The automated guided vehicle (AGV) market was valued at $1.71 billion in 2017 is expected to be worth $2.74 billion by 2023, at a CAGR of 8.02%, according to the latest research from MarketsandMarkets (sic).
The market size and growth potential of the AGV market across segments includes: navigation technology, industry, application, battery type, and region.
If you look at the main areas – North America, Europe, APAC, and RoW – growth results from the growing demand for automation in material handling across industries, emerging e-commerce industry, rising requirement for workplace safety standards, and growing productivity owing to improved supply chain processes.
Currently, the AGV market is largely dominated by Europe because of the exceptionally high labor cost in this region. Europe held the largest share of the global AGV market in 2017, while APAC is the most promising region for the AGV market, and the market in APAC is expected to witness the highest CAGR because of the region’s fast-growing e-commerce industry, a booming manufacturing sector, and numerous planned installations of AGVs in emerging economies such as China and India.
The low labor cost in emerging countries and real-time technical challenges may create more problems for the manufacturers in the AGV market. Daifuku (Japan), JBT Corporation (US), KION Group (Germany), KUKA (Germany), Toyota Industrial (Japan), Hyster-Yale Materials Handling (US), Kollmorgen (US), EK Automation (Germany), Seegrid Corporation (US), and SSI Schaefer (Germany) are among a few major vendors in the AGV market. These players adopted strategies such as product launches and developments, contracts, acquisitions, partnerships, and business expansions to satisfy the needs of the customers in the market, claims MarketsandMarkets.