Automated Guided Vehicle Market is Expected to Propelled by Increased Warehouse Efficiency
Automated guided vehicles are intelligent robots used for material handling and transportation applications in industries. They enhance productivity and efficiency by automating material movement tasks. They come equipped with advanced navigation and safety features like collision avoidance. Automated guided vehicles reduce labor costs, improve inventory management and help operators meet increasing production demands.
The global Automated Guided Vehicle Market is estimated to be valued at US$ 2,100 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased warehouse efficiency is one of the key trends propelling growth of the automated guided vehicle market. AGVs help improve overall warehouse workflow by automating material movement. They reduce congestion in aisles and improve productivity by freeing up human workers from repetitive transport tasks. AGVs also increase accuracy of order fulfillment by minimizing mistakes. With rising e-commerce and need to provide fast delivery of goods, automated guided vehicles are helping warehouses operate at peak efficiency with lower costs. This is expected to significantly drive their adoption over the forecast period.
SWOT Analysis
Strength: Automated guided vehicles can operate 24/7, resulting in higher productivity. They improve workplace safety by removing humans from hazardous environments.
Weakness: High initial investment costs. Require well-defined procedures and processes for effective operation.
Opportunity: Growing e-commerce industry is driving the need for automation in warehouses and distribution centers. Increase in labor costs is also prompting manufacturers and retailers to invest in AGVs.
Threats: Trade war between the US and China could impact material costs. Rising competition from collaborative robots can reduce AGV market share.
Key players:
Key players operating in the automated guided vehicle market are JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Schaefer Systems International Pvt Ltd., E&K AUTOMATION LIMITED, Oceaneering International, Inc., Murata Machinery, Ltd., KNAPP AG, Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., Seegrid Corporation, Fetch Robotics, Inc., inVia Robotics, Inc., Crown Equipment Corporation, and Meidensha Corporation. These companies are focusing on developing technologically advanced AGVs and expanding their geographic presence through strategic partnerships and mergers & acquisitions.
Key Takeaways
The global Automated Guided Vehicle Market is expected to witness high growth over the forecast period of 2023 to 2030. The global Automated Guided Vehicle Market is estimated to be valued at US$ 2,100 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2030.
North America accounts for the largest share of the AGV market currently due to strong demand from industries such as automotive, metals and heavy machinery. Asia Pacific is projected to be the fastest growing region backed by government initiatives to promote industrial automation in countries like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
