Global Automated Guided Vehicle Market was valued at US$ 2,100 Million in 2021 and is expected to surpass US$ 4,097.5 Million by 2030, registering a CAGR of 7.8% during the forecast period (2022-2030), according to Global Automated Guided Vehicle Market, By Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks, and Others), By Navigation Technology (Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, and Others), By End-use Industry (Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, Semiconductors & Electronics, Aviation, E-commerce, and Others) and by Region (Indonesia, Vietnam, Thailand, Philippines and Malaysia), published by Coherent Market Insights .
The Global Automated Guided Vehicle market is estimated to account for US$ 4097.5 Mn in terms of value by the end of 2030.
Key Developments
On February 2022, Save Mart Supermarkets, U.S.-based a grocery store company, partnered with Starship Technologies, a provider of autonomous delivery vehicles provider company. The main objective of this partnership is to deliver groceries using the starship robot, a combination of artificial intelligence and machine learning.
Market Driver
Growing utilization of automated guided vehicles in manufacturing and painting processes of vehicles. Moreover, increasing utilization of automated guided vehicles in distribution centers to support material handling and ensure safety in the workplace is propelling the market growth. For instance, DURR Group, a Germany-based mechanical and plant engineering company, launched EcoProFleet of automatic guided vehicles for paint shops in automobile production plant. It is designed with maximum load capacity of 1,000 kg and also, ensures safety in the workplace.
Global Automated Guided Vehicle Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the Covid-19 pandemic, many industries witnessed a significant shift in their business. There was a significant impact on the freezer & beverage cooler market, as most countries had imposed lockdown to contain the spread of the COVID-19 pandemic. Most industries rapidly closing their operations to reduce the spread of the COVID-19 pandemic. This, in turn, decreases the demand for Automated Guided Vehicle Market.
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Key Trends and Analysis of the Global Automated Guided Vehicle Market:
- North America region is expected to exhibit highest growth during the forecast period, owing to high presence of industrial equipment manufacturers and advanced manufacturing facilities in the region. For instance, in March 2019, Crown Equipment Corporation, a U.S.-based material handling equipment company, announced collaboration with JBT, a U.S company that provides automated guided vehicles. Through this collaboration, JBT products help clients to maximize the benefits of material handling automation and achieve high return on investments.
- Asia Pacific held a dominant position in the global automated guided vehicle market in 2019 and is projected to retain its dominance throughout the forecast period, owing to increased demand for automation in emerging economies such as India and China. As a result of this, it is becoming more economically viable to opt for automation. Increasing conversion rate and currency fluctuations have also impacted the overall market, resulting in increased labor costs, as labor cost is directly linked to inflation. Hence, there is a huge demand for automated guided vehicle so that these industries can maintain productivity and cost-efficiency. Therefore, these factors are expected to drive growth of the global automated guided vehicle market during the forecast period.
