The Automated Guided Vehicles (AGVs) Market Share is poised to reach a valuation of approximately US$ 1.13 Billion by 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% from 2023 to 2033.
The growing 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.
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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.
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 propels demand within these industries.
In automated guided cars, sophisticated technologies such as telematics services and laser, magnetic, infrared, and optical navigation are deployed. Wireless communication is gaining popularity because it improves position monitoring precision.
Global industrialization is driving 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 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.
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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
- Murata Machinery
- SSI Schaefer
- AVT Europe NV
- Cassioli Srl
- Toyota Industries Corporation
- Robotnik
- Kollmorgen
- E&K Automation GMBH
- BEUMER Group GmbH & Co. KG
- Mecalux, S.A
- Bastian Solutions Inc.
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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 the 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.
Originally Published By: https://www.chronicles24.com/index.php/2023/09/27/automated-guided-vehicles-agv-market-is-expected-to-reach-us-2-43-billion-by-2033-with-8-cagr-future-market-insights-inc/
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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