The Automated Guided Vehicles (AGVs) Market is poised to reach a valuation of approximately US$ 1.13 Billion by the year 2023, with a projected increase to about US$ 2.43 Billion by 2033. This growth signifies a significant compound annual growth rate (CAGR) of 8% spanning the period from 2023 to 2033.
The Automated Guided Vehicles (AGV) market refers to the sector within the logistics and manufacturing industries that focuses on the development, production, and deployment of automated guided vehicles for material handling and transportation tasks in warehouses, distribution centers, manufacturing facilities, and other industrial settings. AGVs are autonomous or semi-autonomous vehicles equipped with guidance and navigation systems that enable them to move goods, components, or products within a facility without human intervention.
Market drivers for the AGV market include:
Labor Shortages and Rising Labor Costs: Labor shortages, increasing labor costs, and the need for greater efficiency and productivity drive demand for automation solutions like AGVs to reduce reliance on manual labor and improve operational efficiency in warehouses and manufacturing facilities.
E-commerce Growth and Demand for Fulfillment Services: The rapid growth of e-commerce and omni-channel retailing increases demand for fast, accurate, and cost-effective order fulfillment services, spurring investment in AGVs to automate material handling and logistics processes and meet growing customer expectations.
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Industry 4.0 and Smart Factory Initiatives: Industry 4.0 initiatives and the adoption of smart factory concepts drive investment in AGVs and other automation technologies to enable real-time data exchange, interconnectedness, and flexibility in manufacturing and supply chain operations.
Safety and Regulatory Compliance: Increasing emphasis on workplace safety, regulatory compliance, and risk mitigation motivates companies to invest in AGVs with advanced safety features and technologies to improve workplace safety and reduce the risk of accidents or injuries.
Technological Advancements: Ongoing advancements in robotics, artificial intelligence, sensors, and data analytics drive innovation in AGV technology, resulting in more capable, versatile, and cost-effective solutions that address a wide range of material handling and transportation tasks.
Overall, the AGV market is expected to continue growing as companies across industries seek to improve efficiency, productivity, and safety through automation and robotics, driving adoption and investment in AGVs for material handling and logistics applications.
Key Takeaways
- In the historical period from 2018 to 2022, the market increased at a CAGR of 4.6%.
- FMI forecasts good growth for automated guided vehicles in the United States, with the industry rising at a 5.7% CAGR through 2033.
- Between 2023 and 2033, the market in India is projected to expand at an outstanding 8% CAGR.
- According to FMI’s analysis, the United Kingdom is expected to lead Europe’s AGV market, rising at a healthy 7% CAGR during the projection period.
- The market’s leading players control roughly 60% of the market.
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Competitive Landscape
Leading players are focusing on expanding their already extensive product offerings. Increasing expenditure in research to develop improved products is another key strategy for market players to preserve their market position.
- In March 2022, Seegrid Corporation, a creator of autonomous mobility robots worked with ROBEX. This collaborative project would assist Seegrid Corporation in growing its operations while also offering Seegrid Corporation products to ROBEX customers. This could also contribute to a great demand for supply chain management automation.
- ResGreen Group International, Inc. (OTC PINK: RGGI) (the “Company”), a next-generation smartphone automation and software solutions provider, announced in May 2023, the release of its bidirectional BigBuddy. It is one of the industry’s durable AGVs that uses magnetic strips to transfer masses up to 5,000 pounds.
Key Companies Profiled
- JBT Corporation
- Kuka AG,
- Daifuku Co., Ltd.
- Kion Group AG
- Omron Adept Technologies, INC.
- AGVE Group, Inc.
- Murata Machinery
- Transbotics Corporation
- Oceaneering International Inc.
- Seegrid Corporation
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
By End Use:
- Logistics
- Healthcare
- Automotive
- Manufacturing
- Food & Beverages
- Aerospace
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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