Sales of Automated Guided Vehicle Market is projected to increase at a CAGR of 12.5% through 2032

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The market for autonomous guided vehicles was valued at US$2.71 billion by 2021, and it is anticipated to expand at a rate of 10.0% annually in 2022 to reach US$3.05 billion. Furthermore, the market is anticipated to rise at a stunning 12.5% compound annual growth rate (CAGR) from 2022 to 2032, reaching US$9.9 billion by the conclusion of the assessment period.

Because they provide efficiency, safety, and flexibility across a range of industries, Automated Guided Vehicles (AGVs) are fast becoming an essential component of contemporary material handling systems. These autonomous vehicles explore factories, warehouses, and distribution centers while carrying supplies and items without the need for human assistance. They are led by wires, markings, or eyesight. The need for increased operational efficiency, growing automation demand, and technical developments are all contributing to the robust expansion of the worldwide AGV market.

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Dynamics of the Market

The market for automated guided vehicles is driven by a number of important reasons. First, a major driver is the increasing tendency of automation in various industries. Automation lowers labor expenses, increases workplace safety, and improves operational efficiency. Second, the need for Automated Guided Vehicles in warehouses and distribution centers has expanded due to the growth of e-commerce and the requirement for speedier order fulfillment. AGVs ensure timely delivery of goods by operating around the clock and maneuvering through small aisles. Third, AGVs are now more sophisticated and effective thanks to technological developments like the incorporation of machine learning, artificial intelligence (AI), and the Internet of Things (IoT). AGVs can now cooperate with humans and other robots in dynamic contexts because to technology developments.

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Outlook for the Future of the Market

The market for automated guided vehicles (AGVs) has a bright future ahead of it, with steady growth anticipated in the upcoming years. AGV use is anticipated to rise as industries aim for increased production and efficiency. The creation of fresh uses and the incorporation of AGVs with other technologies, including robotics and warehouse management systems, are anticipated to yield advantages for the market. In addition, the market for automated guided vehicles is anticipated to increase further due to the rise of e-commerce and the requirement for more efficient logistics systems.

Market Perspectives

The market for automated guided vehicles is divided into segments according to type, industry vertical, application, navigation technology, and geography. Tow trucks and unit load carriers, which are frequently utilized for the transportation of materials in warehouses and manufacturing facilities, dominate the market. The most popular navigation method is laser guidance, which has excellent precision and dependability. However, because of its adaptability and simplicity of use, vision guiding is becoming more popular.

The AGV market is divided into segments based on applications, including distribution, assembly, packaging, transportation, and others. The necessity for effective material handling in warehouses and distribution centers has led to the growth of the distribution and transportation application categories. AGVs are primarily used by the automotive, manufacturing, and food and beverage industries, which together account for a sizable portion of the market.

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Latest Advancements

March des V hicules guidage automatis, a major player in the Automated Guided Vehicle (AGV) market, is taking advantage of the growing demand for AGVs in a variety of applications. These firms are concentrating on partnerships, acquisitions, and collaborations with small and large-scale providers in order to broaden their market reach. A number of noteworthy market developments consist of:

For the provision of over 700 robots for Ford’s next-generation electrical and connected commercial vehicle projects, KUKA AG and Ford Otosan signed a contract in January 2022. Their more than two decades-long collaboration is strengthened by this arrangement.

JBT Corporation unveiled their Warehouse Freezer AGV in April 2021. This machine can function in temperatures between -10 and 110 degrees Fahrenheit. This AGV has a 2,500-pound lift capability and a triple-stage hydraulic mast with tilt and side shift built in. It has multiple lift height settings, ranging from 357 inches to 422 inches.

Murata Machinery, Ltd. and Alpen Co. Ltd. signed an agreement in August 2020 to develop ALPHABOT, a 3D robot warehouse system. The Alpen Komaki Distribution Center, a significant distribution center, installed this system to increase storage capacity and decrease picking, sorting, and packaging tasks by 60%.

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