The global automated guided vehicle market is driven by increasing need for automation in material handling. Automated guided vehicles are autonomous mobile robot systems used to transport materials within manufacturing facilities and distribution centers. They are equipped with sensors and automated navigation systems to maneuver around obstacles and follow visual markings or wires in the floors. Some key benefits of automated guided vehicles include higher efficiency through reduced human errors, improved throughput and productivity as they can transport materials continuously without breaks, minimized labor costs, and optimized resource utilization through flexible operations. The automated guided vehicle market is gaining rapid traction as manufacturers strive to enhance productivity and reduce operational costs through advanced technologies.
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.
Automated guided vehicles are mobile robots utilized to transport materials autonomously within industrial facilities, warehouses and distribution centers. They automate the process of materials handling by transporting raw materials, components, and finished goods between different production and storage locations. Automated guided vehicles optimize workflow by continuously transporting materials on predetermined routes using guidance technologies like magnets, lasers, vision cameras or infrared sensors to navigate autonomously. This eliminates delays and improves efficiency of intra-facility operations compared to manual handling. The automated guided vehicle solutions are highly scalable and customizable based on business requirements to automate a wide range of logistics activities from transporting parts on factory floors to order picking in distribution centers.
Market key trends: One of the key trends gaining traction in the automated guided vehicle market is the integration of advanced technologies like artificial intelligence, cloud computing, and IoT. This is enabling automated guided vehicles to collect and analyze operational data, detect anomalies, predict failures, and optimize routes in real-time. For instance, AI-powered automated guided vehicles can identify congestion points, recommend dynamic route adjustments, and collaborate with other robots and machines. Integration of advanced technologies is improving the functionality of automated guided vehicles beyond simple transporting and into areas like predictive maintenance, data analytics and fleet management. This is expected to drive the demand of next-generation automated guided vehicles with enhanced capabilities.
Threat of new entrants: Low due to high capital requirements and industry being dominated by global players.
Bargaining power of buyers: Moderate as there are many manufacturers providing automated guided vehicles.
Bargaining power of suppliers: Moderate as components can be sourced from multiple suppliers globally.
Threat of new substitutes: Low as automated guided vehicles provide optimal solution for material handling needs in industries.
Competitive rivalry: High among global players like JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTR.
The global automated guided vehicle market is expected to witness high growth. The global animal genetics market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis comprising North America dominates the market currently due to technological advancements. Asia Pacific is expected to witness fastest growth over the forecast period with growing automotive and e-commerce industries in countries like China and India.
Key players operating in the automated guided vehicle market are JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTR. JBT is a leading player providing automated material handling equipment and services. KION GROUP AG offers warehouse trucks and supply chain solutions. KUKA AG is a German manufacturer of industrial robots and KION subsidiary. TOYOTA INDUSTR is a prominent player driving automation with integrated robotics solutions.
- Source: Coherent Market Insights, Public sources, Desk research
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