Market Research Report

North America Automated Guided Vehicle (AGV) Market Research Report: Forecast (2024-2030)

North America Automated Guided Vehicle (AGV) Market Report - By Type (Forklift Trucks, Tow Vehicles, Unit Load Carriers, Assembly Line Vehicles, Others (Pallet Trucks, Autonomous M...obile Robots, etc.)), By Navigation Technology (Laser Target Navigation, Magnetic Guide Tape, Wired Navigation, Vision Guidance, Inertial (gyroscopic) Navigation, Others (Geoguidance, LiDAR, etc.)), By Application (Logistics & Warehousing, Assembly, Packaging, Others (Trailer loading & unloading, Raw material handling, etc.)), By End User (Aerospace & Defense, Food & Beverages, Electronics & Semiconductors, Retail, Automotive, Others (Healthcare, Chemical, etc.)), and Others Read more

  • Automotive
  • Jan 2024
  • 166
  • AT55032

Market Definition

Automated Guided Vehicles (AGVs) are computer-controlled, mobile robots designed for material handling and transportation tasks within industrial and logistical environments. These vehicles navigate autonomously using various guidance systems, such as lasers, vision, or inductive wires embedded in the floor. AGVs enhance operational efficiency, reduce manual labor, and contribute to streamlined & automated material flow in sectors like manufacturing, warehousing, and distribution.

Market Insights & Analysis: North America Automated Guided Vehicle (AGV) Market (2024-30):

The North America Automated Guided Vehicle (AGV) Market size is estimated to grow at a CAGR of around 12.5% during the forecast period, i.e., 2024-30. Manufacturing facilities heavily depend on cutting-edge technologies and innovations to produce high-quality products efficiently and cost-effectively. In the current competitive landscape, where there is a shortage of human resources, the adoption of more sophisticated software & hardware is imperative for staying competitive. Automated Guided Vehicle (AGV) technology presents manufacturers with significant and quantifiable advantages, such as reduced operational costs and enhanced material throughput.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 12.5%
Country Covered The US, Canada, Mexico
Key Companies Profiled Toyota Material Handling, Inc., Jungheinrich AG, Konecranes Plc, John Bean Technologies Corporation, Daifuku Co., Ltd., Bastian Solutions, LLC, Hyster-Yale Group, Inc., Murata Machinery, Ltd., KUKA AG, Crown Equipment Corporation, Oceaneering International, Kion Group Ag, Others
Unit Denominations USD Million/Billion

 

However, the potential of AGVs goes beyond these benefits, especially when optimizing the initial stages of material handling automation, leading to increased warehouse profitability and heightened customer satisfaction. Major players in the logistics sector, including XPO, UPS, and DHL, which have extensively embraced automation in their fulfillment centers, are experiencing higher revenues compared to companies relying on conventional practices. Moreover, the prevailing market trend indicates a notable shift among both large & small enterprises towards solutions involving AGVs.  The ongoing advancements in vehicle design and breakthroughs in AI technology contribute to the evolution of AGV solutions, expanding their capabilities. Hence, the rapid growth of the e-commerce sector and transformative changes in the automotive industry serve as significant driving factors for the increased adoption of AGVs.


North America Automated Guided Vehicle (AGV) Market Research Report: Forecast (2024-2030)

Furthermore, in the realm of industrial wireless communication systems, ensuring timely transmission and receipt of information is crucial for networked control systems in AGVs. However, challenges such as random communication delays, influenced by radio channel characteristics and medium access control (MAC), can potentially lead to performance issues in AGV systems.

North America Automated Guided Vehicle (AGV) Market Driver:

Rising Product Demand in E-commerce Industry to Boost Market Growth – The global surge in the e-commerce sector has led to the widespread adoption of automated material handling processes. Major players in the e-commerce industry, including Alibaba, Walmart, Amazon, and Flipkart, have actively embraced automated material handling solutions to streamline operations, reduce costs, and expand their inventory capacities. For instance:

  • In 2023, Jungheinrich and Mitsubishi Logisnext America announced to introduce Rocrich AGV Solutions, an upcoming joint venture that expands upon their existing collaboration. This partnership aims to deliver established mobile automation solutions tailored for warehouses and production facilities across North America.

The launch signifies a strategic move to enhance their combined capabilities in providing innovative material handling and automation solutions in the region. In response to the intensifying competition in the e-commerce landscape, industry players are prioritizing the acceleration of product delivery times, prompting a significant uptake of Automated Guided Vehicles (AGVs). AGV deployment in e-commerce warehouses is playing a pivotal role in automating intralogistics tasks such as picking, sorting, and palletizing, contributing to enhanced operational efficiency and a more reliable storage process, thus driving the North America Automated Guided Vehicle (AGV) Market growth.

North America Automated Guided Vehicle (AGV) Market Opportunity:

Small & Medium-sized Enterprises (SMEs) Fueling Growth Through Increased Focus on Industrial Automation –  The rising emphasis on industrial automation among small- & medium-sized enterprises (SMEs) in North America serves as a notable opportunity for the Automated Guided Vehicle (AGV) Market. SMEs, constrained by budget limitations, are increasingly turning to AGV technology for cost-efficient and scalable solutions in material handling and logistics. AGVs offer flexibility, enhanced productivity, and improved safety, aligning well with the needs of growing businesses. Additionally, government support and a growing awareness of AGV advantages contribute to a conducive environment for market growth in the North American region.

North America Automated Guided Vehicle (AGV) Market Challenge:

Technical Hurdles in Sensing Elements Pose Obstacles for the Market – The effectiveness of AGVs hinges on the precision of their sensing & navigation technologies. Critical issues, including sensor accuracy, susceptibility to environmental interferences, and adaptability to dynamic surroundings, pose potential impediments to the seamless operation of AGVs. Within the complex landscape of industrial settings where AGVs function, factors such as variations in lighting conditions, the presence of unpredictable obstacles, and the imperative for real-time decision-making further compound the challenges faced by sensing elements. To surmount these intricate technical obstacles, a continual commitment to innovation is essential. This involves advancements in sensor technology, the integration of sophisticated machine learning algorithms, and the development of adaptive systems. These technological strides are crucial for ensuring that AGVs can navigate through diverse and complex environments with efficiency and safety, ultimately fostering the widespread adoption of AGV solutions across various industries in North America.

North America Automated Guided Vehicle (AGV) Market Trend:

Implementation of Industry 4.0 Technologies in Warehouse Operation Fostering Market Expansion – The deployment of Industry 4.0 technologies in warehouses is poised to significantly boost market growth across various industries. As businesses increasingly recognize the transformative potential of Industry 4.0, characterized by the integration of smart technologies, data analytics, and automation, warehouses are emerging as key focal points for optimization. The adoption of technologies such as the Internet of Things (IoT), robotics, artificial intelligence (AI), and advanced data analytics in warehouse operations enhances overall efficiency, accuracy, and adaptability.

Smart warehouses leverage real-time data to optimize inventory management, enhance order fulfillment processes, and improve overall supply chain visibility. This not only reduces operational costs but also enables a more responsive and customer-centric approach. The synergy between Industry 4.0 technologies and warehouse operations represents a pivotal driver for market growth, as businesses seek innovative solutions to stay competitive in an increasingly digitized and interconnected industrial landscape.

North America Automated Guided Vehicle (AGV) Market (2024-30): Segmentation Analysis

The North America Automated Guided Vehicle (AGV) Market study by MarkNtel Advisors evaluates & highlights the major and influencing factors in each segment & includes predictions for the period 2024–2030 at the regional levels. In accordance to the analysis, the market has been further classified as:

Based on the Type:

  • Forklift Trucks
  • Tow Vehicles
  • Unit Load   Carriers
  • Assembly Line   Vehicles
  • Others (Pallet Trucks, Autonomous Mobile Robots, etc.)

Tow Vehicles segment captures the potential share of the North America Automated Guided Vehicle (AGV) Market. These vehicle types play a vital role in towing applications, facilitating the movement of large quantities of goods within warehouse areas. To streamline loading and unloading processes in shipping or receiving zones, side path spurs are strategically positioned for goods transported via trains. For instance, in 2021, Bastian Solutions, LLC launched a Raymond courier vision-guided tow tractor vehicle, aimed at providing automated solutions and optimizing warehouse operations. This tow tractor VGV boasts a payload capacity of up to 10,000 lbs, a maximum speed of 2.6 mph, and a route capacity of 1.5 miles. Notably, a single operator can manage multiple tow tractor VGVs, enhancing both workforce and truck fleet efficiency without a proportional increase in labor costs.

Based on the Application:

  • Logistics & Warehousing
  • Assembly
  • Packaging
  • Others (Trailer loading & unloading, Raw material handling, etc.)

The North America Automated Guided Vehicle (AGV) Market was predominantly led by the Logistics & Warehousing segment commanding a substantial share in the market. Within this segment, specific categories include transportation, cold storage, wholesale & distribution, and cross-docking. Businesses engaged in facility upgrades or new constructions are actively embracing advanced retrieval systems, automated storage solutions, and other cutting-edge material handling equipment to streamline operations, reduce labor costs, and enhance overall efficiency and productivity.

North America Automated Guided Vehicle (AGV) Market (2024-30): Regional Projection

Geographically, the North America Automated Guided Vehicle (AGV) Market expands across:

  • The US
  • Canada
  • Mexico

The United States is a major & highly developed country across the North America Automated Guided Vehicle (AGV) Market for automated solutions, driven by a robust economy, substantial port traffic, and a flourishing e-commerce sector. Key industries like retail, automotive, food and beverage, and pharmaceuticals are significant contributors to the demand for Automated Guided Vehicles (AGVs), with the food & beverage sector alone representing a major share of annual US packaging shipments.  Strict adherence to food safety regulations and a preference for reduced human intervention in production processes are expected to fuel AGV demand in this industry. Job polarization, characterized by a decline in middle-skill occupations and a rise in high- & low-skill roles, is accelerating automation adoption. Hence, enterprises, faced with low warehouse vacancies and rising rental expenses, are turning to smaller spaces and investing in automated optimization solutions, thus influencing the US Automated Guided Vehicle (AGV) Market share.

North America Automated Guided Vehicle (AGV) Market Recent Development:

  • 2023: Oceaneering International Inc. announced new supervisory software for its autonomous mobile robot fleet, enabling coordinated logistic flows and management of both robots and peripheral devices.
  • 2023: The KION Group has introduced its proprietary fuel cell systems designed for industrial trucks, marking a significant development for the global intralogistics company. Specifically engineered for warehouse trucks, the newly developed 24-volt system can be produced at a capacity of up to 5,000 units annually on the recently established production line at the Hamburg plant.

Gain a Competitive Edge with Our North America Automated Guided Vehicle (AGV) Market Report

  • North America Automated Guided Vehicle (AGV) Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & market share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • North America Automated Guided Vehicle (AGV) Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The North America Automated Guided Vehicle (AGV) Market is expected to grow at a compound annual growth rate (CAGR) of around 12.5% from 2024 to 2030.

   A. The rising product demand in the e-commerce industry is expected to drive the North America Automated Guided Vehicle (AGV) Market during 2024-30.

   A. Some of the top companies in the North America Automated Guided Vehicle (AGV) Market include Toyota Material Handling, Inc., Jungheinrich AG, Konecranes Plc, John Bean Technologies Corporation, Daifuku Co., Ltd., Bastian Solutions, LLC, Hyster-Yale Group, Inc., Murata Machinery, Ltd., KUKA AG, Crown Equipment Corporation, Oceaneering International, Kion Group Ag, among others.

   A. The tow vehicles hold a substantial share in the North America Automated Guided Vehicle (AGV) Market.

   A. The US is expected to hold the highest potential revenue growth opportunity in the North America Automated Guided Vehicle (AGV) Market during 2024-30.

   A. The implementation of industry 4.0 technologies in warehouse operation is a key trend shaping the revenue growth of the North America Automated Guided Vehicle (AGV) Market.

   A. The growth of the North America Automated Guided Vehicle (AGV) Market is primarily driven by the surge in demand from the e-commerce sector, with major players like Alibaba, Walmart, Amazon, and Flipkart adopting AGVs to optimize operations, reduce costs, and enhance inventory capacities.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. North America Automated Guided Vehicle (AGV) Market Trends & Developments
  5. North America Automated Guided Vehicle (AGV) Market Dynamics
    1. Growth Drivers
    2. Challenges
  6. North America Automated Guided Vehicle (AGV) Market Hotspot & Opportunities
  7. North America Automated Guided Vehicle (AGV) Market Supply Chain Analysis
  8. North America Automated Guided Vehicle (AGV) Market Regulations, Policies & Standards
  9. North America Automated Guided Vehicle (AGV) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type
        1. Forklift Trucks- Market Size & Forecast 2019-2030F, USD Million
        2. Tow Vehicles - Market Size & Forecast 2019-2030F, USD Million
        3. Unit Load Carriers- Market Size & Forecast 2019-2030F, USD Million
        4. Assembly Line Vehicles- Market Size & Forecast 2019-2030F, USD Million
        5. Others (Pallet Trucks, Autonomous Mobile Robots, etc.)- Market Size & Forecast 2019-2030F, USD Million
      2. By Navigation Technology
        1. Laser Target Navigation- Market Size & Forecast 2019-2030F, USD Million
        2. Magnetic Guide Tape- Market Size & Forecast 2019-2030F, USD Million
        3. Wired Navigation- Market Size & Forecast 2019-2030F, USD Million
        4. Vision Guidance- Market Size & Forecast 2019-2030F, USD Million
        5. Inertial (gyroscopic) Navigation- Market Size & Forecast 2019-2030F, USD Million
        6. Others (Geoguidance, LiDAR, etc.)- Market Size & Forecast 2019-2030F, USD Million
      3. By Application
        1. Logistics & Warehousing- Market Size & Forecast 2019-2030F, USD Million
        2. Assembly- Market Size & Forecast 2019-2030F, USD Million
        3. Packaging- Market Size & Forecast 2019-2030F, USD Million
        4. Others (Trailer loading & unloading, Raw material handling, etc.)- Market Size & Forecast 2019-2030F, USD Million
      4. By End User
        1. Aerospace & Defense- Market Size & Forecast 2019-2030F, USD Million
        2. Food & Beverages- Market Size & Forecast 2019-2030F, USD Million
        3. Electronics & Semiconductors- Market Size & Forecast 2019-2030F, USD Million
        4. Retail- Market Size & Forecast 2019-2030F, USD Million
        5. Automotive- Market Size & Forecast 2019-2030F, USD Million
        6. Others (Healthcare, Chemical, etc.)- Market Size & Forecast 2019-2030F, USD Million
      5. By Country
        1. The US
        2. Canada
        3. Mexico
      6. By Company
        1. Competition Characteristics
        2. Revenue Share
  10. The US Automated Guided Vehicle (AGV) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, USD Million
      2. By Navigation Technology- Market Size & Forecast 2019-2030F, USD Million
      3. By Application- Market Size & Forecast 2019-2030F, USD Million
      4. By End User- Market Size & Forecast 2019-2030F, USD Million
  11. Canada Automated Guided Vehicle (AGV) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, USD Million
      2. By Navigation Technology- Market Size & Forecast 2019-2030F, USD Million
      3. By Application- Market Size & Forecast 2019-2030F, USD Million
      4. By End User- Market Size & Forecast 2019-2030F, USD Million
  12. Mexico Automated Guided Vehicle (AGV) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, USD Million
      2. By Navigation Technology- Market Size & Forecast 2019-2030F, USD Million
      3. By Application- Market Size & Forecast 2019-2030F, USD Million
      4. By End User- Market Size & Forecast 2019-2030F, USD Million
  13. North America Automated Guided Vehicle (AGV) Market Key Strategic Imperatives for Success & Growth
  14. Competition Outlook
    1. Company Profiles
      1. Toyota Material Handling, Inc.
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Jungheinrich AG
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Konecranes Plc
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. John Bean Technologies Corporation
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Daifuku Co., Ltd.
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Bastian Solutions, LLC
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Hyster-Yale Group, Inc.
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Murata Machinery, Ltd.
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. KUKA AG
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Crown Equipment Corporation
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Oceaneering International
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      12. Kion Group Ag
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      13. Others
  15. Disclaimer


North America Automated Guided Vehicle (AGV) Market