According to Fact.MR, a market research and competitive intelligence provider, the global automated guided cart market is estimated at US$ 208.7 million in 2022 and is expected to expand at an impressive CAGR of 8.3% during the forecast years of 2022-2032. The market is predicted to grow rapidly along with robust demand growth for automated guided vehicles across the world.
An automated guided cart (AGC) is a high-tech mobile robot that can navigate by following cables, markings, invisible UV marks, and light. Automated guided carts are intricately constructed devices that are widely employed in large industries to move materials over short distances at higher speed.
AGCs are equipped with connected devices that are linked to sensors, cameras and lasers on each side. They are the ideal replacement for manual labour and lead to reduced expenditure for overtime, paid leaves, and other expenses. Business expenditures can be cut in several ways by substituting an automated guided cart for the human workforce.
The industrial revolution has been at the forefront for the integration of automated guided vehicles and it is characterised by strong emphasis on automation, connectivity, real-time data, and machine learning. Use of autonomous guided carts is anticipated to improve warehouse safety and enable businesses to operate at a higher degree of lean production.
Overall, the automated guided cart market is projected to grow 2.2X over the next ten years.
Key Takeaways from Market Study
· The global automated guided cart market is projected to expand at an impressive CAGR of 8.3% and be valued at US$ 462.7 million by 2032.
· 2000-3000 lb towing capacity dominates the market with valuation of US$ 71.5 million in 2022.
· Magnetic tape guidance, under navigation type, dominated the market with 26.9% market share in 2021.
· Travel speed of 200-300 fpm is likely to represent 39.4% market share in 2022.
· Bi-directional type of automated guided carts, under direction, will grow 2.3X during the forecasted period.
· The automotive end-use industry will dominate the market with a valuation of US$ 49.4 million in 2022.
· Based on region, demand for automated guided carts is expected to increase at a CAGR of 9.8% in North America over the decade.
“Robust logistic & warehouse operations through AGV integration to boost market for automated guided carts,” says a Fact.MR analyst.
Manufacturers are ready to overcome industry challenges via new product launches, research & development, increasing productivity and quality of the product, geographical expansion, and strategic collaborations with prominent end-use industries. Market players are also focusing on advanced technologies in material handling to meet specific needs through tailored services.
Furthermore, market players are continuously improving and changing their strategies to align their resources and increase their customer base by focusing on diverse end users as well as regions. Moreover, manufacturers are focused on offering standard and customized AGCs to provide cheaper products that are more efficient.