Automated Guided Vehicles Market on Track for 8% CAGR, Reaching USD...

Automated Guided Vehicles Market on Track for 8% CAGR, Reaching USD 2.43 Billion by 2033

Posted 2024-09-05 07:50:14

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The automated guided vehicles (AGV) market is set to grow significantly, with an anticipated valuation of approximately USD 1,126.7 Million in 2023 and projected to surge to around USD 2,432.5 Million by 2033, reflecting a robust CAGR of 8% over this period.

This growth 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 expected to continue supporting their upward trajectory.

In Europe, the AGV market is projected to be led by the United Kingdom, with a forecasted CAGR of 7% during the forecast period. This growth is anticipated to significantly boost AGV demand and create substantial opportunities for AGV manufacturers in the region.

The rising demand for advanced AGVs in industries such as healthcare, aerospace, and e-commerce is fueling this trend in the United Kingdom. The integration of AGVs to enhance warehouse operational efficiency is a major factor driving demand in these sectors.

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Sophisticated technologies are increasingly being deployed in AGVs, including telematics services and various navigation methods such as laser, magnetic, infrared, and optical. Wireless communication is also gaining popularity due to its enhanced position monitoring precision.

Global industrialization is driving 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, are contributing to the positive sales outlook for the market.

AGVs offer scalability compared to fixed equipment. Instead of investing in stationary conveyors, manufacturers can deploy a fleet of AGVs to reduce operational time and increase production efficiency, aligning with the growing trend toward automation.

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: