The Automated Guided Vehicles (AGV) Market size is expected to reach US$ 11.84 billion by 2030 from 4.53 billion in 2022, with an estimated CAGR of 12.7% from 2022 to 2030.
The North American automated guided vehicles (AGV) market is segmented into the US, Canada, and Mexico. The US is estimated to hold the largest automated guided vehicles market share during the forecast period. The adoption of AGVs in North America has been experiencing rapid growth across the manufacturing, warehousing, automotive, pharmaceuticals, and e-commerce industries. As businesses aim to improve efficiency and reduce operational costs, AGVs have become an attractive solution to overcome these issues. The surge in e-commerce activities in North America is a key factor boosting the demand for AGVs. According to the US Census Bureau, the percentage of US retail sales from e-commerce was 6.5% at the start of 2014 and grew to 12.5% in 2020. In the second quarter of 2022, retail sales from e-commerce accounted for 14.5% of total sales of AGVs. As consumers are increasingly shifting to online shopping, warehouses and distribution centers need advanced automation systems such as AGVs to efficiently handle the growing order volumes. AGVs were gaining popularity in large distribution centers and fulfillment warehouses, where they played a crucial role in material handling, order picking, and inventory management. The ability of AGVs to operate autonomously in complex environments made them valuable assets for logistics operations. Thus, such initiatives are propelling the automated guided vehicles (AGV) market growth in North America.
Based on the end user, the automated guided vehicles (AGV) market has been segmented into general, manufacturing, food and beverage, aerospace, retail, healthcare, logistics, automotive, and others. The logistics segment held the largest share of the automotive high voltage cable market in 2022. Automated guided vehicles (AGVs) are used in a wide variety of logistics applications, including transporting raw materials, replenishing inventory, order picking, packaging, and shipping, and receiving and loading orders. In addition to these specific applications, AGVs can also improve logistics operations' overall efficiency and flexibility. Various logistic platform businesses use automated guided vehicles to improve their efficiency. For instance, in January 2023, Geekplus, Japan's leading provider of automated guided vehicles (AGVs), selected Boomi to automate its next-generation smart logistics platform. Boomi's intelligent, low-code, cloud-native platform will help Geekplus simplify and streamline the integration of its applications and data, allowing the company to improve its efficiency and productivity.
The global automated guided vehicles (AGV) based on the technology segment are further bifurcated into wired navigation, guide, tape navigation, laser target navigation, and magnetic navigation. Magnetic navigation tape can be easily installed on the floor without requiring any major infrastructure changes. It can also be easily modified if the AGV's route needs to be changed. Dust, dirt, or noise do not affect magnetic navigation tape systems. It makes them a reliable choice for AGVs that operate in harsh environments. Various manufacturers are launching automated guided vehicles equipped with magnetic navigation tape. For instance, in May 2023, ResGreen Group International, Inc., a company that provides mobile robot and software solutions, introduced BigBuddy, a bidirectional AGV that uses magnetic navigation tape to move loads up to 5,000 pounds. BigBuddy is designed for use in challenging industrial environments and crowded warehouses. It has two independent drive motors that allow it to turn on a dime and travel up to 1.7 m per second on a straight path. BigBuddy also features dual-drive, brushless motors that provide better performance, heat dissipation, and horsepower than brushed motors
Dematic Corp, Kion Group AG, Jungheinrich AG, Toyota Material Handling Inc, Konecranes Plc, John Bean Technologies Corp, Daifuku Co Ltd, Bastian Solutions LLC, Hyster-Yale Group Inc, and Murata Machinery Ltd. are among the key Automated Guided Vehicles (AGV) Market players that are profiled in this market study.
The overall Automated Guided Vehicles (AGV) Market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Automated Guided Vehicles (AGV) Market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Automated Guided Vehicles (AGV) Market.