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Automated Guided Vehicle (AGV) Market Trends

Report ID: GMI9357
Published Date: May 2024
Report Format: PDF

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Automated Guided Vehicle Market Trends

Advancements in areas like sensors, navigation systems, and artificial intelligence (AI) are making AGVs more sophisticated and capable. LiDAR, 3D cameras, and better obstacle detection sensors enable AGVs to navigate complicated settings with greater precision and safety. They can also perform a broader range of tasks, such as selecting and arranging things of various shapes and sizes.

New advances in SLAM (Simultaneous Localization and Mapping) technology allow AGVs to build and adapt to dynamic surroundings without depending on pre-programmed pathways. This increases their flexibility and adaptability to changing warehouse layouts or procedures. Additionally, AI-powered software can optimize AGV routes, anticipate and avoid congestion, and even learn and adapt to changing situations.

For instance, in March 2024, VisionNav Robotics, an automated warehouse vehicle provider launched its automatic trailer truck loading and unloading system in North America at MODEX 2024. The new system is equipped with VisionNav’s VNST20 PRO automated guided vehicle (AGV). Also, the new offering combines its VNST20 autonomous forklift, a robot control system (RCS) for fleet scheduling, and 3D LiDAR for simultaneous location and mapping (SLAM) with deep learning positioning technology.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automated guided vehicle (AGV) recorded USD 9.7 billion in 2023 and will expand at a 7% CAGR between 2024 and 2032, owing to increasing demand for material handling automation across various industries.

The logistics & warehousing segment secured 43% of the automated guided vehicle industry share in 2023, attributed to the escalating demand for efficient material handling solutions in e-commerce fulfillment centers, distribution warehouses, and manufacturing facilities.

North America market captured 35% share in 2023, driven by the region's robust industrial infrastructure, technological advancements, and widespread adoption of automation across various industries.

Prominent firms operating in the automated guided vehicle (AGV) industry are Bastian Solutions, Inc., Daifuku Co., Ltd., Dematic, E&K Automation Gmbh, Fetch Robotics, Inc., Hyster-Yale Materials Handling, Inc., JBT, Schaefer Systems International, Inc., Seegrid Corporation, and Toyota Industries Corporation among others.