Automated Guided Vehicle (AGV) Market is projected to grow from USD 2.2 billion in 2021 to USD 3.2 billion by 2026; it is expected to grow at a CAGR of 7.7% from 2021 to 2026. The key factors fueling the growth of the market include growing demand for automation in material handling across industries, improved safety standards at workplaces, and a shift in demand from mass production to mass customization.
Major players in the market are: Daifuku (Japan), JBT (US), KION (Germany), Toyota Industries (Japan), KUKA (Germany), Hyster-Yale (US), SSI Schaefer (Germany), E&K Automation (Germany), Oceaneering (US)
The tow vehicles accounted for the largest size of the AGV market in 2020.
The tow vehicles segment held the largest share of the AGV market in 2020. Towing AGVs can transport a number of trolleys at the same time, reducing the number of vehicles required and at the same time increasing productivity. The implementation of tow vehicles in warehouses and stores helps operator achieve maximum efficiency.
E-commerce industry is grow at the highest CAGR in AGV market from 2021 to 2026.
The e-commerce industry is expected to grow at the highest CAGR during the forecast period. The e-commerce market has been growing for the last few years, and emerging economies are supporting the growth of this market. Increased competition in the market is compelling manufacturers and distributors to reduce the delivery time to consumers. Thus, e-commerce companies are using AGVs for various applications in the warehouses.
Europe is projected to be the largest market for AGV from 2021 to 2026.
Europe is projected to hold the largest size of the AGV market during the forecast period. The presence of a large number of key players in this region, along with the large customer base, is among the major factors driving the AGV market in Europe. The region has an exceptionally high labor cost; therefore, manufacturers in European countries have been adopting automated solutions to reduce overall operational costs.