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What is the Expected Growth Rate of the Automated Guided Vehicle Market Based on Industry Projections?

The automated guided vehicle market size has grown rapidly in recent years. It will grow from $5.15 billion in 2024 to $5.8 billion in 2025 at a compound annual growth rate (CAGR) of 12.6%. 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 $9.26 billion in 2029 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.

How Are the key drivers Contributing to the Expansion of the automated guided vehicle Market?

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, in August 2023, according to Shopify Inc., a Canada-based e-commerce company, the projected valuation of the worldwide e-commerce sector was $6.3 trillion in 2023. Over the next few years, that amount is anticipated to rise, making 21.2% of all retail purchases online by 2024. Additionally, in February 2023, according to Forbes, a US-based business magazine and media company, the global e-commerce market is projected to reach a valuation of more than $8.1 trillion by 2026. Therefore, the rise in e-commerce and retail will drive the automated guided vehicle market.

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What Companies Are At the Forefront of Innovation in the Automated Guided Vehicle Market?

Major companies operating in the automated guided vehicle market are:

• Balyo_x000D_

• Daifuku Co Ltd._x000D_

• E&K Automation GmbH_x000D_

• JBT Corporation_x000D_

• Kuka AG_x000D_

How Are Emerging Trends in Consumer Behavior Affecting 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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What Are the Major Categories and Their Growth Dynamics in the Automated Guided Vehicle Market?

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, Manufacturing, Food And Beverage, Aerospace, Healthcare, Logistics, Retail

Subsegments:

1) By Two Vehicles: Automated Towing Vehicles, Automated Transport Vehicles

2) By Unit Load Carriers: Shelf-Based Unit Load Carriers, Conveyor-Based Unit Load Carriers

3) By Pallet Trucks: Automated Pallet Jacks, Pallet Stackers

4) By Assembly Line Vehicles: Automated Assembly Line Carts, Conveyor AGVs

5) By Forklift Trucks: Automated Forklift Trucks, Reach Trucks

What Regions Are Propelling Growth in the Automated Guided Vehicle Industry?

Asia-Pacific was the largest region in the automated guided vehicle market in 2024. The regions covered in the automated guided vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Key Parameters Define the Automated Guided Vehicle Market’s Scope?

An automated guided vehicle (AGV) is a mechanized vehicle that delivers a load through an assembly, production, or storage facility. AGVs are guided by computerized 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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