Northbrook, IL 60062 -- (SBWIRE) -- 12/18/2023 -- The automated guided vehicle market size is estimated to be valued USD 2.4 billion in 2023 and is anticipated to reach USD 3.3 billion by 2028, at a CAGR of 6.9% during the forecast period. The market growth is ascribed to rising demand for automation solution in a variety of industries, increased focus on enhancing workplace safety, and marked shift to mass customization from mass production.
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Tow vehicle segment accounted for the largest share of automated guided vehicle market in 2022
The tow vehicles segment held the largest share of the AGV market in 2022. Towing AGVs offer the advantage of simultaneously transporting multiple trolleys, leading to a reduced need for vehicles and increased productivity. These tow vehicles are specifically utilized in pallet operations that involve frequent long-distance deliveries, carrying substantial loads, and may or may not include intermediate pickup and drop points along the route. They are thoughtfully designed to operate at pre-programmed speeds, effectively meeting production targets while adhering to safety regulations. The growth of this segment can be attributed to the widespread adoption of these vehicles across various industries, including automotive, manufacturing, aerospace, and logistics. In these sectors, where the efficient and timely transportation of heavy loads is essential, towing AGVs have proven indispensable due to their numerous advantages.
Laser guidance navigation technology to account for the largest share in the market during forecast period.
The Laser guidance navigation technology account for the largest share in the market during forecast period. Laser guidance provides high accuracy and precision in AGV navigation, enabling them to navigate with exceptional precision and avoid obstacles effectively. Laser guidance technology's popularity stems from its ability to adapt and excel in various environments. Furthermore, its proven success and widespread implementation in industries like manufacturing, logistics, and warehousing solidify its market dominance. Technological advancements, such as improved sensors and software algorithms, continually strengthen its position in the market. The growth of this segment can be attributed to the flexibility, scalability, and accuracy offered by laser guidance technology. It also improves safety, increases throughput, and minimizes downtime.
Asia Pacific region to grow at a highest CAGR during the forecast period.
The AGV market in Asia Pacific has been segmented into China, Japan, Australia, South Korea, India, Malaysia, Taiwan, Indonesia, and Rest of Asia PAcific. Currently, the adoption of automated material handling systems in the industrial sector in Asia Pacific is moderate. The AGV market in Asia Pacific is expected to grow at the highest CAGR during the forecast period due to growing awareness about automation and its success among users, thereby encouraging more companies to invest in these vehicles. Moreover, the strong economic growth in this region is attracting further investments from AGV suppliers for establishing sales and support facilities. The growth of the AGV market in Asia Pacific can be attributed to the rising labor costs, need for scaling up production processes without compromising on quality standards, and incentives offered by the governments of various countries for industrial infrastructure improvement projects.
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Key Market Players
The major companies in the Automated Guided Vehicle companies are Daifuku, JBT, KION, Toyota Industries, KUKA, Hyster-Yale Materials Handling, Oceaneering International and EK Robotics are among others. These companies have used both organic and inorganic growth strategies, such as product launches, acquisitions, and partnerships to strengthen their position in the automated guided vehicle market.