The global AGV market is projected to grow from USD 2.2 billion in 2021 to USD 3.2 billion by 2026; it is expected to grow at a CAGR of 7.7% from 2021 to 2026. The growth of the AGV market is driven by growing demand for automation in material handling across industries, improved safety standards at workplaces, rising popularity of e-commerce, and shift in demand from mass production to mass customization.
COVID-19 has emerged as a global pandemic that spread worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user industries had a considerable direct impact on the AGV market. However, as vaccination programs were implemented and world started returning to new normal, the AGV market is forecasted to grow more than its pre-pandemic levels.
“The Tow vehicles to hold the largest share of the AGV Market in 2021.”
Tow vehicles is expected to hold the largest share of the AGV market in 2021. Tow vehicles, also known as tuggers, pull non-powered carts carrying huge loads. This is the most productive type of AGV used for towing and tugging as it can move heavier load with multiple trailers than a single fork truck. The load is placed in the vehicle either manually or automatically. Tow vehicles are used in pallet operations requiring frequent long-distance deliveries carrying high volumes of load.
“The automotive industry is projected to account for the largest share of the AGV market during the forecast period.”
The automotive industry dominated the AGV market in 2020 and is expected to hold the largest share of the AGV market during the forecast period. Key factors such as growing after-sales spare parts market, increasing levels of customization in vehicles, and the need to ensure availability of various parts required in assembling of a vehicle are driving the implementation of AGVs in the automotive industry.
“APAC is projected to grow at the highest CAGR during the forecast period.”
China and Japan are the countries driving the growth of the AGV market in APAC. The rapid growth of automotive, e-commerce, food & beverages, and healthcare industries in emerging economies, such as China, India, and South Korea, has contributed to the growth of the AGV market in APAC. Moreover, governments in APAC countries are increasingly emphasizing safety and security on production floors, which can be best achieved by the implementation of AGVs. APAC is also home to Daifuku and Toyota Industries, which are two of the major manufacturers of AGV.
Break-up of the profiles of primary participants:
- By Company Type – Tier 1 – 30%, Tier 2 – 40%, and Tier 3 – 30%
- By Designation – C-level – 35%, Director-level – 45%, and Manager-level – 20%
- By Region – North America - 30%, Europe – 25%, APAC – 30%, and RoW – 15%
Daifuku (Japan), JBT (US), KION (Germany), Toyota Industries (Japan), KUKA (Germany), Hyster-Yale Materials Handling (US), Oceaneering (US), EK Robotics (Germany), and SSI Schaefer (Germany) are some of the major players in the AGV market.
The AGV market has been segmented into type, navigation technology, industry, and region. The AGV market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast of the market based on type, navigation technology, industry, and region have been conducted to give an overall view of the AGV market.
- A value chain analysis has been performed to provide in-depth insights into the AGV market ecosystem.
- The report includes pricing analysis, patent analysis, ecosystem analysis as well as technology and case study analysis pertaining to AGV.
- The key drivers, restraints, opportunities, and challenges pertaining to the AGV market have been detailed in this report.
- Detailed information regarding the COVID-19 impact and related updates on the AGV market has been provided in the report.
- The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues and market share.