Report : Europe Automated Guided Vehicle Market Forecast to 2030 - Regional Analysis - by Technology (Wired Navigation, Guide Tape Navigation, Laser Target Navigation, Magnetic Navigation, and Others), Vehicle Type (Pallet Trucks, Unit Load Carriers, Driverless Trains, Forklift Trucks, and Others), and End User (General Manufacturing, Food and Beverage, Aerospace, Retail, Healthcare, Logistics, Automotive, and Others)
At 11.8% CAGR, the Europe Automated Guided Vehicle Market is speculated to be worth US$ 3,245.80 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Europe automated guided vehicle market was valued at US$ 1,325.42 million in 2022 and is expected to reach US$ 3,245.80 million by 2030, registering a CAGR of 11.8% from 2022 to 2030. Increasing industrialization and automation in industries, huge growth in e-commerce sector, and increasing need for well-managed operations in warehouses, distribution, and manufacturing facilities are the critical factors attributed to the Europe automated guided vehicle market expansion.
Employee safety is crucial in many industries, such as metals & heavy machinery, manufacturing, logistics & warehousing, and automotive, as workers are required to perform potentially perilous tasks and operate equipment in hazardous environments. Many industries still rely on people to perform risky manual tasks such as storing, loading, unloading, and moving goods. Automated guided vehicles (AGVs) guarantee increased worker safety and accidents can be avoided to a large extent. Companies are putting more effort into increasing workplace safety to reduce accidents and downtime, which can subsequently aid in improving productivity. AGVs are designed to focus on safety and are equipped with lasers, cameras, and sensors that enable vehicles to operate safely with workers and with surrounding infrastructure. In May 2021, AUDI AG confirmed that it uses AGVs in its manufacturing centers as it helps plan the production process and identify which component is out of stock and which is available. It also helps carry items and supply trolleys while ensuring safety. However, a few vehicles, such as forklifts, depend on human inputs and do not provide safety features. Hence, there is always a concern that a worker can get distracted or tired, which could cause accidents. Thus, manufacturers are increasingly adopting automated guided vehicles in the facilities to avoid such issues. In addition, when personnel are replaced with AGVs, potential inaccurate workflow is reduced, resulting in increased productive and accurate output. The integration of AGV allows a continuous flow of operation with streamlined processes. Thus, the increasing need for well-managed operations in warehouses, distribution, and manufacturing facilities is propelling the market for AGVs. This is expected to drive the Europe automated guided vehicle market during the forecast period.
On the contrary, high upfront costs hurdles the growth of Europe automated guided vehicle market.
Based on technology, the Europe automated guided vehicle market is categorized into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. The laser target navigation segment held 43.3% market share in 2022, amassing US$ 574.18 million. It is projected to garner US$ 1,511.25 million by 2030 to expand at 12.9% CAGR during 2022–2030.
Based on vehicle type, the Europe automated guided vehicle market is categorized into pallet trucks, tow vehicle, tugger trains, forklift trucks, and others. The tow vehicle segment held 32.2% share of Europe automated guided vehicle market in 2022, amassing US$ 427.18 million. It is projected to garner US$ 1,154.03 million by 2030 to expand at 13.2% CAGR during 2022–2030.
Based on end user, the Europe automated guided vehicle market is categorized into general manufacturing, food and beverage, aerospace, retail, healthcare, logistics, automotive, and others. The logistics segment held 32.2% share of Europe automated guided vehicle market in 2022, amassing US$ 426.22 million. It is projected to garner US$ 1,203.15 million by 2030 to expand at 13.9% CAGR during 2022–2030.
Based on country, the Europe automated guided vehicle market has been categorized into Germany, the UK, France, Italy, Russia, Netherlands, Sweden, Belgium, and the Rest of Europe. Our regional analysis states that Germany captured 32.8% share of Europe automated guided vehicle market in 2022. It was assessed at US$ 434.47 million in 2022 and is likely to hit US$ 1164.99 million by 2030, exhibiting a CAGR of 13.1% during the forecast period.
Key players operating in the Europe automated guided vehicle market are Daifuku Co Ltd; Dematic Corp; Hyster-Yale Group Inc; John Bean Technologies Corp; Jungheinrich AG; Kion Group AG; Konecranes Plc; Murata Machinery Ltd; and Toyota Material Handling Inc among others.
- In June 2023, Jungheinrich starts production at Chomutov plant.
- In April 2023, Toyota Material Handling Introduces New Electric Walkie Stacker.
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