Automated Guided Vehicles (AGV) Market is expected to reach US$ 2,432.5 million by 2033

May 30, 2023

According to a recent automated guided vehicles market analysis conducted by Future Market Insights (FMI), the increased demand for effective material handling solutions has considerably boosted sales of automated guided vehicles. Overall revenues are likely to be valued at US$ 1126.7 million in 2023 as a result of this.

Surging applications in areas such as logistics, food and beverage, healthcare, and production might ensure that autonomous guided vehicles continue to flourish. Based on this, FMI expects the market for automated guided vehicles to expand at a CAGR of 8% between 2023 and 2033.

In automated guided cars, sophisticated technologies such as telematics services and laser, magnetic, infrared, and optical navigation are being deployed. Wireless communication is gaining popularity because it improves position monitoring precision.

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Global industrialization is driving up demand for autonomous guided vehicles in the oil and gas, transportation, and construction industries. Moreover, the increasing demand can be attributable to advanced features provided by automated guided vehicles, such as fuel efficiency and customized material handling, which is going to influence the market’s sales outlook.

Automated guided vehicles are scalable as compared to fixed equipment. Instead of investing in cumbersome stationary conveyors, producers can add a fleet of automated guided vehicles to reduce operational time and boost production as demand for automation grows.

Key Takeaways

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Competitive Landscape

Leading players are focusing on expanding their already extensive product offerings. Increasing expenditure in research to develop improved products is another key strategy for market players to preserve their market position.

Key Companies Profiled

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Automated Guided Vehicle Market by Category

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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