Automated Guided Vehicle (AGV) Market by Component (Hardware, Software, and Service), Type, Battery Type, Navigation Technology, and Region - Global Industry Analysis, Opportunities and Forecast up to 2029

Automated Guided Vehicle (AGV) Market Size

The global Automated Guided Vehicle (AGV) market size was valued at $2.51 billion in 2023 and is projected to reach $4.08 billion by 2029, growing at a CAGR of 8.5% during the forecast period.

Automated Guided Vehicle (AGV) Market Dynamics

• The Automated Guided Vehicle (AGV) market has a promising growth potential due to several factors which include growing automation in the material handling process, a marked shift to mass customization from mass production, and rising demand for AGVs from e-commerce post-COVID-19 outbreak. 

• Additionally, increasing industrialization, reduced product damage, reduced labor costs, increased productivity, and incorporation of Industry 4.0 are anticipated to provide lucrative growth opportunities for the automated guided vehicle market.

• However, the technical challenges related to sensing elements and high initial investment costs are restraining the market growth.

Automated Guided Vehicle (AGV) Market Overview

Automated Guided Vehicles (AGV) are independent material taking care of frameworks or burden transporters that can traverse appropriation focuses, stockrooms, or assembling offices with practically no locally available administrator and with the assistance of sensors that are introduced in them. Lately, inventory network executives have seen computerization in the type of mechanized directed vehicles, for example, forklifts, robotized stackers, little rack-conveying robots, and bed trucks. Furthermore, these vehicles are customized to play out certain errands by utilizing AI and profound realizing, which the most secure options for material are dealt with by the workforce.

By Application, Transportation & Distribution Segment Holds the Dominant Position in the Market Revenue

The transportation & distribution segment emerged as the dominant segment during the forecast period. The transportation and distribution segment is anticipated to show a steady development rate due to its growing inclination in various kinds of ventures during the forecast period. AGVs have a wide assortment of uses for the development of merchandise and items starting with one spot and then onto the next at an enterprise or office. Different businesses utilize the transportation and distribution process to move merchandise and materials like paper, plastic, metal, elastic, steel, and so forth. Capacity and gathering and bundling applications are needed for functions like the development of void jugs, holders, beds, and shipping merchandise from the finish of the creation line to capacity and more.

By Geography, North America Region Dominates by Being the Largest Market for Automated Guided Vehicles (AGV)

North America is expected to dominate the market. The growing number of import and export activities is driving the demand for AGVs in the region. Companies operating in the region are developing new products with advanced technologies to cater to the increasing customer demands. For instance, Seegrid Corporation introduced a self-driving vision-guided vehicle for material handling operations for transportation, e-commerce, and distribution companies. The equipment can load and unload pallets automatically. Warehouse owners are increasingly adopting automation technologies to optimize operations and gain maximum efficiency. Hence, the companies backed by their extensive R&D provide both customized and standard AGVs.

Some of the Key Players Profiled in the Report Include:

• Daifuku
• Hyster-Yale
• JBT
• KION
• KUKA
• Mitsubishi Logisnext Americas Inc
• Oceaneering
• Scott Technology
• Toyota Industries

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Component:
• Hardware
• Software
• Service

Market by, Type:
• Tow Vehicles
• Unit Load Carriers
• Pallet Trucks
• Assembly Line Vehicles
• Forklift Vehicles
• Hybrid
• Other Types

Market by, Battery Type:
• Lead Battery
• Lithium-ion Battery
• Nickel-based Battery

Market by, Navigation Technology:
• Laser Guidance
• Magnetic Guidance
• Inductive Guidance/Wire Guided
• Optical Tape Guidance
• Vision Guidance
• Natural Features Guidance
• Other Navigation Technologies

Market by, Mode of Operation:
• Indoor
• Outdoor

Market by, Application:
• Transportation & Distribution
• Storage & Assembly
• Packaging

Market by, End User:
• Automotive
• Metals & Heavy Machinery
• Food & Beverages
• Chemicals
• Healthcare
• Semiconductors & Electronics
• Aviation
• E-commerce
• Other End Users

Market by, Geography:

The Automated Guided Vehicle (AGV) Market report also analyzes the major geographic regions and countries for the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis.

Table Of Content

1 Market Overview             
    1.1 Introduction         
    1.2 Research Objectives        
    1.3 Market Segmentation        
    1.4 Stakeholders         
    1.5 List of Acronyms         
               
2 Executive Summary             
               
3 Research Methodology            
    3.1 Identification of Data        
    3.2 Evaluation of Market Dynamics       
    3.3 Collaboration of Data        
    3.4 Verification and Analysis        
    3.5 Data Sources         
    3.6 Assumptions         
               
4 Market Dynamics             
    4.1 Market Drivers          
           4.1.1 Growing Focus on Increasing Production Efficiency
           4.1.2 Increasing Adoption of Industry 4.0 Technologies in Warehousing
    4.2 Market Restraints         
           4.2.1 Lack of Flexibility and Obstacle Resistance
           4.2.2 High Installation and Maintenance Costs
    4.3 Market Opportunities        
           4.3.1 Significant Growth of Industrial Sector in Emerging Economies
           4.3.2 Popular One-Day Delivery Feature in the E-commerce Sector
    4.4 Market Challenges         
           4.4.1 Technical Challenges Subjecting to Sensing Elements
    4.5 Impact of COVID-19 on Automated Guided Vehicle (AGV) Market    
               
5 Porter's Five Force Analysis            
    5.1 Bargaining Power of Suppliers        
    5.2 Bargaining Power of Buyers        
    5.3 Threat of New Entrants        
    5.4 Threat of Substitutes        
    5.5 Competitive Rivalry in the Market       
               
6 Global Automated Guided Vehicle (AGV) Market by, Component        
    6.1 Overview         
    6.2 Hardware         
    6.3 Software          
    6.4 Service          
               
7 Global Automated Guided Vehicle (AGV) Market by, Type         
    7.1 Overview         
    7.2 Tow Vehicles         
    7.3 Unit Load Carriers         
    7.4 Pallet Trucks         
    7.5 Assembly Line Vehicles        
    7.6 Forklift Vehicles         
    7.7 Hybrid          
    7.8 Other Types         
               
8 Global Automated Guided Vehicle (AGV) Market by, Battery Type        
    8.1 Overview         
    8.2 Lead Battery         
    8.3 Lithium-ion Battery         
    8.4 Nickel-based Battery        
               
9 Global Automated Guided Vehicle (AGV) Market by, Navigation Technology       
    9.1 Overview         
    9.2 Laser Guidance         
    9.3 Magnetic Guidance         
    9.4 Inductive Guidance/Wire Guided       
    9.5 Optical Tape Guidance        
    9.6 Vision Guidance         
    9.7 Natural Features Guidance        
    9.8 Other Technologies         
               
10 Global Automated Guided Vehicle (AGV) Market by, Mode of Operation       
    10.1 Overview         
    10.2 Indoor          
    10.3 Outdoor          
                
11 Global Automated Guided Vehicle (AGV) Market by, Application        
    11.1 Overview         
    11.2 Transportation & Distribution        
    11.3 Storage & Assembly         
    11.4 Packaging         
               
12 Global Automated Guided Vehicle (AGV) Market by, End User        
    12.1 Overview         
    12.2 Automotive         
    12.3 Metals & Heavy Machinery        
    12.4 Food & Beverages         
    12.5 Chemicals         
    12.6 Healthcare         
    12.7 Semiconductors & Electronics        
    12.8 Aviation          
    12.9 E-commerce         
    12.10 Other End Users         
               
13 Global Automated Guided Vehicle (AGV) Market by, Geography        
    13.1 Overview         
    13.2 North America         
             13.2.1 US 
             13.2.2 Canada 
             13.2.3 Mexico 
    13.3 Europe          
             13.3.1 Germany 
             13.3.2 France 
             13.3.3 UK 
             13.3.4 Italy 
             13.3.5 Spain 
             13.3.6 Rest of Europe
    13.4 Asia Pacific         
             13.4.1 China 
             13.4.2 Japan 
             13.4.3 India 
             13.4.4 South Korea
             13.4.5 Australia 
             13.4.6 New Zealand
             13.4.7 Rest of Asia Pacific
    13.5 South America         
             13.5.1 Brazil 
             13.5.2 Argentina
             13.5.3 Chile 
             13.5.4 Rest of South America
    13.6 Middle East & Africa         
             13.6.1 UAE 
             13.6.2 Saudi Arabia
             13.6.3 Qatar 
             13.6.4 Iran 
             13.6.5 South Africa
             13.6.6 Rest of Middle East & Africa
               
14 Key Developments             
                
15 Company Profiling             
    15.1 Daifuku          
             15.1.1 Business Overview
             15.1.2 Product/Service Offering
             15.1.3 Financial Overview
             15.1.4 SWOT Analysis
             15.1.5 Key Activities
    15.2 Hyster-Yale         
    15.3 JBT          
    15.4 KION           
    15.5 KUKA          
    15.6 Mitsubishi Logisnext Americas Inc       
    15.7 Oceaneering         
    15.8 Scott Technology         
    15.9 Toyota Industries