Analysts’ Viewpoint on Automated Guided Vehicle (AGV) Market Scenario
The Asia Pacific Automated Guided Vehicle (AGV) market is estimated to grow at a rapid pace during the forecast period, due to the rise in adoption of Industry 4.0 among AGV manufacturers and increase in focus on improving workplace safety. Additionally, growth in demand for AGVs in material handling in order to enhance productivity is projected to drive the market.
Leading players are analyzing the advantages & disadvantages of automated guided vehicles to gain potential growth opportunities in the market. Manufacturers operating in the market are tapping into incremental opportunities by introducing innovative products.
Automated guided vehicles (AGVs) are self-operated and driverless computer-controlled systems fitted with different guidance and collision avoidance algorithms. These auto guided vehicles can move materials across warehouses and from one place to another without any human intervention. Automated guided vehicle system also offers reliability and durability. It can conduct redundant work more efficiently. It also helps reduce operational costs and production time; and enhance workforce safety.
Industrial systems are evolving rapidly, and are further leaning toward automated systems in order to improve transportation & logistics; enhance the level of productivity; and streamline logistics. Advent of Industry 4.0 has accelerated data exchange. Thus, automation in manufacturing processes has been rising. Demand for various types of automated guided vehicles has been increasing since the last few years. Automated Guided Vehicle (AGV) software can be increasingly used for navigation, steering, transport management, and traffic control. Rise in adoption of automated material handling operations through advancements such as Big Data and Machine Learning is expected to drive the market in the next few years.
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Autonomous guided vehicles have the potential to reduce labor costs. Fuel prices account for a large portion of operating costs of trucking businesses. These costs are passed on to manufacturers and ultimately to customers. Fuel consumption can decrease by approximately 10% with the adoption of automation in the transport and logistics industry.
The American Society of Safety Engineers (ASSE) is focusing on eliminating risks caused due to manual material handling. Integration of AGVs in factories can help in this regard. Driving behavior has a significant impact on vehicle fuel economy, which contributes to the organization's operating costs. Automated guided vehicles help balance optimal performance and efficiency, thus lowering companies’ operating costs. This is expected to boost the market for Automated Guided Vehicle (AGV) in Asia Pacific in the near future.
Of late, advancement in navigation technologies has played a key role in development and implementation of automated guided vehicles for warehouse management; transportation of materials and goods in ports; and manufacturing process development in food, pharma, and chemical industry.
Advanced automated guided vehicle manufacturers and service providers are primarily interested in four important navigation technologies: laser-guided navigation, vision-guided vehicles, natural navigation, and magnetic navigation. Deployment of automated guided vehicles in automotive and logistics industries has been increasing in order to improve production capabilities.
The requirement for logistics in the manufacturing sector has also increased over the last two decades, due to the dawn of Industry 4.0. and changing market demand. Industry 4.0 has the ability to transform a manufacturing facility into a self-contained operation, as a single automated unit incorporates computers, industrial automation systems, and robots. The usage of industrial AGVs and automation initiatives in the automotive industry have ben rising, thus augmenting the demand for automated guided vehicles.
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In terms of type, the Asia Pacific Automated Guided Vehicle (AGV) market has been classified into forklift vehicles, assembly line vehicles, Automatic Guided Carts (AGCs), towing vehicles, unit load carriers, pallet trucks, autonomous mobile robots, and others. The Automated Guided Carts (AGCs) segment held major share of 22.30% of the market in 2021. The segment is estimated to maintain its position in the market and advance at a CAGR of more than 11.21% during the forecast period.
Automated guided cart is an optimal way to automate a facility with the flexibility of autonomous material transfer. It is ideal for transportation and assembly line work. AGCs are capable of operating with multiple navigational options. They facilitate automation of facilities in many industries. The assembly line vehicles segment also held large share of the market in terms of volume and revenue in 2021 owing to the rise in demand for cost-effective assembly solutions in various industries.
In terms of technology, the Asia Pacific Automated Guided Vehicle (AGV) market has been segmented into laser guidance, vision guidance, magnetic guidance, inductive guidance, optical tape guidance, and others. The magnetic guidance segment held major share of 24.82% of the Asia Pacific market in 2021. The segment is estimated to maintain its position and grow at a CAGR of more than 10.95% during the forecast period.
Magnetic guidance or navigation is primarily preferred for Automatic Guided Carts (AGCs). It is suited for well-defined routes. Magnetic guidance technology is easy to install and modify. It does not require invasive installation. Furthermore, it offers accurate positioning compared to other technologies. This is likely to propel the demand for magnetic guidance technology during the forecast period.
In terms of revenue, China held major share of the Asia Pacific Automated Guided Vehicle (AGV) market in 2021. The region is expected to hold significant share of the market during the forecast period to the presence of a well-established automotive industry.
Companies in Asia Pacific are basing their operations in countries such as China and India owing to the large population and increase in purchasing power of consumers in these countries. Additionally, expansion of the e-commerce sector is contributing to market growth. The competition in the e-commerce industry is intensifying; therefore, industry incumbents are striving to differentiate themselves by reducing the time taken to deliver products to end-users.
Japan is expected to be the fastest growing market for automated guided vehicles owing to the availability of customized and basic AGVs along with continuous R&D activities in the country. The market in India is anticipated to exhibit stable growth during the forecast period. Rise in demand for material handling equipment among manufacturing industry incumbents is driving the market in the country.
The Asia Pacific Automated Guided Vehicle (AGV) market is consolidated, with a large number of manufacturers controlling majority of the share. Recent developments in the automated guided vehicles market indicate that leading companies are adopting new technologies for manufacturing vehicles. Expansion of product portfolios and mergers and acquisitions are the key strategies adopted by prominent players.
Some of the prominent players operating in the market are Toyota Industries Corporation, Konecranes, JBT Corporation, KUKA AG, Oceaneering International, Inc., Murata Machinery, Ltd., Addverb Technologies, Aichi Machine Industry Co., Ltd., DAIFUKU GROUP, Egemin Automation Inc., and System Logistics S.p.A.
Each of these players has been profiled in the Asia Pacific Automated Guided Vehicle (AGV) market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
Attribute |
Detail |
Market Size Value in 2021 |
US$ 2.13 Bn |
Market Forecast Value in 2031 |
US$ 7.96 Bn |
Growth Rate (CAGR) |
13.11% |
Forecast Period |
2022–2031 |
Historical Data Available for |
2017–2021 |
Quantitative Units |
US$ Bn for Value and Thousand Units for Volume |
Market Analysis |
It includes cross segment analysis at Asia Pacific as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
Competition Landscape |
|
Format |
Electronic (PDF) + Excel |
Market Segmentation |
|
Regions Covered |
|
Countries Covered |
|
Companies Profiled |
|
Customization Scope |
Available upon request |
Pricing |
Available upon request |
The market was valued at US$ 2.13 Bn in 2021.
The market is expected to advance at a CAGR of 13.11% by 2031.
The market would be worth US$ 7.96 Bn in 2031.
Rise in adoption of industry 4.0 by AGV manufacturers and rise in focus on improving workplace safety.
The Automatic Guided Carts (AGCs) segment accounts for the largest share of the market.
China is a highly lucrative country of the Asia Pacific Automated Guided Vehicle (AGV) market.
Toyota Industries Corporation, Konecranes, JBT Corporation, KUKA AG, Oceaneering International, Inc., Murata Machinery, Ltd., Addverb Technologies, Aichi Machine Industry Co., Ltd., DAIFUKU GROUP, Egemin Automation Inc., and System Logistics S.p.A.
1. Executive Summary
1.1. Asia Pacific Market Outlook
1.1.1. Market Value US$ Mn, 2017-2031
1.2. Competitive Dashboard Analysis
2. Market Overview
2.1. TMR Analysis and Recommendations
2.2. Market Coverage / Taxonomy
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.3.3. Opportunity
2.4. Market Factor Analysis
2.4.1. Porter’s Five Force Analysis
2.4.2. SWOT Analysis
2.4.3. Value Chain Analysis
2.5. Regulatory Scenario
2.6. Value Chain Analysis
2.7. Pricing Analysis
2.7.1. Cost Structure Analysis
2.7.2. Profit Margin Analysis
2.8. COVID-19 Impact Analysis – Automated Guided Vehicle (AGV) Market
3. Key Industry Trends and Developments
4. Who Supplies Whom
4.1. AGVs Makers
4.2. Customers of AGVs
5. Asia Pacific Automated Guided Vehicle (AGV) Market, By Type
5.1. Market Snapshot
5.1.1. Introduction,
5.1.2. Market Growth & Y-o-Y Projections
5.1.3. Base Point Share Analysis
5.2. Asia Pacific Automated Guided Vehicle (AGV) Market Size Analysis & Forecast, 2017-2031, By Type
5.2.1. Forklift Vehicles
5.2.2. Assembly Line Vehicles
5.2.3. Automatic Guided Carts (AGCs)
5.2.4. Towing Vehicles
5.2.5. Unit Load Carriers
5.2.6. Pallet Trucks
5.2.7. Autonomous Mobile Robots
5.2.8. Others
6. Asia Pacific Automated Guided Vehicle (AGV) Market, By Technology
6.1. Market Snapshot
6.1.1. Introduction,
6.1.2. Market Growth & Y-o-Y Projections
6.1.3. Base Point Share Analysis
6.2. Asia Pacific Automated Guided Vehicle (AGV) Market Size Analysis & Forecast, 2017-2031, By Technology
6.2.1. Laser Guidance
6.2.2. Vision Guidance
6.2.3. Magnetic Guidance
6.2.4. Inductive Guidance
6.2.5. Optical Tape Guidance
6.2.6. Others
7. Asia Pacific Automated Guided Vehicle (AGV) Market, By End Use Industry
7.1. Market Snapshot
7.1.1. Introduction,
7.1.2. Market Growth & Y-o-Y Projections
7.1.3. Base Point Share Analysis
7.2. Asia Pacific Automated Guided Vehicle (AGV) Market Size Analysis & Forecast, 2017-2031, By End Use Industry
7.2.1. Retail/Wholesale
7.2.2. Food/Pharma
7.2.3. Transport/Logistics
7.2.4. Manufacturing
7.2.5. Automotive
7.2.6. Ports/Terminals
7.2.7. Mining & Construction
7.2.8. Chemical/Energy
7.2.9. Forestry/Wood
7.2.10. Others
8. Asia Pacific Automated Guided Vehicle (AGV) Market, By Country
8.1. Market Snapshot
8.1.1. Introduction,
8.1.2. Market Growth & Y-o-Y Projections
8.1.3. Base Point Share Analysis
8.2. Asia Pacific Automated Guided Vehicle (AGV) Market Size Analysis & Forecast, 2017-2031, By Country
8.2.1. China
8.2.2. India
8.2.3. Japan
8.2.4. Indonesia
8.2.5. Malaysia
8.2.6. Singapore
8.2.7. Philippines
8.2.8. Myanmar
8.2.9. Thailand
8.2.10. Vietnam
8.2.11. South Korea
8.2.12. Australia
8.2.13. New Zealand
8.2.14. Rest of Asia Pacific
9. India Automated Guided Vehicle (AGV) Market
9.1. Market Snapshot
9.2. Indian Automated Guided Vehicle (AGV) Market Size Analysis & Forecast, 2017-2031, By Type
9.2.1. Forklift Vehicles
9.2.2. Assembly Line Vehicles
9.2.3. Automatic Guided Carts (AGCs)
9.2.4. Towing vehicles
9.2.5. Unit Load Carriers
9.2.6. Pallet Trucks
9.2.7. Autonomous Mobile Robots
9.2.8. Others
9.3. India Automated Guided Vehicle (AGV) Market Size Analysis & Forecast, 2017-2031, By Technology
9.3.1. Laser Guidance
9.3.2. Vision Guidance
9.3.3. Magnetic Guidance
9.3.4. Inductive Guidance
9.3.5. Optical Tape Guidance
9.3.6. Others
9.4. India Automated Guided Vehicle (AGV) Market Size Analysis & Forecast, 2017-2031, By End Use Industry
9.4.1. Retail/Wholesale
9.4.2. Food/Pharma
9.4.3. Transport/Logistics
9.4.4. Manufacturing
9.4.5. Automotive
9.4.6. Ports/Terminals
9.4.7. Mining & Construction
9.4.8. Chemical/Energy
9.4.9. Forestry/Wood
9.4.10. Others
9.5. Key Region Analysis – Indian Automated Guided Vehicle (AGV) Market Size Analysis & Forecast, 2017-2031
9.5.1. North
9.5.2. East
9.5.3. South
9.5.4. West
9.5.5. Central
10. Competitive Landscape
10.1. Company Share Analysis/ Brand Share Analysis, 2021
10.2. Pricing comparison among Key Players
10.3. Company Analysis for Each Player(Company Overview, Company Footprint, Production Location, Product Portfolio, Competitors & Customers, Subsidiaries & Parent Organization, Recent Developments, Financial Analysis, Profitability, and Revenue Share)
11. Company Profile/ Key Players
11.1. Addverb Technologies
11.1.1. Company Overview
11.1.2. Company Footprint
11.1.3. Production Location
11.1.4. Product Portfolio
11.1.5. Competitors & Customers
11.1.6. Subsidiaries & Parent Organization
11.1.7. Recent Developments
11.1.8. Financial Analysis
11.1.9. Profitability
11.1.10. Revenue Share
11.2. Aichi Machine Industry Co., Ltd.
11.2.1. Company Overview
11.2.2. Company Footprint
11.2.3. Production Location
11.2.4. Product Portfolio
11.2.5. Competitors & Customers
11.2.6. Subsidiaries & Parent Organization
11.2.7. Recent Developments
11.2.8. Financial Analysis
11.2.9. Profitability
11.2.10. Revenue Share
11.3. China SME Group Co., Ltd
11.3.1. Company Overview
11.3.2. Company Footprint
11.3.3. Production Location
11.3.4. Product Portfolio
11.3.5. Competitors & Customers
11.3.6. Subsidiaries & Parent Organization
11.3.7. Recent Developments
11.3.8. Financial Analysis
11.3.9. Profitability
11.3.10. Revenue Share
11.4. DAIFUKU GROUP
11.4.1. Company Overview
11.4.2. Company Footprint
11.4.3. Production Location
11.4.4. Product Portfolio
11.4.5. Competitors & Customers
11.4.6. Subsidiaries & Parent Organization
11.4.7. Recent Developments
11.4.8. Financial Analysis
11.4.9. Profitability
11.4.10. Revenue Share
11.5. Egemin Automation Inc.
11.5.1. Company Overview
11.5.2. Company Footprint
11.5.3. Production Location
11.5.4. Product Portfolio
11.5.5. Competitors & Customers
11.5.6. Subsidiaries & Parent Organization
11.5.7. Recent Developments
11.5.8. Financial Analysis
11.5.9. Profitability
11.5.10. Revenue Share
11.6. GreyOrange
11.6.1. Company Overview
11.6.2. Company Footprint
11.6.3. Production Location
11.6.4. Product Portfolio
11.6.5. Competitors & Customers
11.6.6. Subsidiaries & Parent Organization
11.6.7. Recent Developments
11.6.8. Financial Analysis
11.6.9. Profitability
11.6.10. Revenue Share
11.7. GRIDBOTS
11.7.1. Company Overview
11.7.2. Company Footprint
11.7.3. Production Location
11.7.4. Product Portfolio
11.7.5. Competitors & Customers
11.7.6. Subsidiaries & Parent Organization
11.7.7. Recent Developments
11.7.8. Financial Analysis
11.7.9. Profitability
11.7.10. Revenue Share
11.8. JBT Corporation
11.8.1. Company Overview
11.8.2. Company Footprint
11.8.3. Production Location
11.8.4. Product Portfolio
11.8.5. Competitors & Customers
11.8.6. Subsidiaries & Parent Organization
11.8.7. Recent Developments
11.8.8. Financial Analysis
11.8.9. Profitability
11.8.10. Revenue Share
11.9. KOLEC
11.9.1. Company Overview
11.9.2. Company Footprint
11.9.3. Production Location
11.9.4. Product Portfolio
11.9.5. Competitors & Customers
11.9.6. Subsidiaries & Parent Organization
11.9.7. Recent Developments
11.9.8. Financial Analysis
11.9.9. Profitability
11.9.10. Revenue Share
11.10. Konecranes
11.10.1. Company Overview
11.10.2. Company Footprint
11.10.3. Production Location
11.10.4. Product Portfolio
11.10.5. Competitors & Customers
11.10.6. Subsidiaries & Parent Organization
11.10.7. Recent Developments
11.10.8. Financial Analysis
11.10.9. Profitability
11.10.10. Revenue Share
11.11. KUKA AG
11.11.1. Company Overview
11.11.2. Company Footprint
11.11.3. Production Location
11.11.4. Product Portfolio
11.11.5. Competitors & Customers
11.11.6. Subsidiaries & Parent Organization
11.11.7. Recent Developments
11.11.8. Financial Analysis
11.11.9. Profitability
11.11.10. Revenue Share
11.12. Murata Machinery, Ltd.
11.12.1. Company Overview
11.12.2. Company Footprint
11.12.3. Production Location
11.12.4. Product Portfolio
11.12.5. Competitors & Customers
11.12.6. Subsidiaries & Parent Organization
11.12.7. Recent Developments
11.12.8. Financial Analysis
11.12.9. Profitability
11.12.10. Revenue Share
11.13. Oceaneering International, Inc.
11.13.1. Company Overview
11.13.2. Company Footprint
11.13.3. Production Location
11.13.4. Product Portfolio
11.13.5. Competitors & Customers
11.13.6. Subsidiaries & Parent Organization
11.13.7. Recent Developments
11.13.8. Financial Analysis
11.13.9. Profitability
11.13.10. Revenue Share
11.14. SHENZHEN MIRCOLOMAY TECHNOLOGY CO., LTD
11.14.1. Company Overview
11.14.2. Company Footprint
11.14.3. Production Location
11.14.4. Product Portfolio
11.14.5. Competitors & Customers
11.14.6. Subsidiaries & Parent Organization
11.14.7. Recent Developments
11.14.8. Financial Analysis
11.14.9. Profitability
11.14.10. Revenue Share
11.15. System Logistics S.p.A.
11.15.1. Company Overview
11.15.2. Company Footprint
11.15.3. Production Location
11.15.4. Product Portfolio
11.15.5. Competitors & Customers
11.15.6. Subsidiaries & Parent Organization
11.15.7. Recent Developments
11.15.8. Financial Analysis
11.15.9. Profitability
11.15.10. Revenue Share
11.16. TOYOTA INDUSTRIES CORPORATION
11.16.1. Company Overview
11.16.2. Company Footprint
11.16.3. Production Location
11.16.4. Product Portfolio
11.16.5. Competitors & Customers
11.16.6. Subsidiaries & Parent Organization
11.16.7. Recent Developments
11.16.8. Financial Analysis
11.16.9. Profitability
11.16.10. Revenue Share
11.17. Other Key Players
List of Tables
Table 1: Asia Pacific Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Type, 2017-2031
Table 2: Asia Pacific Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Type, 2017‒2031
Table 3: Asia Pacific Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Technology, 2017-2031
Table 4: Asia Pacific Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Technology, 2017‒2031
Table 5: Asia Pacific Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by End Use Industry, 2017-2031
Table 6: Asia Pacific Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by End Use Industry, 2017‒2031
Table 7: Asia Pacific Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Country, 2017-2031
Table 8: Asia Pacific Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Table 9: Indian Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Type, 2017-2031
Table 10: Indian Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Type, 2017‒2031
Table 11: Indian Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Technology, 2017-2031
Table 12: Indian Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Technology, 2017‒2031
Table 13: Indian Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by End Use Industry, 2017-2031
Table 14: Indian Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by End Use Industry, 2017‒2031
Table 15: Indian Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Region, 2017-2031
Table 16: Indian Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Region, 2017‒2031
List of Figures
Figure 1: Asia Pacific Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Type, 2017-2031
Figure 2: Asia Pacific Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Type, 2017-2031
Figure 3: Asia Pacific Automated Guided Vehicle (AGV) Market, Incremental Opportunity, by Type, Value (US$ Mn), 2022-2031
Figure 4: Asia Pacific Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Technology, 2017-2031
Figure 5: Asia Pacific Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Technology, 2017-2031
Figure 6: Asia Pacific Automated Guided Vehicle (AGV) Market, Incremental Opportunity, by Technology, Value (US$ Mn), 2022-2031
Figure 7: Asia Pacific Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by End Use Industry, 2017-2031
Figure 8: Asia Pacific Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by End Use Industry, 2017-2031
Figure 9: Asia Pacific Automated Guided Vehicle (AGV) Market, Incremental Opportunity, by End Use Industry, Value (US$ Mn), 2022-2031
Figure 10: Asia Pacific Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Country, 2017-2031
Figure 11: Asia Pacific Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Country, 2017-2031
Figure 12: Asia Pacific Automated Guided Vehicle (AGV) Market, Incremental Opportunity, by Country, Value (US$ Mn), 2022-2031
Figure 13: Indian Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Type, 2017-2031
Figure 14: Indian Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Type, 2017-2031
Figure 15: Indian Automated Guided Vehicle (AGV) Market, Incremental Opportunity, by Type, Value (US$ Mn), 2022-2031
Figure 16: Indian Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Technology, 2017-2031
Figure 17: Indian Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Technology, 2017-2031
Figure 18: Indian Automated Guided Vehicle (AGV) Market, Incremental Opportunity, by Technology, Value (US$ Mn), 2022-2031
Figure 19: Indian Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by End Use Industry, 2017-2031
Figure 20: Indian Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by End Use Industry, 2017-2031
Figure 21: Indian Automated Guided Vehicle (AGV) Market, Incremental Opportunity, by End Use Industry, Value (US$ Mn), 2022-2031
Figure 22: Indian Automated Guided Vehicle (AGV) Market Volume (Thousand Units) Forecast, by Region, 2017-2031
Figure 23: Indian Automated Guided Vehicle (AGV) Market Value (US$ Mn) Forecast, by Region, 2017-2031
Figure 24: Indian Automated Guided Vehicle (AGV) Market, Incremental Opportunity, by Region, Value (US$ Mn), 2022-2031