Autonomous Warehouse Operations Gain Momentum with Automated Guided Vehicles Market

 


The Automated Guided Vehicle Market is gaining significant traction in streamlining warehouse operations driven by increased demand for automation.

The Global Automated Guided Vehicle Market is estimated to be valued at US$ 2,100 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.

Automated guided vehicles (AGVs) are computer-controlled load carriers used for material handling within facilities and warehouses. AGVs enhance productivity by automating intra-logistics workflows with 24/7 operations and high accuracy. They reduce accidents, increase throughput, minimize damage and errors. Growing e-commerce is driving demand for AGVs to efficiently handle surging order volumes.

Key Takeaways
Key players: Key players operating in the automated guided vehicle market are JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Schaefer Systems International Pvt Ltd., E&K AUTOMATION LIMITED, Oceaneering International, Inc., Murata Machinery, Ltd., KNAPP AG, Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., Seegrid Corporation, Fetch Robotics, Inc., inVia Robotics, Inc., Crown Equipment Corporation, and Meidensha Corporation.

Key players like JBT, KION GROUP AG and KUKA AG are focusing on developing innovative AGVs to handle complex workflows.

Growing demand: Surging e-commerce is fueling demand for AGVs from warehouses and distribution centers globally to efficiently manage increased order volumes.

Global expansion: Leading AGV manufacturers are expanding globally through partnerships to tap opportunities from industrial automation across countries.

Market key trends
Collaborative robots: AGVs are increasingly getting equipped with collaborative capabilities to operate safely alongside humans. Dual-mode systems can switch between autonomous and manual modes. Vision guidance and AI are enhancing AGV navigation skills for complicated environments.


Porter’s Analysis
Threat of new entrants: Low to medium due to capital investment required to set up an automated guided vehicle manufacturing facility. However may face difficulties in entering market which is dominated by established players.

Bargaining power of buyers: High as buyers have multiple vendors to choose from and can negotiate on price and specifications. Growing demand for automation reducing their dependence on a single supplier.

Bargaining power of suppliers: Medium to high as suppliers of key components like motors, batteries, controllers etc have technical expertise and switching cost for buyers is high. However presence of multiple component suppliers balancing their power.

Threat of new substitutes: Low to medium as new technologies like autonomous mobile robots and drone systems providing competition butcannot completely substitute AGVs for all applications. Existing investments also pose switching barriers.

Competitive rivalry: High due to presence of global players and regional vendors competing on technology, price, quality and service. Intense price based competition to gain market share.

Geographical Regions
In terms of value, North America region currently holds the major share of over 35% of the global Automated guided vehicles market followed by Europe and Asia Pacific region. This is majorly due to strong automotive, e-commerce and food and beverage sectors driving automation adoption.

The fastest growing region for automated guided vehicle market is expected to be Asia Pacific due to rapidly expanding manufacturing industry led by China, India, South Korea and others. Low labor cost and government initiatives promoting Industry 4.0 technologies fueling the regional growth at a CAGR of over 10% during the forecast period. Increasing investments by global automotive OEMs in the region also boosting the AGV installations.

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials,  etc

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

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