Arizton Advisory & Intelligence

Increasing Adoption of Automated Guided Cart by SMEs booming the market growth.

CHICAGO, ILLINOIS, UNITED STATES, April 12, 2023/EINPresswire.com/ -- According to Arizton’s latest research report, the automated guided cart market will grow at a CAGR of 10% from 2022-2028.

There is a huge increase in automated guided cart consumption due to the increasing industrial sector. Manufacturing industries also focus on adopting new technologies and equipment to reduce labor costs, increase efficiency, and curtail transportation time. Warehousing also significantly impacts the demand for automated guided carts because retailers and small manufacturing companies adopt material-handling equipment. Further, increasing lead times and efficient operations will boost the growth of the automated guided cart market in the upcoming years.

Automatic guided vehicles in the retail segment are expected to increase. The swift growth of online sales in the retail sector and the increasing usage of AGVs in warehouses enable companies to offer speedy product delivery. They are being adopted in food and beverages. The segment is expected to proliferate due to its ability to handle palletized and unit loads of goods and packaging materials in the cross-docking, manufacturing, trailer loading, and warehousing environments. The growth of online food ordering is expected to put immense pressure on retailers for timely product delivery. Moreover, their usage in the F&B segment is expected to increase cost-effectiveness and reduce product damage and spillage.

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The global automated guided cart market is highly concentrated, with many local and international players. The competition among these players is intense, and rapidly changing technological scenarios could adversely affect vendors as customers expect continual innovations and upgrades in the AGCs domain. Some global automated guided cart market vendors are Fori Automation, Toyota Industries, America in Motion, Oceaneering, IDC Corporation, Savant Automation, and Eurogroep

Key Highlights

The e-commerce market in Canada is estimated to reach $31 million by 2022. Hence, strong growth in the e-commerce industry is likely to increase the adoption rate.

APAC is expected to witness strong demand for automatic guided vehicles during the forecast period, with China emerging as the world’s largest automotive market and robust economic growth in the manufacturing sector.

In the UAE, the retail sector is expected to grow at a promising rate due to a solid customer base and a large expatriate population. Hence, several warehousing and logistics firms will likely focus their shift toward automated guided vehicles.

Regarding the product, the tow vehicles segment will likely dominate the automated guided vehicle market.

The e-commerce market in Latin America is expected to grow at a CAGR of 19% from 2017–2021. Hence, the growing demand for increased productivity and labor safety in warehousing will likely generate demand for guided vehicles in the region.

Geographical Insights

North America is one of the significant regions for adopting automatic guided vehicles and is likely to dominate the market during the forecast period. The growth is expected mainly because of the increasing adoption of automation systems, the revitalization of the US economy, and the growth of the e-commerce industry. The development of the automated guided vehicle market in North America largely depends on the political and economic scenario in the region, along with the growing adoption of automation in industries. Besides, the growth of the e-commerce industry in North America is expected to induce higher sales of AGVs during the forecast period.

In Europe, the market is likely to grow as this region is a leading exporter and producer of automated guided vehicles. The increasing demand for high-end quality goods at competitive pricing and intense market competition are expected to propel several industries to implement automatic guided vehicles. The growing demand for smart technology is expected to promote the introduction of automated solutions in several warehousing facilities in the market. The APAC market is expected to grow robustly due to the rise in regional economies and the increase in manufacturing units by global OEMs. The region has emerged as the manufacturing hub with the highest adoption rate of industrial robots, likely to drive the demand for automatic guided vehicles. China is considered the largest e-commerce-driven country in the world, and the e-commerce sector is expected to witness a boom in the region.

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Company Profiles
Eurogroep
Fetch Robotics
Fori Automation
Savant Automation
SCOTT
Simplex Robotics AGCs
America in Motion
Oceaneering
IDC Corporation
Toyota
Morello
Wolter
Motion Control Robotics
ADVANCED Motion Controls
OCC Systems
Track Systems
Jtech Industries
Corecon

Market Segmentation

Type: Pin Hook AGCs and Lifting Device AGCs

Navigation: Magnetic Guidance, Laser Guidance, Natural Guidance, Optical Guidance, and Others

Load Capacity: Up to 0.5 Tons, 0.5 – 3 Tons, and Above 3 Tons

Application: Warehouse & Logistics, Automotive, Food & beverages, Healthcare, Aerospace, and Others

Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

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