Global Automated Guided Vehicles (AGV) Market is Anticipated to Expand Notably and Exceed US$ 2432.5 million in 2023

According to a recent automated guided vehicles market analysis conducted by Future Market Insights (FMI), the increased demand for effective material handling solutions has considerably boosted sales of automated guided vehicles. Overall revenues are likely to be valued at US$ 2432.5 million in 2023 as a result of this.

Surging applications in areas such as logistics, food and beverage, healthcare, and production might ensure that autonomous guided vehicles continue to flourish. Based on this, FMI expects the market for automated guided vehicles to expand at a CAGR of 8% between 2023 and 2033.

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.

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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

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
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.

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

Contact:

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About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.