The automated guided vehicle (AGV) market study by Future Market Insights (FMI) offers incisive view of the key segments in terms of technology type and application. It underscores acquisitions as key strategy adopted by market players as they aim for expanding their footprint globally
DUBAI, UAE, Sept. 7, 2021 /PRNewswire/ -- As per Future Market Insights (FMI), the global market for automated guided vehicle (AGV) is anticipated to grow at a CAGR of 7.9% over the forecast period 2021-2031, totaling US$ 996 Mn in 2021. Despite challenges imposed by the outbreak of COVID-19 pandemic, the market registered 5.4% year-on-year growth in 2021.
Benefits offered by AGV such as reduced labor cost, increased productivity, and reduction in risk of product damage while transporting goods or raw materials within industries are propelling growth of the market. Considering this, the market is likely to gain momentum as transportation and logistics firms deploy AGVs to boost operational efficiency.
The market will continue gaining from the increasing scope for applications in manufacturing, logistics, food & beverage and healthcare industries. Also, increasing industrialization across the globe is pushing demand for automated guided vehicles in oil & gas, transportation, and construction industry. This in turn is expected to shape the sales outlook of the market during the assessment period.
The ability of AGVs to operate in harsh climatic conditions is providing tailwinds to the growth of the market. Spurred by expansion of e-commerce sector, the demand for automated guided vehicle is forecast to increase significantly over the forthcoming years.
Among various technologies, AGVs are integrated with laser guidance technology, which has made them highly sought-after among diverse industries for transportation of raw materials. The demand can be attributed to security, flexibility and reliability, and precise navigation ascertained by automated guided vehicles.
Growth prospects are likely to remain positive in the U.S. market, driven by improved investment in research and development, particularly in the field of robotics and automation.
"With increasing urbanization and expansion of key industries including construction, logistics, and automotive, AGV sales are soaring. Demand will increase in response to the integration of artificial intelligence, robotics, and machine learning in AGVs over the coming years," said a FMI analyst.
Key Takeaways from Automated Guided Vehicle Survey
Backed by robust presence of various consumer-centric industries, the U.S. market is anticipated to grow at a healthy CAGR of 5.4% by the end of 2031.
The U.K. is leading the market for automated guided vehicle in Europe and is projected to expand at 6.8% CAGR over the forecast period 2021-2031.
Demand outlook for China remains positive due to increasing technological advancements taking place in the automotive sector.
Spurred by e-commerce expansion, India market is forecast to grow at a steady pace over the assessment period 2021-2031.
Japan and South Korea, collectively, will account for over 12.3% of the total market share in 2021.
Increasing adoption of automation in numerous industries is boosting growth of the automated guided vehicle market.
The growing demand for AGVs within consumer goods, automotive, food & beverage, oil & gas, and healthcare sectors will propel growth opportunities in the country.
High maintenance cost associated with automated guided vehicle is expected to hamper market sales.
High initial investment required for set up may restrict the market growth.
Automated guided vehicle manufacturers are focusing on new expansion strategies along with acquisitions and partnerships to gain a strong foothold in the market.
For instance, in 2018, Murata Machinery, Ltd announced the acquisition of AGVE AB, a leading automated guided vehicle manufacturing company. This acquisition of AGVE completely aligns with Murata's strategy focused on enhancing material handling equipment market segment.
In 2021, Daifuku Co,. Ltd and Germany-based AFT Industries announced a business partnership aimed at leveraging the material handling competency of both companies in the automotive industry.
Some of the leading players operating in the automated guided vehicle market profiled by FMI are:
More Valuable Insights on Automated Guided Vehicles Market
FMI, in its new report, offers an unbiased analysis of the global automated guided vehicle market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections for automated guided vehicle market with detailed segmentation:
Key Questions Covered in the Automated Guided Vehicle Market Report
The market survey also highlights projected sales growth for automated guided vehicle market between 2021 and 2031
The report offers insight into automated guided vehicle demand outlook for forecast period 2021-2031.
Automated guided vehicle market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Automated guided vehicle market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.