Pune, India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The global automated guided vehicle market size was valued USD 2 billion in 2021 and USD 2.17 billion in 2022 respectively. The global market size is expected to grow USD 4.11 billion by 2029, exhibiting a CAGR of 9.6% during the forecast period from 2022-2029. The increasing adoption of automation in the material handling process is likely to boost the market growth. Additionally, the rising development of Industry 4.0 warehouses for robots and the growing deployment of Industry 4.0 technology due to increasing shift of conventional industrial facilities to highly efficient, smart, and networked, automated facilities are anticipated to bolster the market growth in the coming years.

Industry Developments:

December 2021: KION Group established a new forklift truck manufacturing facility in China, laying the groundwork for future supply chain solutions.


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List of Key Market Players:

Report Coverage:

COVID-19 Impact:

COVID-19 Slightly Impacted the Marke

The market for automated guided vehicle experienced limited impact from the coronavirus pandemic. The production gap incurred due to the imposition of strict lockdowns and curfews has affected the market growth. Financial crunches, labor scarcity, and substantial layoffs have resulted in low demand for automated guided vehicles. However, efficacious vaccines have resulted in the market’s stabilization. Further, the market is projected to exhibit striking growth in the coming years.


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Report Scope and Segmentation:

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 9.6%
2029 Value Projection USD 4.11 billion
Base Year 2021
Market Size in 2021 USD 2 billion
Historical Data 2018 to 2020
No. of Pages 160
Segments covered Type, Navigation Technology, Application, Industry, and Region
Growth Drivers Rising Automation Solution in Material Handling Process to Boost Market








Segments:

Type, Navigation Technology, Application, Industry, and Region are Studied

On the basis of type, the market is segmented into automated forklift trucks, tow vehicles, assembly line vehicles, underride/tunneling vehicles, and others (unit load carriers). On the basis of navigation technology, the market is fragmented into laser-guided, magnetic guided, vision guided, and others (wire-guided). On the basis of application, the market is segmented into transportation & distribution, storage & assembly, and packaging. On the basis of industry, the market is divided into e-commerce, food & beverage, automotive, and others (healthcare). Geographically, the market is classified into North America, South America, the Middle East & Africa, Europe, and Asia Pacific.

Drivers & Restraints:

Rising Adoption of Automation in Material Handling Process to Fuel Market Growth

Advancements in technologies such as machine learning, Big Data, and others have propelled the adoption of automated material handling operations as they allow better quality control, flexible production process, and efficient workforce management. Hence, the growing adoption of automation in the material handling process is likely to be a key propellant to the global automated guided vehicle market growth. Additionally, the expansion of the e-commerce industry is likely to expand the usage of automated material handling systems, which, in turn, is anticipated to boost the market growth.

The growing adoption of automated guided vehicle in the food & beverage and automotive industries is projected to fuel market growth in the forthcoming years.
However, high initial investments in deploying AGVs may hinder the market growth.


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Regional Insights:

Rising Exports & Imports to Amplify Growth in North America

North America is projected to witness dynamic growth in the global automated guided vehicle market share. The increasing exports and imports are expected to be the key growth drivers for the region’s market. The growing adoption of modern technologies and automation to fulfill rising client demand is likely to complement the region’s market growth.

Asia Pacific is anticipated to register remarkable growth in the global market. The swiftly expanding e-commerce industry across India, Japan, and China is expected to be a key factor fueling the region’s market growth.  
Europe is expected to witness stable growth in the coming years. Automation across every sector and the growing demand for material handling equipment from the manufacturing industry are likely to stimulate the region’s market growth.

Competitive Landscape:

Key Players Strategize Innovatively to Magnify Market Presence

The market comprises various key players that emphasize extensive research & development activities to improve performance by integrating latest technologies. They adopt ingenious growth strategies such as contracts, new product launches, business expansions, partnerships, and acquisitions to amplify the market presence. For instance, in February 2021, Germany-based Daifuku Co. Ltd. and AFT Industries AG agreed to form a commercial relationship emphasizing utilization of both firms’ material handling experience in the automobile industry.


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