The automated guided vehicles (AGV) market is poised to reach a valuation of approximately US$ 1.13 Billion by the year 2023, with a projected increase to about US$ 2432.5 Million by 2033. This growth signifies a significant CAGR of 8% spanning the period from 2023 to 2033.
The escalating utilization of these vehicles across diverse sectors including logistics, food and beverage, healthcare, and manufacturing is expected to sustain the upward trajectory of autonomous guided vehicles.
According to an analysis by FMI, the AGV market in Europe is poised to be led by the United Kingdom, with a projected compound annual growth rate (CAGR) of 7% during the anticipated forecast period. This period is expected to see a substantial surge in AGV demand, thereby opening significant avenues for manufacturers of AGVs within the region.
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Presently, escalating demand for cutting-edge AGVs within sectors such as healthcare, aerospace, and e-commerce is the driving force behind this growth trend in the United Kingdom. The integration of AGVs to enhance operational efficiency in warehouses is propelling demand within these particular industries.
In automated guided cars, sophisticated technologies such as telematics services and laser, magnetic, infrared, and optical navigation are being deployed. Wireless communication is gaining popularity because it improves position monitoring precision.
Global industrialization is driving up demand for autonomous guided vehicles in the oil and gas, transportation, and construction industries. Moreover, the increasing demand can be attributable to advanced features provided by automated guided vehicles, such as fuel efficiency and customized material handling, which is going to influence the market’s sales outlook.
Automated guided vehicles are scalable as compared to fixed equipment. Instead of investing in cumbersome stationary conveyors, producers can add a fleet of automated guided vehicles to reduce operational time and boost production as demand for automation grows.
Key Takeaways from the Automated Guided Vehicles (AGV) Market Report:
- 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.
Leading Key Players:
- 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
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Automated Guided Vehicles (AGV) Market Segmentation:
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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