Latest News- Automated Guided Vehicle (AGV) Market: Unit load carrier is expected to lead the Product segment during 2024-2028

The Automated Guided Vehicle (AGV) Market is being driven by Rapid growth in e-commerce retail

The Automated Guided Vehicle (AGV) Market is expected to grow at a CAGR of 9.45% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1595.6 million. In the context of refrigerated warehousing, Automated Guided Vehicles (AGVs) have gained significant traction due to their ability to maintain low temperatures and minimize contamination. These warehouses are essential for industries dealing with perishable inventories, such as food and pharmaceuticals, which require specific temperature conditions to preserve their quality and shelf life. AGVs' operation within enclosed environments reduces the risk of contamination, making them an ideal solution for maintaining hygienic and contamination-free warehouses. Furthermore, AGVs can effectively navigate and transport temperature-sensitive goods in refrigerated warehouses, where temperatures can range from sub-zero levels, as low as -35 degrees, to preserve items like ice cream and seafood. The food and pharmaceutical industries, being the major end-users, reap the benefits of AGVs' precision, efficiency, and temperature control capabilities. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Unit load carrier
  • Tow vehicle
  • Pallet truck
  • Assembly line vehicle
  • Others
• End-user
  • Automotive
  • Food and beverages
  • Electronics and electrical
  • Pharmaceuticals
  • Others
• Geography
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rapid growth in e-commerce retail
• Growing adoption of automation in manufacturing process
• Need for improving warehouse operational efficiency

However, the market also witnesses some limitations, which are as follows:

• Fluctuating prices of raw materials
• Rigidity of AGVs
• High initial set-up and implementation costs

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Market Scope in Automated Guided Vehicle (AGV) Market Research Report

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Research Analysis Overview

The Automated Guided Vehicle (AGV) market encompasses a range of solutions and services, including AGV path planning and optimization, fleet optimization, simulation, modeling, remote monitoring, data analytics, and performance monitoring. Additionally, it involves system integration, software and hardware development, design services, consulting, training, support, maintenance contracts, lifecycle management, upgrades, retrofitting, security, cyber security, compliance, standards, regulations, safety regulations, industry associations, research, innovation, trends, market growth, size, forecast, investment opportunities, future trends, technology advancements, adoption rates, case studies, success stories, best practices, vendor landscape, and more.

Market Research Overview

The Automated Guided Vehicle (AGV) market is a significant segment of the global industrial machinery and supplies and components market. AGV systems, comprising automated guided carts, are essential components of material handling, warehouse automation, logistics automation, and factory automation. The parent market, encompassing companies that manufacture industrial machinery and components, covers presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the global industrial machinery and supplies and components market size is determined by the combined revenue generated by manufacturers of machinery and components utilized in industrial settings. The market's growth is attributed to the expanding industrial output in process and discrete industries, driven by the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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