In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSMay 2020- Seegrid launched the GT10 Series 7Plus vision guided vehicle (VGV), which features a shorter mast structure to accommodate facilities with height restrictions and reverse sensing for added functionality.
October 2019- HIT Robot Group declared the launch of its new AGV, which integrate simultaneous mapping and localization of industry floors.
The global automated guided vehicle (AGV) market is estimated to garner a sizeable revenue and grow at a CAGR of ~13% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for automation in material handling industries, and growing popularity of e-commerce across the world, and shift in demand from mass production and mass customization. Furthermore, high industrial growth in emerging countries is projected to offer profitable opportunities in the near future.
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Along with these, rising collaboration activities among logistics-related companies and tech giants to deploy industrial robots and autonomous mobile robots in their warehouses are also expected to be crucial factors to boost the market growth in the upcoming years. According to the International Federation of Robotics, the largest number of industrial robots were installed in the automotive sector in 2018, accounting for 126,000 installations globally, up from 123,000 in 2017.
The market is segmented by application into logistics and warehousing, raw material handling, trailer loading, assembly, packaging, and others, out of which, the logistics and warehousing segment is anticipated to hold the largest share in the global automated guided vehicle market. This can be accounted to the aggressive adoption of modern retrieval and automated warehouse storage systems among enterprises, and surge in demand for AGVs from logistics firms. Additionally, on the basis of battery type, the lead segment is predicted to gather the largest share during the forecast period owing to the high cost-effectiveness, good reversibility, long service life and stable voltage provided by these batteries. Apart from this, the exceptional suitability of lead battery in a wide range of applications is also assessed to drive the growth of the market segment in the imminent time.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global automated guided vehicle (AGV) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapid expansion of e-commerce in the emerging countries of Asia, such as China and India, and growing emphasis on safety and security on production floors in the region. Moreover, the market in Europe is projected to grab the largest share by the end of 2030, which can be credited to the rising demand for metal handling equipment in the manufacturing industry, and growing production of automobiles in the region. For instance, Germany produced the largest number of passenger cars in Europe in 2020, amounting for more than 3 million units, followed by Spain with more than 1.7 million units and Russia with 1.3 million units.
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The global automated guided vehicle (AGV) market is further classified on the basis of region as follows:
Our in-depth analysis of the global automated guided vehicle (AGV) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for automation in material handling industries and growing popularity of e-commerce worldwide.
The market is anticipated to attain a CAGR of ~13% over the forecast period, i.e., 2022 – 2030.
High installation and maintenance cost of AGV is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rapid expansion of e-commerce in the emerging countries of Asia, such as China and India.
The major players in the market are Swisslog Holding AG, Seegrid Corporation, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Bastian Solutions, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, battery type, application, industry, and by region.
The lead segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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