July 19, 2024

Automated Guided Vehicle Market Driven by Enhanced Logistics and Warehouse Operations

Automated guided vehicles or AGVs are unmanned, computer-controlled mobile robots utilized for material handling and transportation applications across various industries. AGVs aid in improved workflow by automating intra-logistical processes including pallet transportation, loading/unloading of materials, assembling, packaging, and transportation. Their deployment enhances operational efficiency by minimizing errors, reducing operational costs, and optimizing inventory and warehouse management. With advanced technologies such as vision-guided navigation, 3D imaging, and LiDAR, AGVs can autonomously maneuver across storage facilities to pick, carry, and deliver materials to their designated locations. The deployment of these driverless vehicles streamlines logistics and optimizes warehouse operations by eliminating human errors and reducing workforce requirement.

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 major trends witnessed in the automated guided vehicle market is the rising adoption of AGVs for container handling applications in seaports. AGVs integrated with advanced technologies help improve the productivity and efficiency of container storage and transportation at seaports. They automate the movement of containers across container yards and aid in stacking containers efficiently. AGVs with 3D laser scanners effectively identify and grasp containers from multiple angles and transport them to multiple storage locations simultaneously. Their deployment reduces manual labor requirements and eliminates use of fossil fuel-based equipment such as reach stackers and forklifts. This further lowers carbon footprint and promotes sustainable port operations. Furthermore, integration of IoT and AI capabilities enables real-time container tracking and optimized container routing, thereby streamlining cargo logistics.

Porter’s Analysis
Threat of new entrants: Low capital requirement and availability of second-hand machinery may attract new players, however long product development cycles, industry expertise and established buyer-supplier relationships create barriers for new entrants.

Bargaining power of buyers: Presence of various automation solution providers gives buyers options to negotiate on price and quality. However, customized solutions require long-term partnerships.
Bargaining power of suppliers: Key components and technologies are specialized, giving suppliers a bargaining power. However, availability of alternatives balances it.

Threat of new substitutes: Emerging robotics and autonomous solutions pose a threat but high implementation and operational costs support existing automated guided vehicles.

Competitive rivalry: Intense competition exists among established players on the basis of technology, features, pricing and services. Alliances and acquisitions are common strategies adopted.

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.

Key Takeaways
The global Automated Guided Vehicle Market is expected to witness high growth. Regional analysis. 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. .

The Asia Pacific region dominates the market currently due to strong growth of industrial and logistics sectors in China, India, Japan and South Korea. North America and Europe are also major markets driven by advanced technologies adoption.

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