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Market Overview

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The global shipments of automated guided vehicles (AGVs) are projected to reach 24,258 units by 2028. The market size for automated guided carts (AGCs) was valued at USD 272.3 million in 2022 and is expected to grow to USD 485.6 million by 2028, with a compound annual growth rate (CAGR) of 10.12%. This growth is primarily driven by the increasing adoption of automation in material handling and the use of industrial robots.

One of the main factors contributing to the adoption of AGCs in material handling is the reduction of product damage and delays caused by accidents due to human error. Additionally, rising labor costs in North America have prompted many end users to seek technologies that can minimize labor expenses while increasing productivity. This allows organizations to allocate labor to value-added tasks and focus on activities that enhance revenue.

AGCs have gained prominence in various end-user segments due to their ability to reduce inventory damage and labor requirements, as well as provide flexibility in production scheduling. They offer safety features such as automatic obstacle detection bumpers and controlled acceleration and deceleration, ensuring safe load movement. Rapid industrialization and increased applications in the aerospace and retail sectors are also driving the demand for AGCs.

The rise of connected technology, driven by Industry 4.0, has transformed the manufacturing and distribution value chain. Connecting distribution centers with AGCs has significantly improved productivity by automating material handling processes. New-generation AGCs are equipped with advanced technologies such as computer vision, augmented reality, low-cost sensors, wearables, and Internet of Things (IoT) capabilities, leading to reduced wastage and improved productivity.

Factors such as e-commerce, mass personalization, easy connectivity, and urbanization are reshaping the logistics and manufacturing material handling systems and equipment business. Supply chains across industries face challenges like multichannel fulfillment, increased analytics, talent shortages, and the adoption of new technologies such as machine-to-machine (M2M) communication, robotics, augmented reality, and wireless systems.

Automated material handling processes are crucial for achieving flexible manufacturing processes. AGCs and industrial robots play a significant role in this regard, enabling efficient material handling, retrieval, and storage systems. The widespread adoption of AGCs facilitates the design of flexible product flows and ensures the efficient delivery of parts in integrated solutions.

Labor costs have a significant impact on the operational expenses of manufacturing products. Developed countries with high labor costs tend to prefer AGCs due to their ability to reduce labor expenses. In contrast, developing countries with lower labor costs may face challenges in adopting AGCs due to their higher initial investment and longer payback period.

Therefore, vendors in regions with higher labor costs are likely to opt for automated warehouse solutions to perform various tasks. However, low labor costs in developing countries may restrain the overall growth of the automated guided cart market during the forecast period.

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Market Segmentation

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The market is segmented based on various factors, including type, navigation, load capacity, application, and geography.

Segmentation by Type
Pin Hook AGCs
Lifting Device AGCs

Segmentation by Navigation
Magnetic Guidance
Laser Guidance
Natural Guidance
Optical Guidance
Others

Segmentation by Load Capacity
Up to 0.5 Tons
5 – 3 Tons
Above 3 Tons

Segmentation by Application
Warehouse & Logistics
Automotive
Food & beverages
Healthcare
Aerospace
Others

Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Spain
APAC – China, Japan, India, South Korea, Australia
Latin America – Brazil, Mexico, Argentina
Middle East & Africa – South Africa, Saudi Arabia, UAE, Turkey, Egypt

The largest segment in the global automated guided cart (AGC) market is expected to be the pin hook AGCs. In 2022, the pin hook AGCs accounted for a revenue share of 58.11%, and it is projected to experience a significant absolute growth of 82.85% in terms of revenue by the end of 2028. Pin hook AGCs utilize a pin hook mechanism to engage the carts, which are typically platforms, trolleys, or carts with wheels. These AGCs are more cost-effective as they rely on basic optical or magnetic line navigation technology.

The global AGC market can be segmented by navigation type, including magnetic guidance, laser guidance, natural guidance, optical guidance, and others. The magnetic guidance segment holds the largest share of the market. AGCs with magnetic guidance utilize a magnetic flux sensor and a saturable coil to detect weak magnetic fields from guide belts. These sensors provide signals to control the movement of the carts within manufacturing facilities.

The global market for laser-guided AGCs was valued at USD 70.4 million in 2022. Laser guidance technology enables AGCs to operate autonomously without physical assistance. These AGCs do not require modifications to the facility since they navigate using reflectors. Laser-guided AGCs are particularly useful in cross-docking, sortation, and storage functions.

The up to 0.5 tons load capacity segment holds the largest share in the global AGC market. In 2022, it accounted for a revenue share of 52.06%, and it is expected to witness an absolute growth of 82.50% in terms of revenue by the end of 2028. AGCs with a load capacity of up to 0.5 tons (approximately 1,100 lbs) are commonly preferred, although they can also be used for high-end applications with capacities reaching 3 tons (6,600 lbs) or more.

The warehouse and logistics sector is projected to be the largest application segment in the global AGC market, with a value of USD 89.8 million in 2022. The increasing volume of online purchases, the need for efficient warehousing, and the desire to improve productivity are driving the adoption of automation in warehouses. Automating the movement of goods within and outside of warehouses minimizes repetitive manual tasks and offers financial and operational benefits. Consequently, warehouses worldwide are increasingly adopting AGCs to meet these challenges and improve efficiency.

In 2022, the Asia-Pacific (APAC) region dominated the global AGC market with a revenue share of 38.06%. The APAC market experienced significant growth due to expanding economies and the establishment of new manufacturing units by global original equipment manufacturers (OEMs). Technological innovations in AGCs, ranging from actuators to advanced control processors and onboard processors, have improved performance and system utilization. The booming e-commerce industry in APAC also contributes to the growth of the AGC market, as companies embrace automation to handle materials and remain competitive.

The European AGC market was valued at USD 72.5 million in 2022. Europe is a major exporter and producer of AGCs, driven by the increasing adoption of professional and industrial service robots and the growing demand for material handling solutions. Ongoing advancements and innovations in robot technology have led to improvements in automation machinery.

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Competitive Landscape

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The global automated guided cart (AGC) market is characterized by a high level of concentration, with numerous local and international players competing fiercely. These players face intense competition, as customers demand continuous innovation and upgrades in the AGC industry due to rapidly evolving technological scenarios. Some notable vendors in the global AGC market include Fori Automation, Toyota Industries, America in Motion, Oceaneering, IDC Corporation, Savant Automation, Eurogroep, and others.

Manufacturers in this market focus on identifying various market opportunities, setting productivity goals, and utilizing capital resources efficiently. This competitive environment compels vendors to continually adjust and refine their unique value propositions to establish a strong presence in the AGC market. Manufacturers achieve this by offering an expanded product line-up within their business segments, introducing various innovative techniques, and gaining a competitive edge over their rivals. Key factors that contribute to competitiveness in the automated guided cart market include reliability and quality, product innovation, product support, pricing, warranty, distribution, financing options, and access to shelf space.

Key companies profiled in this report include 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.

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Key Questions Answered

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What is the size of the automated guided cart market?

The automated guided cart market had a revenue of USD 272.25 million in 2022 and is projected to reach USD 485.59 million by 2028. The market growth is primarily driven by the adoption of automation in material handling and the increasing use of industrial robots.

What is the growth rate of the automated guided cart market?

The revenue share of the automated guided cart market is expected to grow at a compound annual growth rate (CAGR) of 10.12% from 2022 to 2028.

What are the key trends in the automated guided cart market?

Promoting industrial automation through Industry 4.0, the growing adoption of artificial intelligence, and the increasing usage of automated guided carts by small and medium-sized enterprises (SMEs) are significant trends propelling the automated guided cart market.

What is the projected number of shipments in the global automated guided cart market by 2028?

The shipment share of the global automated guided cart market is estimated to reach 24,258 units by 2028.

Which companies are mentioned in the global automated guided cart market report?

The global automated guided cart market report includes information about 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, and Corecon.

Which region dominates the global automated guided cart market?

The Asia-Pacific (APAC) region dominated the global automated guided cart market in 2022 and is expected to maintain its dominance throughout the forecast period, driven by the growth of industries such as online retail and automotive, among others.