Sales Of Automated Guided Vehicle Is Slated To Reach A Valuation Of US$ 9.9 Billion By 2032

In 2022, the market for automated guided vehicles was valued at US$3.05 billion. Furthermore, growth is anticipated to pick up steam from 2022 to 2032 to a staggering 12.5% CAGR, reaching US$ 9.9 billion.

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One of the key factors projected to boost the need for autonomous guided vehicles in the oil & gas, transportation, and construction industries, according to Fact.MR, is the global increase in industrialisation. The market's sales forecast will be further shaped by the enhanced features provided by automated guided vehicles, such as fuel efficiency and tailored material handling, which are driving up demand.

The market's expansion might be due to nations' varying levels of industry automation awareness and adoption. However, the market for automated guided vehicles has been expanding as a result of rising laser guided AGV manufacturing and falling labour costs.

Prominent Automated Guided Vehicle Service Players

• Addverb Technologies
• Aichi Machine Industry Co., Ltd.
• China SME Group Co., Ltd
• DAIFUKU GROUP
• Egemin Automation Inc.
• GreyOrange
• GRIDBOTS
• JBT Corporation
• KOLEC
• Konecranes
• KUKA AG
• Murata Machinery, Ltd.
• Oceaneering International, Inc.
• SHENZHEN MIRCOLOMAY TECHNOLOGY CO., LTD
• System Logistics S.p.A.
• TOYOTA INDUSTRIES CORPORATION

The integration of Industry 4.0 concepts has led the conventional industrial facilities to develop into smart, networked as well as highly efficient automated facilities. Also, the Industry 4.0 has the ability to transform a manufacturing facility into a self-contained operation as it is a single automated unit that incorporates computers, industrial automation systems, and robots. A network of linked devices creates a smart architecture capable of making decentralized choices. In addition, the rise of Industry 4.0 is transforming the way warehouses operate & Industry 4.0 also intends to establish a productive working environment in which people and robots can collaborate well.
Moreover, the integration of Industry 4.0 and robots would turn processes into an industrial space with greater automation system coordination.

This integration will enable high-velocity operations at lower costs along with making it time-critical, in the extremely demanding and constantly expanding supply chain environment. Furthermore, the deployment of Industry 4.0 technology has aided active communication between warehouse activities along with improving warehouse system coordination and assists warehouse operators in performing time-critical as well as high-velocity activities at a reduced cost, which in turn is escalating the growth of the automated guided vehicle market growth over the analysis period.

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Key Takeaways from the Market Study

• According to Fact.MR, a CAGR of 1.5% was recorded for the Automated Guided Vehicle market from 2017-2022
• In FY 2022, the Automated Guided Vehicle market reached a valuation of US$ 3.05 Billion
• The market is likely to register a Y-o-Y growth rate of 10.0% in 2023
• By Vehicle Type, the Forklift Trucks Segment is expected to dominate the market, documenting a 12.3% value CAGR
• As per Fact.MR's projections, the market for Automated Guided Vehicle in the US will likely expand at a 12.4% CAGR
• The Automated Guided Vehicle market in India is expected to expand at a 12.3% CAGR

Competitive Landscape

Prominent players in the Automated Guided Vehicle Industry are taking advantage of the rapidly increasing demand for the Automated Guided Vehicle in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
• In January 2022, KUKA AG signed a contract with Ford Otosan for the supply of more than 700 robots for Ford's next-generation electrical and connected commercial vehicle projects. The contract marks a continuation of the company's partnership, which has been in place for more than 20 years.
• In April 2021, JBT Corporation exhibited its Warehouse Freezer AGV, which operates in an array of temperatures from -10°F to 110°F. It operates with a lift capacity of 2,500 pounds. The automatic guided vehicle (AGV) features a triple-stage hydraulic mast, which has an integrated side shift and tilt. Additionally, it provides a variety of lift heights, ranging from 357 inches (or less) to the top of its forks, to 422 inches.

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Key Segments Covered in the Automated Guided Vehicle Industry Survey

• By Vehicle Type :
o Tow Vehicles
o Unit Load Carriers
o Pallet Trucks
o Assembly Line Vehicles
o Forklift Trucks
o Other Types
• By Navigation Technology :
o Laser Guidance
o Magnetic Guidance
o Inductive Guidance
o Optical Tape Guidance
o Vision Guidance
o Others
• By Battery :
o Lead Battery
o Lithium-Ion Battery
o Nickel-based Battery
o Others
• By Application :
o Transportation
o Storage
o Distribution
o Assembly
o Packaging
o Waste Handling
• By End-User :
o Automotive
o Manufacturing
o Food & Beverages
o Aerospace
o Healthcare
o Logistics
o Retail
• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa

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This release was published on openPR.