Report : Automated Guided Vehicles (AGV) Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Wired Navigation, Guide Tape Navigation, Laser Target Navigation, Magnetic Navigation, and Others), Type (Standard, Hybrid, Compact, and Others), Vehicle Type (Pallet Trucks, Unit Load Carriers, Driverless Trains, Forklift Trucks, and Others), and End User (General Manufacturing, Food & Beverage, Aerospace, Retail, Healthcare, Logistics, Automotive, and Others)
According to the new research report titled “Automated Guided Vehicles (AGV) Market to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 9,077.3 million by 2028, registering a CAGR of 14.59% from 2021 to 2028.
The increasing e-commerce business across the world is resulting in the adoption of the automated material handling process. E-commerce companies such as Walmart, Amazon, Alibaba, and Flipkart are increasing their focus on automated material handling to reduce operational costs and increase inventory size. According to the E-commerce Europe report, in 2019, online sales in the region was increased by 13%, which accounted for US$ 735 billion; also, the market concentration is expected to be focused on Western Europe, with the region accounting for the majority of B2C platform turnover, of around 66%. For instance, the material handling division of ThyssenKrupp is investing over US$ 83 million in its European warehousing and logistics network and planning to build a new logistics center in Rotenburg/Wümme (Lower Saxony) that will span 36,000 square meters and hold up to 20,000 metric tons of materials. MonotaRO is an e-commerce company that handles the consumables, maintenance tools, and other industrial supplies used in various industries. The company uses the Racrew by Hitachi, a compact, low-floor, automated guided vehicle (AGV) to increase the picking efficiency. Also, in late 2019, Flipkart announced to use 340 small AGVs at its warehouse in India. Such developments are driving the demand for AGVs, which is propelling the automated guided vehicles (AGV) market growth.
The automated guided vehicles (AGV) market is segmented on the basis of technology, type, vehicle type, and end user. Based on technology, the market is segmented into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. In 2020, the laser target navigation segment held the largest market share. The automated guided vehicles (AGV) market, by type, is segmented into standard, hybrid, compact, and others. In 2020, the standard segment held the largest share of the market. Based on vehicle type, the market is segmented into pallet trucks, unit load carriers, driverless trains, forklift trucks, and others. In 2020, the pallet trucks segment held the largest share of the market. By end user, the automated guided vehicles (AGV) market is segmented into general manufacturing, food & beverage, aerospace, retail, healthcare, logistics, automotive, and others. In 2020, the logistics segment held the largest market share.
Key Findings of Study:
Based on geography, the automated guided vehicles (AGV) market is broadly segmented into five major regions—namely North America, Europe, APAC, MEA, and SAM. Presently, APAC holds the largest share of the market.
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development of AGV technologies and systems.
Significant strategic initiatives by several market players are observed in the automated guided vehicles (AGV) market. For instance, in 2021, Hyster-Yale Group, Inc. launched a new Hyster N30-45ZR/ZDR reach truck, designed to answer a call for high-density and high-throughput warehouse environments. Moreover, in 2019, Dematic launched its new table-top (TT) series of AGVs, which offers high-accuracy and agile navigation for improved flexibility within the warehouse. TT series AGVs are available as a standard with a table-top lift, optional conveyor, or custom model, and run on high performance 24 V lithium batteries with automatic opportunity charging.