An automated guided vehicle (AGV) is an unmanned self-propelled vehicle used for transporting a payload without real-time human assistance. With the increasing demand for automation and material handling equipment in various process industries coupled with high labor costs and the advent of industry 4.0, the global Automated Guided Vehicle Market is expected to witness an exponential CAGR of ~12% during the forecast period (2021–2027). In addition, the rapidly growing e-commerce industry and rising awareness regarding enhancing safety at workplaces are some other factors responsible for the market growth.

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COVID-19 slowed the overall growth of various industries including manufacturing, and automotive, and disrupted the supply chain and logistics sector across geographies. The countries were forced to implement lockdowns during the first half of 2020. The manufacturing industry witnessed a significant drop in earnings and income as a result of the COVID-19 pandemic. Business operations saw a large reduction in workforce, resulting in an overall loss in manufacturing activity. However, to tackle the challenges of a restricted workforce amid the lockdowns and reduce the chances of transmission of COVID-19 in labor-intensive industries, major stakeholders in the ecosystem started deploying AGVs in factories, and warehouses, to increase operational efficiency and meet their respective growth targets. Thus, the AGV market witnessed a positive growth trend, especially during the second half of 2020.

 According to UnivDatos Market Insights (UMI)’ research report “Global Automated Guided Vehicle Market”, the market is expected to witness robust growth during the forecast period 2021-2027F. This is mainly due to the rising focus of enterprises on industrial automation and improving workplace safety coupled with substantial growth of the presence of a huge intralogistics sector in emerging economies.

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Based on type, the market has been categorized into tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift vehicles, and others. Amongst these, the unit load carriers category held a significant market share in 2020 and is expected to witness strong growth during the forecast period. Unit load carriers are used to move unit loads from one station to another station. They are often equipped for automatic loading and unloading using powered rollers, moving belts mechanized lift platforms, or other conventional devices. However, forklift vehicles are expected to witness the highest adoption rate during the forecast period. The growth of the segment is influenced by the factors such as increasing demand for automated warehouses and automated material handling equipment coupled with the exponential growth in the e-commerce, logistics, and warehousing sector.

Based on technology, the market is classified into laser guidance, magnetic guidance, vision guidance, and others. In 2020, the laser guidance category grabbed a significant share in the market. This is mainly due to the flexibility and accuracy of laser guidance technology. AGVs equipped with laser navigation triangulation system uses laser positioning systems for navigation. This technology is widely used in autonomous forklifts and its adoption has been increasing in tugger, traction, and carrier AGVs as well. With the integration of laser guidance technology, key stakeholders in the market were able to improve the flexibility and safety issues in the warehousing logistics system and improve the level of automation and management of enterprises, among others.

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APAC to witness extensive growth

For a better understanding of the market adoption of the automated guided vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. In 2020, APAC held a lucrative market share owing to the rapid growth of e-commerce, healthcare, and logistics sectors in emerging economies, such as China and India. For instance, in India, the growth of the industry has been triggered by an increase in internet and smartphone penetration. The number of internet connections in 2021 increased significantly to 830 million.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Automated Guided Vehicle Market are Daifuku Co. Ltd., JBT Corporation, KION GROUP AG, Toyota Industries Corporation, KUKA AG, Hyster-Yale Materials Handling Inc., Oceaneering International Inc., ek robotics GmbH, Fritz SCHÄFER GmbH & Co KG, and Scott Technology Limited.

“Global Automated Guided Vehicle Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

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Market Segmentation:

1. By Type (Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, and Others)
2. By Technology (Laser Guidance, Magnetic Guidance, Vision Guidance, and Others)
3. By Industry (Automotive, Manufacturing, Food & Beverages, Aerospace, Retail, and Others)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (Daifuku Co. Ltd., JBT Corporation, KION GROUP AG, Toyota Industries Corporation, KUKA AG, Hyster-Yale Materials Handling Inc., Oceaneering International Inc., ek robotics GmbH, Fritz SCHÄFER GmbH & Co KG, and Scott Technology Limited)

Key questions answered in the study:

1. What are the current and future trends of the global automated guided vehicle industry?
2. How the industry has been evolving in terms of equipment and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global automated guided vehicle industry?
5. What is the customer orientation, purchase behavior, and expectations from the global automated guided vehicle suppliers across various region and countries?