The automated guided vehicles (AGV) market is poised for significant growth, with an expected valuation of approximately USD 1,126.7 million in 2023, projected to surge to around USD 2,432.5 million by 2033, representing a robust CAGR of 8% over this period.
This expansion is driven by the increasing deployment of AGVs across various sectors, including logistics, food and beverage, healthcare, and manufacturing. The widespread adoption of AGVs is set to support their continued upward trajectory.
In Europe, the AGV market is anticipated to be led by the United Kingdom, which is expected to experience a CAGR of 7% during the forecast period. This growth is likely to significantly boost demand for AGVs and create substantial opportunities for manufacturers in the region.
The rising need for advanced AGVs in industries such as healthcare, aerospace, and e-commerce is fueling this trend in the United Kingdom. Integrating AGVs to enhance operational efficiency in warehouses is a major factor driving demand in these sectors.
Sophisticated technologies are increasingly being utilized in AGVs, including telematics services and various navigation methods such as laser, magnetic, infrared, and optical systems. Wireless communication is also becoming more popular due to its ability to enhance position monitoring accuracy.
Global industrialization is further driving the demand for AGVs in sectors such as oil and gas, transportation, and construction. The advanced features of AGVs, including fuel efficiency and customized material handling solutions, contribute to the positive sales outlook for the market.
AGVs offer scalability compared to fixed equipment, allowing manufacturers to deploy a fleet of AGVs instead of investing in stationary conveyors. This flexibility helps reduce operational time and increase production efficiency, aligning with the growing trend toward automation.
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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
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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