According to FMI, the USA automated guided vehicles market will increase at a rate of roughly 5.4% CAGR through 2031. The proliferation of consumer-focused industries in the United States, along with top-notch research and development in the fields of automation and robotics, are responsible for the rising demand for AGVs.
As per ESOMAR-certified consulting firm Future Market Insights’ (FMI’s) recent market analysis, growth is on the cards for the global automated guided vehicles (AGV) market. The report forecasts the market valuation to reach US$ 996 Million in 2021, growing at an impressive 7.9% CAGR through 2031.
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Growth is being fueled by rising demand for AGVs in the consumer products, automotive, food and beverage, oil and gas, and healthcare sectors. Manufacturers have increased AGV production as a result of the growing demand, expanding the potential for future development.
Fast adoption is made possible by the presence of major companies like Bastian Solutions, AGVE Group, and JBT Corporation in the US. Additionally, escalating demand for AGVs in warehouses will open up new possibilities for these players and promote sales.
One of the primary drivers of growth in the AGV market is the increasing adoption of automation in various industries. AGVs are used in industries such as automotive, healthcare, logistics, and manufacturing to automate material handling processes, resulting in improved productivity and efficiency.
Additionally, the need for efficient material handling is expected to drive growth in the AGV market. With increasing demand for fast and reliable delivery of goods, efficient material handling has become critical for businesses to remain competitive.
Furthermore, advancements in technology, such as the integration of artificial intelligence (AI) and Internet of Things (IoT) in AGVs, are expected to drive growth in the AGV market. These advancements can lead to improved navigation and increased efficiency, making AGVs an attractive option for businesses looking to automate their material handling processes.
Expansion of automotive, consumer goods, retail, and oil & gas industries in developed countries such as the U.S., the U.K., and Germany will continue to boost sales. This will allow AGV manufacturers to focus on capacity expansion, creating growth opportunities over the coming years.
“Growing need for industrial automation is expected to boost the adoption of AGVs over the coming years. With increasing adoption of AGVs within automotive, healthcare, logistics, and e-commerce industry, key players will witness lucrative growth opportunities during the forecast period,” says the FMI analyst
Key Takeaways from Automated Guided Vehicle Market Survey
- In terms of technology, laser-guided AGVs will dominate the segment due to their highly accurate navigation systems.
- Based on end-use, logistics sector will generate high demand for automated guided vehicles.
- Increasing application in transportation will foster the AGV sales during the forecast period
- Tow vehicles will emerge as the most preferred vehicle type in the automated guided vehicle market.
- The U.S. is projected to witness high demand for automated guided vehicles, owing to the presence of various end-use industries.
- The U.K. will showcase a positive demand outlook, due to expansions in the automotive and eCommerce industry.
- China will provide lucrative opportunities for AGV manufacturers due to high production volumes in manufacturing industries prevailing in the country.
- India will experience demand for automated guided vehicles, owing to the increasing adoption of industrial automation within logistics sector
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Competitive Landscape
JBT Corporation, Daifuku Co., Ltd., Kuka AG, Omron Adept Technologies, Inc., Kion Group AG, Oceaneering International Inc., Transbotics Corporation, AGVE Group, Inc., Seegrid Corporation, Murata Machinery, AVT Europe NV, SSI Schaefer, Toyota Industries Corporation, Cassioli Srl, Robotnik, Mecalux, S.A, Kollmorgen, Bastian Solutions, Inc., and E&K Automation GMBH are some top manufactures operating in the automated guided vehicle market.
As per FMI’s analysis, key manufacturers will account for approximately 43% of the total market share. Key strategies leveraged by players in the automated guided vehicle market include production facility expansions, coupled with strategic partnerships aimed at product innovation to support the growing demand for AGVs.
- In May 2021, Daifuku Co. Ltd. announced the establishment of a new production facility in Boyne City, Michigan. The production plant will facilitate the manufacturing of AGVs for airports, automotive, and eCommerce industries, including world-famous Amazon.
- In June 2021, Seegrid Corporation launched the new Tow Tractor Series 8 with enhanced features such as excellent navigation, extended field of view, and shorter clearance height for managing various cart trains. The product line features Smart Path technology, increasing the fleet’s ability to navigate safely and moving materials reliably in high-traffic facilities.
Automated Guided Vehicle Market by Category
By Technology Type:
- Laser Guidance
- Magnetic Guidance
- Infrared Guidance
- Wire Guidance
- Inertial Guided
- Optical Guided
By Application Type:
- Transportation
- Distribution
- Storage
By Vehicle Type:
- Unit Load Carrier
- Pallet Truck
- Assembly Line Vehicle
- Tow Vehicle
- Forklift Truck
- Light Load Transporters
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By End Use:
- Logistics
- Healthcare
- Automotive
- Manufacturing
- Food & Beverages
- Aerospace
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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