The global Automated Guided Vehicle (AGV) market was valued at US$3,872million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 10.6% between 2022 and 2029, mainly driven by the increasing demand for automation solutions in material handling processes across industries.
AGVs, that are controlled using software and sensor-based guidance systems, are primarily used to transport products along the floor of a facility.
AgileIntel’s global AGV market study is a 160 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, vehicle type, and navigation perspective.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Insights on Navigation:
The AGV market is classified into laser guidance, magnetic guidance, inductive guidance, vision guidance, natural navigation, and others, based on navigation.
The laser guidance segment dominated the market with a revenue share of over 36% in 2021. The technology conceptualizes the area and stores the guide path in the vehicle’s memory which can be easily amended and expanded whenever required.
The use of vision guidance technology is currently limited as it happens to be sensitive to light. However, it is anticipated to witness a steady growth during the forecast period, mainly due to their growing deployment in the warehouses and distribution centres. AGVs make use of camera-based vision together with Light Detection and Ranging (LiDAR) sensors and computer systems, to create a 3D image of the operational area that helps in the precise manoeuvring of production areas and warehouses.
Insights on Regional Growth:
Europe dominated the AGV market with a revenue share of 31.2% in 2021 and is expected to continue doing so during the forecast period. This can be attributed to the presence of major manufacturers and exporters of AGV in this region. Moreover, rising investments in advanced technologies in the manufacturing sector and increasing productivity of the automotive and logistics industries in the region is driving the demand for AGVs in the European market.
Meanwhile, Asia Pacific is estimated to witness remarkable growth with India and China being the key countries. The rapid growth of e-commerce has resulted in a large-scale deployment of AGVs in the warehouses. A good example is Flipkart’s deployment of 340 small AGVs at its warehouse in India, in 2019. Additionally, the rapidly growing manufacturing and automotive industries in the region are also expected to drive the demand for AGVs during the forecast period. The automotive industry uses AGVs mainly in the assembly lines for auto components, engines, and transmissions.
Impact of COVID-19
The COVID-19 pandemic has significantly impacted the global economy. Labor shortage and complete disruption of supply chain and logistics operations due to the government-imposed lockdowns forced many manufacturing industries to shut operations. However, the deployment of automation and robotics such as AGVs and autonomous mobile robots (AMRs) has helped businesses to sustain their production levels with minimum employee involvement. Logistics and warehouse AGVs have ensured continuity of services amidst the global lockdown
Additionally, there has been a significant rise in the deployment of AGVs in hospitals during the COVID-19 pandemic,to deliver medicines to patients while reducing human interventions. For instance, in March 2020, Homagama Base Hospital in Sri Lanka deployed AGVs to treatCOVID-19 patients.
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