Technological Advancements in AGVs to Fuel Automated Guided Vehicles (AGV) Market Growth During Forecast Period
Technological advancements play a crucial role in the automated guided vehicle (AGV) market. As with many industries, AGV technology continues to evolve and improve, driven by innovations. AGVs rely on various navigation methods, including laser-based systems, magnetic tape, vision-based systems, and LiDAR, to move autonomously through their environments. Advancements in navigation algorithms and sensor technologies have led to more accurate and reliable AGV movement, enabling them to precisely navigate complex and dynamic environments. AGVs are also becoming smarter with the integration of artificial intelligence (AI) and machine learning (ML) algorithms. These technologies allow AGVs to learn from their surroundings, optimize their routes, and adapt to changing conditions in real time. AI and ML enable predictive maintenance, enhance the AGVs’ reliability, and reduce downtime. AGVs are increasingly becoming part of interconnected systems within smart factories and warehouses. They communicate with other machines, control systems, and central servers, allowing coordinated operations, data exchange, and real-time tracking. These technological advancements drive the automated guided vehicles (AGV) market toward increased automation, efficiency, and adaptability.
Automated Guided Vehicles (AGV) Market: Industry Overview
The automated guided vehicles (AGV) market is segmented based on technology, vehicle type, and end users. Based on technology, the automated guided vehicles (AGV) market is subsegmented into wired navigation, guide tape navigation, laser target navigation, magnet navigation, and others. In terms of type, the automated guided vehicles (AGV) market is further divided into standard, hybrid, compact, and others. Based on vehicle type, the automated guided vehicles (AGV) market is categorized into tow vehicle, tugger trains, forklift trucks, pallet trucks, and others. By end use, the automated guided vehicles (AGV) market is segmented into general manufacturing, food & beverages, aerospace, retail, healthcare, logistics, automotive, and others. By region, the automated guided vehicles (AGV) market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The global automated guided vehicles (AGV) market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South America. In 2022, Asia Pacific led the global automated guided vehicles (AGV) market with a substantial revenue share, followed by North America and Europe. Rapid developments, digitalization of the economy, adequate government support, increasing education awareness, and rising incomes of the middle class are a few factors contributing to the development of the abovementioned economies. In Asia Pacific, manufacturing, electronics & semiconductor, and automotive sectors are heavily dependent on the use of automated material handling systems to ensure optimum material handling costs, increased employee safety, and improved overall supply chain efficiency. Japan, China, India, Singapore, and Vietnam are automotive manufacturing hubs in the region, while Taiwan, South Korea, China, Japan, Vietnam, and Hong Kong dominate the semiconductor & electronics manufacturing industry globally. Therefore, the above factors are boosting the automated guided vehicles (AGV) market growth.
Automated Guided Vehicles (AGV) Market: Competitive Landscape and Key Developments
Dematic Corp, Kion Group AG, Jungheinrich AG, Toyota Material Handling Inc, Konecranes Plc, John Bean Technologies Corp, Daifuku Co Ltd, Bastian Solutions LLC, Hyster-Yale Group Inc, and Murata Machinery Ltd are among the leading market players profiled in the automated guided vehicles (AGV) market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
- In June 2023, Dematic introduced its newest freezer-rated autonomous guided vehicles (AGVs). Dematic’s whole line of AGVs, including high-reach and counterbalance models, was designed and constructed in Australia. It is now fully certified for use in freezing conditions, catering to the needs of the growing automated guided vehicles (AGV) market.
- In March 2023, the Storage Solutions group (“Storage Solutions”) was successfully acquired by Jungheinrich AG from Merit Capital Partners, MFG Partners, and the management of Storage Solutions. All closing requirements, including American merger control clearance, have been met. With Storage Solutions, Jungheinrich expands the racking and warehouse automation market in the US with a solid growth foundation.