Asia Pacific Automated Guided Vehicle (AGV) Market Size Set to Touch USD 6.8 Billion by 2029

Published | 02 November 2023

Asia-Pacific automated guided vehicle (AGV) market is flourishing because of the increasing focus on safety, accuracy, and productivity and a spurring demand for automation and AGVs.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific automated guided vehicle (AGV) market size at USD 3.5 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Asia Pacific automated guided vehicle market size to grow at a significant CAGR of 9.78% reaching a value of USD 6.8 billion by 2029. Major growth drivers for the Asia-Pacific automated guided vehicle (AGV) market include increasing emphasis on enhancing workplace safety and high adoption of Industry 4.0 within the realm of Automated guided vehicle (AGV) manufacturing. Notably, there is a growing demand for AGVs in material handling, aimed at boosting productivity. Prominent industry players are actively assessing the pros and cons of automated guided vehicles (AGVs) to identify potential growth opportunities in the market. Manufacturers within this sector are also seizing incremental opportunities by introducing innovative product offerings. Another driving force is the continuous increase in R&D investments and the growing number of production facilities worldwide. Hence, such aspects are expected to boost the expansion of Asia-Pacific automated guided vehicle (AGV) market during the forecast period. However, high initial investment costs and lack of flexibility and obstacle resistance in AGVs are anticipated to restrain the overall market growth during the period in analysis.

Automated Guided Vehicles (AGVs) – Overview

Automated guided vehicles (AGVs) are autonomous, computer-controlled systems with advanced navigation and collision avoidance capabilities, offering efficient material transport without human intervention. They ensure reliability, cost reduction, increased productivity, and enhanced workplace safety. The industry is shifting towards automation, driven by Industry 4.0, leading to a rising demand for AGVs. AGV software supports navigation, steering, and traffic control. The adoption of automated material handling with technologies like Big Data and Machine Learning is expected to drive the market in the coming years, aligning with the broader trend of automating industrial processes for improved efficiency and logistics.

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Impact of COVID-19 on Asia-Pacific Automated Guided Vehicle (AGV) Market

COVID-19 pandemic had dual impact on the Asia-Pacific automated guided vehicle (AGV) market. Pandemic-driven advancements in navigation technology played a vital role in the development and adoption of AGVs for various applications, including warehouse management, transportation, and manufacturing in industries like food, pharmaceuticals, and chemicals. AGV manufacturers and service providers have shown a particular interest in four navigation technologies: laser-guided, vision-guided, natural navigation, and magnetic navigation. Moreover, the rise of Industry 4.0 has increased the demand for logistics automation. This has made AGVs essential in optimizing production capabilities, particularly in the logistics sector, where the need for efficiency and safety has surged due to the pandemic.

Asia-Pacific Automated Guided Vehicle (AGV) Market – By Application

Based on application, the Asia-Pacific automated guided vehicle (AGV) market is divided into Transportation, Distribution, Storage, Assembly, Packaging, and Waste handling segments. The transportation segment is expected to hold the highest share in the Asia-Pacific automated guided vehicle (AGV) market during the forecast period by application. In the region, there is a burgeoning need for efficient and automated material handling and logistics solutions to support the continuous growth in e-commerce, manufacturing, and warehouse operations. AGVs offer a cost-effective and highly reliable way to streamline transportation processes, enhance accuracy, and reduce operational risks. Additionally, AGVs are well-suited for moving goods within and between various facilities, aligning perfectly with the logistics and transportation demands of this dynamic and rapidly expanding market, thus contributing to the segment's substantial market share. Meanwhile, the assembly segment is expected to witness the fastest growth rate during the forecast period. This was primarily driven by the increasing need for economical assembly solutions across diverse industries.

Competitive Landscape

Major players operating in the Asia-Pacific automated guided vehicle (AGV) market include Daifuku Co. Ltd, Dematic, Seegrid Corporation, Yujin Robot Co., Ltd, JBT Corporation, Cimcorp Group, Murata Machinery, Ltd, Transbotics Corporation, KION Group, and GreyOrange. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Automated Guided Vehicle (AGV) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Automated Guided Vehicle (AGV) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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