Automated Guided Vehicle Market May Set New Growth Story, Forecast to 2025

Posted January 19, 2021 by bisrsrch

Focus on AGV Types (Indoor-Outdoor), Its Applications, End-Use Industries, Vehicle Type, and Navigation Technologies - Analysis and Forecast, 2020-2025
Automated guided vehicles are an integral part of the entire industrial robotic ecosystem. The concept evolves from the possibility of a human sharing workspace with its robot counterpart, thus, infusing high productivity and quality into the task. Automated guided vehicles are mobile and flexible. Hence it can be deployed quickly for material handling tasks. They come with different navigation technologies and for various applications. Generally, there are five types of automated guided vehicles: trucks, load transfer trucks, forklifts, pallet trucks, and assembly line vehicles. All of them are based on different navigation technologies such as laser guidance, vision guidance, and natural features. Some of the key players in the AGV market are KUKA, Kion Group, Daifuku Co., Ltd., and Transbotics Corporation.

Report Overview:

Logistics and warehouses account for the highest market share in the AGV market. This is due to the wide adoption of AGVs in the e-commerce brand facilities and warehouses. Some of the leading international brands using AGVs for logistics and warehouses are Amazon, Alibaba Enterprise, and Walmart. These companies use AGVs for various end-use applications such as transportation and distribution of parcels and goods from one location to another without any human interference.

The logistics and warehouse industry accounted for the largest share in the global AGV market and is expected to witness growth at a CAGR of 15.02% between 2020 and 2025. The logistics and warehouse industry market is continuously generating the demand for AGVs at their warehouses and facilities. This is majorly due to the adoption of e-commerce brands by consumers and the online delivery market's growth in recent years.

Forklift trucks are estimated to be the fastest-growing and largest segment of the AGVs during the forecast years (2020-2025). The forklift trucks are expected to witness growth at a CAGR of 18.06% between 2020 and 2025. This is due to the presence of some of the largest and significant OEMs developing forklifts AGVs. Forklift trucks are significantly in demand in end-use industries due to their payload capacities, design, and built, making it suitable for the applications. Some of the key brands developing forklift AGVs are KION Group, Mitsubishi Logisnext Co., Ltd., and KUKA.

The unique selling point of these brands is their comfortableness and know-how of forklift trucks or manual trucks. These companies use their expertise and convert these manual trucks into automated guided vehicles working on navigation technologies such as laser, magnetic tapes, and optical.

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The demand for AGVs varies according to various regions, depending on the end-use application segment demand. The AGV market holds a significant share in different areas of North America, China, Asia-Pacific and Japan, Europe, and the U.K. owing to the large manufacturing facilities established by the AGV manufacturers across the regions.

In China, the deployment of AGVs has been ramping up continuously. The country has a huge manufacturing base, and many OEMs are developing and manufacturing advanced automated guided vehicles for end-use industries. China is leading in various end-use industries such as automotive, textiles, plastics, and logistics and warehouse. The growth and advancement of these end-use industries is the key driving factor for adopting Industry 4.0 and AGVs in the country.

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BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

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Bhavya Banga
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BIS Research Inc.
FREMONT CA 94538-1686
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Last Updated January 19, 2021