Automated Guided Vehicle Market Growth Accelerated by Enhanced Efficiency and Productivity

Automated guided vehicles are intelligent robots used for material handling and transportation applications in industries. They enhance productivity and efficiency by automating material movement tasks. They come equipped with advanced navigation and safety features like collision avoidance. Automated guided vehicles reduce labor costs, improve inventory management and help operators meet increasing production demands.

The global Automated Guided Vehicle Market is estimated to be valued at US$ 2,100 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving growth in the automated guided vehicle market is enhanced efficiency and productivity. Automated guided vehicles enable 24/7 operations with minimized human intervention which significantly boosts productivity. They utilize advanced fleet management systems and optimize routes to transport materials across facilities. This maximizes payload capacity utilization and turnaround times. Automated guided vehicles complete material transportation and logistics tasks with high accuracy reducing delays. Their centralized monitoring and control allows operators to track vehicle movements and loads in real-time. This enhances overall equipment and facility efficiency. The analytics generated also help identify operational bottlenecks for continuous improvements. Rising demand for enhanced productivity and efficiency from industries is a major growth driver for automated guided vehicles.

Segment Analysis
The global automated guided vehicle market is dominated by the tow vehicle segment which accounts for over 30% of the market share. Tow vehicles are highly used in manufacturing and warehouse applications for transportation of materials over short and long distances. They can carry heavier payloads and operate continuously for longer durations making them ideal for moving raw materials, work-in-process items and finished goods within large facilities.

Key players
Key players operating in the automated guided vehicle market are JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Schaefer Systems International Pvt Ltd., E&K AUTOMATION LIMITED, Oceaneering International, Inc., Murata Machinery, Ltd., KNAPP AG, Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., Seegrid Corporation, Fetch Robotics, Inc., inVia Robotics, Inc., Crown Equipment Corporation, and Meidensha Corporation.

Regional analysis
The Asia Pacific region currently dominates the automated guided vehicle market with a share of over 40% owing to strong presence of manufacturing industries in countries such as China, Japan and India. China is the largest market owing to high labor costs and focus toward factory automation by manufacturers. Rapid growth of the e-commerce sector is also driving demand for AGVs in warehouses across the region.

Key Takeaways
The global Automated Guided Vehicle Market  is expected to witness high growth over the forecast period of 2023 to 2030 driven by increasing labor costs, rising need for accuracy and productivity.

*Note:

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Siddhartha Mahajan

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