Global Automated Guided Vehicle Market Valued At $5.19 Billion By 2024, Forecasted To Reach $8.2 Billion By 2033 With 12.4% CAGR

The automated guided vehicle market size has grown rapidly in recent years. It will grow from $4.59 billion in 2023 to $5.19 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to market competition and demand, sustainability initiatives, increased e-commerce activities, industrial automation, cost efficiency.

The automated guided vehicle market size is expected to see rapid growth in the next few years. It will grow to $8.26 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to global logistics demand, rise in automation, safety enhancement, adaptability and flexibility, regulatory standards. Major trends in the forecast period include autonomous warehousing, integration with industry 4.0, energy efficiency and sustainability, flexibility and adaptability.

Market Overview -
An automated guided vehicle (AGV) is a mechanized vehicle that delivers a load through an assembly, production, or storage facility. AGVs are guided by computerised vehicles, which employ software to identify their positioning, movement, and location. This involves delivering products directly to production lines and carrying materials from receiving to the warehouse.

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Revolutionizing Material Handling Automated Guided Vehicles Thrive With Surging E-Commerce And Retail Industries
The rising e-commerce and retail industries are expected to propel the automated guided vehicle market. The purchasing and selling of products and services through an electronic network, typically the internet, is known as e-commerce. The e-commerce sector is rising due to changes in consumer preference, increased convenience, and personalized experience. The use of an automated guided vehicle in e-commerce warehouses and retail hubs provides convenience in material handling, good packaging, and managing the supply chain ecosystem. For instance, according to Forbes, an American business magazine, in the US, e-commerce sales reached $870 billion in 2021, up 50.5% from the previous year and 14.2% from 2020. In the US, e-commerce accounted for 13.2% of retail sales in 2021. Furthermore, in June 2022, an article published by Morgan Stanley, US-based investment management and financial services company, states that global e-commerce increased from 15% to 21% of total retail sales from 2019 to 2021, accounting for approximately 22% of total sales. Therefore, the rise in e-commerce and retail will drive the automated guided vehicle market.

Competitive Landscape -
Major companies operating in the automated guided vehicle market report are Balyo, Daifuku Co Ltd., E&K Automation GmbH, JBT Corporation, Kuka AG, Oceaneering International Inc, Seegrid Corporation, Schaefer Systems International Inc., Toyota Material Handling, Swisslog Holding AG, Bastian Solution, Dematic, inVia Robotics Inc., Kollmorgen, Elettric80 S.P.A., Fetch Robotics Inc., Locus Robotics, Krones AG, SMARLOGY AGV and AMR, Wellwit Robotics, ADDVERB, AGVE GROUP, AGILOX, Creform Corporation, KMH Systems Inc., DF Automation and Robotics Sdn. Bhd., DS AUTOMOTION GmbH, Konecranes and Demag Private Limited, KUKA Systems Aerospace Group, Egemin Automation Inc.

Navigating The Future Technological Advancements Transforming The Automated Guided Vehicle Market
Technological advancement is a key trend gaining popularity in the automated guiding vehicles market. Major players are concentrating on creating innovative technologies such as the Internet of Things (IoT)-based vehicle to sustain their position in the automated guided vehicle market. IoT is about trying things together over the internet to build a network of related physical items. The aim of smart physical objects is allowing them to communicate (send/receive) data independently. For instance, in February 2022, Murata Machinery USA, Inc., a US-based manufacturing company of automated guided vehicles, announced the addition of a broad range of autonomous guided vehicles (AGVs). The A-Series expands on their previous Muratec Premex Series by adding seven common base models that are adjustable for a broad range of load capacities, lift heights, navigation techniques, temperature scores, and software applications. The A-Series conventional forklift, roller, and raise deck vehicles can transfer weights ranging from a few pounds to 65 tons, lift heights of up to 36 feet, and work in harsh temperatures ranging from -10 to 104 degrees Fahrenheit. This series includes all navigation systems and many layers of safety measures, and it complies with ANSI/ITSDF safety and ISO 3691-4 manufacturing requirements, as well as Class 1 for clean production settings.

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Key Segments -

The automated guided vehicle market covered in this report is segmented -

1) By Type: Two vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks
2) By Navigation Technology : Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance, Natural Navigation
3) By Application: Transportation, Distribution, Storage, Assembly, Packaging, Waste handling
4) By Industry: Automotive, Maufacturing, Food and Beverage, Aerospace, Healthcare, Logistics, Retail

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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