The Automated Guided Vehicles (AGVs) market is set for significant expansion, with an estimated valuation of approximately USD 1.13 billion in 2023, projected to increase to around USD 2.43 billion by 2033. This growth reflects a robust compound annual growth rate (CAGR) of 8% over the forecast period from 2023 to 2033.
The rise in AGV adoption across various sectors—such as logistics, food and beverage, healthcare, and manufacturing—is a key driver of this growth. AGVs are becoming integral to enhancing operational efficiency and optimizing processes within these industries.
According to Future Market Insights (FMI), Europe’s AGV market will see significant leadership from the United Kingdom, which is anticipated to grow at a CAGR of 7% during the forecast period. This presents considerable opportunities for AGV manufacturers in the region.
In the UK, the increasing demand for advanced AGVs in healthcare, aerospace, and e-commerce is propelling market growth. AGVs are being integrated into warehouses to improve operations and meet the rising demands of these industries.
Modern AGVs are adopting cutting-edge technologies, including telematics services and various navigation systems such as laser, magnetic, infrared, and optical methods. The growing use of wireless communication is enhancing the accuracy of position monitoring.
The global push towards industrialization is also fueling the demand for AGVs in sectors such as oil and gas, transportation, and construction. Additionally, advancements in AGV features, including enhanced fuel efficiency and customizable material handling options, are shaping the market.
Compared to fixed equipment, AGVs offer superior scalability. Manufacturers are increasingly favoring fleets of automated guided vehicles over stationary conveyors to minimize operational time and increase production efficiency in response to rising automation demands.
Detailed Market Study: Full Report and Analysis
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
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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