Pune, India, April 26, 2021 (GLOBE NEWSWIRE) -- The global automated guided vehicle market size is expected to showcase exponential growth by reaching USD 3.72 billion by 2028 while exhibiting a CAGR of 9.3% between 2021 and 2028. Fortune Business Insights in its latest report, titled "Automated Guided Vehicle Market", 2021-2028.”, mentions that the market stood at USD 1.83 billion in 2020. Factors such as the rising e-commerce sector and the growing focus on improving the manufacturing efficiency is expected to boost the product’s adoption across the globe.
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Market Exhibited 8.9% Growth Rate in 2020; High Demand for Automated Machines amid COVID-19
The COVID-19 has led to a paradigm shift in the way businesses operate globally. Automation has held a prominent place since the onslaught of the global pandemic. Innovation has become a prerequisite for companies to survive. Therefore, industries are adopting automation services to ensure the maintenance of social distancing norms and to cope with the reduced labor. For instance, large companies such as Amazon reported to have adopted several automated robots to ensure seamless operations. This has led to the market exhibiting a growth rate of 8.9% in 2020
List of the Companies Profiled in the Global Market:
- Oceaneering International Inc. (United States)
- Toyota Advanced Logistics (Japan)
- Daifuku Co., Ltd. (Japan)
- KION GROUP AG (Germany)
- Hyster-Yale Materials Handling, Inc., (United States)
- JBT (United States)
- Mitsubishi Caterpillar Forklift America Inc. (United States)
- Crown Equipment Corporation (United States)
- Seegrid Corporation (United States)
- E&K Automation GmbH (Germany)
- HIT Robot Group (China)
- Kollmorgen (United States)
- AGVE Group (United States)
- ELETTRIC80 S.P.A. (Italy)
- SI Systems, LLC. (United States)
- Scott (Switzerland)
- Heartland Automation LLC (United States)
- REDVIKING (United States)
- Swisslog Holding AG (Switzerland)
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Key Players Focus on Acquisition to Maintain Their Market Positions
The market is experiencing healthy competition between the companies operating in it. The major companies are focusing on acquiring other smaller companies to expand their automated guided vehicle portfolio and further maintaining their presence. Moreover, other key players are adopting novel and proactive strategies to gain a competitive edge over their rivals that will bode well for the growth of the market in the forthcoming years.
- June 2019: JBT announced the acquisition of Prime Equipment Group, a leading manufacturer of water re-use solutions & turnkey primary. This acquisition is aimed at increasing automation and installing water reuse systems to gain a stronger footprint in the global marketplace.
Based on type, the market is divided into tow vehicles, automated forklift trucks, underride/tunnelling vehicles, assembly line vehicles, and others.
- Based on type, the tow vehicles segment held a global automated guided vehicle market share of about 17.2% in 2020 and is projected to showcase exponential growth during the forecast period. This is ascribable to factors such as the increasing demand for automated tow vehicles in manufacturing processes worldwide.
On the basis of navigation technology, the market is segregated into laser guided, magnetic guided, vision guided, and others. Moreover, based on application, the market is trifurcated into transportation & distribution, storage & assembly, and packaging. Additionally, on the basis of industry, the market is segmented into automotive, food & beverage, e-commerce and others. Lastly, based on region, the market is categorized into North America, Asia-Pacific, Latin America, the Middle East and Africa, and Europe.
What does the Report Include?
The global automated guided vehicle market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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Rising E-commerce Sector to Propel Market Growth
The COVID-19 pandemic has led to the advent of digitization as a number of businesses are preferring the digital route to ensure continuity of their businesses. As the lockdown restrictions imposed by the government agencies worldwide, limit the mobility of humans, the online medium has gained traction. Number of people are preferring the online to purchase goods and commodities. For instance, in April 2020, Walmart’s grocery app recorded high downloads, while surpassing Amazon by 20%. Therefore, this has led to the rise of several e-commerce platforms that are focusing on ensuring optimal operational activities at their warehouses by adopting automation. This is expected to contribute to the global automated guided vehicle market growth during the forecast period.
North America – The region is expected to dominate the market in the forthcoming years. This is attributable to the increasing number of import and export activities in countries such as the U.S. Several automated vehicles have been deployed by cargo and logistics companies to expedite the business operations and reduce costs. Moreover, the companies present in the region are focusing on developing advanced products and integrating technologies to optimize the business processes. North America stood at USD 0.56 billion in 2020.
Asia-Pacific – The region is expected to experience considerable growth backed by the rapid-paced growth of e-commerce in countries such as India, China, and Japan that will propel the adoption of advanced automated guided vehicles in the region between 2021 and 2028.
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Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Government Rules & Regulations
- Impact of Covid-19: Automated Guided Vehicle (AGV) Industry Analysis
- Global Automated Guided Vehicle (AGV) Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Tow Vehicles
- Automated Forklift Trucks
- Underride/ Tunneling Vehicles
- Assembly Line Vehicles
- Others (Unit Load Carriers, etc.)
- Market Sizing Estimations and Forecasts – By Navigation Technology (Value)
- Laser Guided
- Magnetic Guided
- Vision Guided
- Others (Wire Guided, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Transportation & Distribution
- Storage & Assembly
- Market Sizing Estimations and Forecasts – By Industry (Value)
- Food & Beverage
- Others (Healthcare, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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