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 realm of refrigerated warehousing, maintaining specific temperatures is crucial for preserving perishable inventories, such as food products, dairy items, and pharmaceutical drugs. The integration of automation, specifically Automated Guided Vehicles (AGVs), is increasingly popular in this sector. AGVs' capacity to function in low-temperature environments and minimize contamination significantly contributes to their adoption. The food and pharmaceutical industries, major consumers of refrigerated warehousing, require stringent hygiene and contamination-free conditions. AGVs' enclosed operation within warehouses reduces the likelihood of contamination. Moreover, these warehouses must maintain temperatures as low as -35 degrees Celsius to preserve sensitive items, including ice cream and seafood. 

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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 Material Handling Systems that utilize AGVs for Warehouse Automation, Factory Automation, and Logistics Automation. AI, ML, and Deep Learning technologies, including Computer Vision, are integrated for productivity enhancement and efficiency optimization. Cloud Computing, Big Data, Data Analytics, and Predictive Analytics facilitate real-time decision making. Human-Robot Collaboration ensures safety improvement, error reduction, and quality control. Inventory Management, Order Fulfillment, and Supply Chain Management are streamlined. AGV applications include Manufacturing Processes, Assembly Lines, Pick and Place, Pallet Handling, Conveyor Systems, Lift Systems, and Food & Beverage industries.

Market Research Overview

The Automated Guided Vehicle (AGV) market is a significant segment of the global industrial machinery and supplies and components market, encompassing companies specializing in AGV navigation, control systems, fleet management, path planning, safety features, payload capacity, battery technology, charging infrastructure, and integration. This market's growth is driven by the expanding industrial sector, particularly in process and discrete industries, as demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages continues to surge in developing economies. Technavio projects the global industrial machinery and supplies and components market's growth, which includes the revenue generated by manufacturers of machinery and components for industrial applications, will be fueled by the increasing industrial output in various industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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