Automated Guided Vehicle (AGV) Market is expected to reach USD 11.19 billion by 2030

Growing emphasis on automation and Industry 4.0. fuels the adoption of robotic solutions including AGV

According to the Next Move Strategy Consulting, the Global Automated Guided Vehicle (AGV) Market is valued at USD 5.60 billion in 2023, and is expected to reach USD 11.19 billion by 2030, with a CAGR of 9.7% from 2024 to 2030.

The AGV industry is witnessing significant growth due to the surge in automation and the principles of Industry 4.0. The adoption of AGVs is a strategic step towards achieving a more efficient, cost-effective, and digitally connected manufacturing ecosystem.

The International Federation of Robotics (IFR) reported a record 31% YoY growth in the installation of industrial robots globally in 2021, reflecting the increasing demand for automation. The AGV market is expected to experience substantial growth in the coming years due to the rising demand in e-commerce, healthcare, and other key industries.

In addition, rising labor costs drive AGV industry growth as it provides a cost-effective, precise, and consistent solution, offering scalability for flexible operations without additional hiring. The Employment Cost Index (ECI) shows a 1.1% rise in hourly labor costs in Q3 2023, reinforcing the demand for efficient alternatives like AGVs.

However, High initial costs and complexities while integration is one of the major restraining factors in the field of AGV. On the contrary, the introduction of AGV for the semiconductor industry by the companies such as Castec International and Murata Machinery for cost-effectiveness, flexibility, and high precision in material handling within cleanroom environments creates market opportunity.

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According to the report, leading players in the automated guided vehcile market include Toyota Industries Corporation, KION Group, JBT Corporation, Jungheinrich AG, ABB Ltd., Daifuku Co., Ltd., KUKA AG, Oceaneering AGV Systems, E&K Automation, Murata Machinery, Ltd., and others. These market players are adopting strategies such as product launches and collaboration across various regions to maintain their dominance in the automated guided vehicle market. 

For instance, in June 2023, Jungheinrich and Mitsubishi Logisnext unveiled Rocrich AGV Solutions, a collaborative venture amplifying mobile automation offerings in North America. Merging the AGV portfolios of Rocla and Jungheinrich, the joint venture caters to the rising demand for logistics automation in the region.

Moreover, in June 2023, Dematic, a KION Group subsidiary, introduced third-generation freezer-rated AGVs in Australia, incorporating advanced sensor and navigation technology that surpasses global safety standards. Tailored for freezer environments, these AGVs tackle challenges in cold storage facilities, underscoring Dematic's dedication to ongoing enhancement through state-of-the-art technology.

In addition, in April 2021, Toyota Industries Corporation (TICO) launched T-Hive, software designed for autonomous vehicles (AVs), encompassing automated guided vehicles and autonomous mobile robots. This initiative seeks to harmonize control systems across TICO's AVs, utilizing established solutions to foster global innovations amid the increasing demand for logistics automation, particularly in the Asia-Pacific region.

Key Insights from the Automated Guided Vehicle Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the automated guided vehicle market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The market share of the global automated guided vehicle market players and their competitive analysis are provided in the report.

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