NEWARK, Del, June 12, 2023 (GLOBE NEWSWIRE) -- 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$ 1126.7 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.
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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 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., 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.
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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.
More Valuable Insights:
In its new offering, Future Market Insights presents an unbiased analysis of the global automated guided vehicles (AGV) market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Technology Type (Laser Guidance, Magnetic Guidance, Infrared Guidance), Application Type (Transportation, Distribution, Storage), Vehicle Type (Unit Load Carrier, Pallet Truck, Assembly Line Vehicle), End Use (Logistics, Healthcare, Automotive) & Region.
Automated Guided Vehicle Market by Categorization:
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
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Table of Content (ToC):
1. Executive Summary | Automated Guided Vehicles (AGV) Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
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Explore Wide-ranging Coverage of FMI’s Automotive Landscape:
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Automotive Steering System Market Demand: Is anticipated to expand its boundaries at a CAGR of 4.6% during the forecast period. The market holds a share of US$ 24.1 billion in 2023, while it is expected to surpass US$ 38.0 billion by 2033.
Automotive Battery Management System Market Outlook: Is anticipated to rise from US$ 3.8 billion in 2023 to US$ 37.4 billion in 2033.
Automotive connectivity Market Growth: is currently valued at US$ 33.42 Billion in 2023. By 2033, demand for automotive connectivity is expected to reach a high of US$ 190.29 Billion.
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