logistic and warehousing segment retain their competitiveness by opting for taller racks, compact layouts, and narrow aisles within their distribution facilities. Moreover, raw material handling segment is anticipated to grow at the highest CAGR over the forecast period.
Based on end user industry, the wholesale and distribution sector segment hold the highest share in the global automatic guided vehicle market in 2021. The companies operating in the e-commerce industry globally are adopting automated guided vehicles to enhance productivity and reduce labor cost. Whereas the manufacturing sector is anticipated to grow at the highest CAGR during the forecast period.
By region, Europe is the predominant region and accounted for the largest share of the automatic guided vehicle market in 2021 owing to increasing demand for material handling equipment by the incumbents of the manufacturing industry. Moreover, Asia Pacific is expected to project the highest CAGR over the forecast period owing to rapid growth of automotive, e-commerce, food & beverages and healthcare industries.
Automatic Guided Vehicle (AGV) Market Country Wise Insights
Mexico is expected to grow at a CAGR of 11.3% over the forecast period. Whereas the US dominated the automatic guided vehicle market in 2021. Among the product type, the tow vehicles generate majority of the revenue in the AGV industry in North America in 2021.
France is expected to project the CAGR of 10.40% in the Europe AGV market during the forecast period. On the basis of battery type, the lead battery segment contributed the major share in the Europe AGV market.
China is the highest shareholder country and is projected to grow with the highest CAGR of 13.1% during the forecast period in Asia Pacific AGV market. Based on navigation technology, the laser guidance segment holds the largest market share in 2021.
UAE held the major share in the MEA AGV market in 2021. Whereas, South Africa is expected to project a fastest CAGR in the MEA AGV market during the forecast period. Moreover, based on application, the logistics and warehousing dominated the MEA AGV market in 2021.
Brazil held the largest market share in 2021 in South America AGV market. Whereas Argentina is expected to project a fastest CAGR of 11.4% in the South America AGV market during the forecast period.
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Global Automatic Guided Vehicle (AGV) Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global automatic guided vehicle market include Balyo, Bastian Solutions, Inc., Daifuku Co Ltd., Dematic, E&K Automation Gmbh, Fetch Robotics, Inc., Invia Robotics, Inc., KMH Fleet Solutions, Kollmorgen, Locus Robotics and Schaefer Systems International, Inc., among others.
Global Automatic Guided Vehicle (AGV) market is segmented based on product type, battery type, navigation technology, application, end user industry and region. The industry trends in the automatic guided vehicle market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Automatic Guided Vehicle (AGV) Market:
By Product Type segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By Battery Type segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By Navigation Technology segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By Application segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By End User Industry segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By Region segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
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