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Global Guided Cart Market - Outlook and Forecast 2023-2028
The market size of automated guided carts (AGCs) was valued at USD 272.3 million in 2022 and is expected to reach USD 485.6 million by 2028, growing at a CAGR of 10.12%. The global market for automated guided vehicles (AGVs) is projected to reach 24,258 units by 2028. This growth is primarily driven by the increasing adoption of industrial robots and the need for automation in material handling processes. Factors such as product damage, delays caused by human error, and rising labor costs in North America have also contributed to the adoption of AGVs as a means to minimize labor expenditure and increase productivity. Additionally, AGCs are gaining popularity in various industries due to their ability to reduce inventory damage, optimize production scheduling, and improve worker safety. Industries such as aerospace and retail are driving the demand for AGCs, and manufacturers across sectors are adopting new technologies and equipment to enhance efficiency and reduce costs. The rise of connected technology and Industry 4.0 has further revolutionized the manufacturing and distribution value chain, with AGVs playing a key role in improving productivity and reducing wastage. The growing e-commerce sector, mass personalization, connectivity, and urbanization are reshaping logistics and material handling systems, creating opportunities for AGCs and other advanced technologies. However, while AGCs are preferred in developed countries with high labor costs, they may face challenges in emerging economies where cheap labor discourages their adoption. As a result, the overall growth of the AGC market may be restrained in developing countries during the forecast period.
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USD 485.6 Mn incremental growth between 2022 and 2027
Type, Navigation, Load Capacity, Application, and Geography
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Segmentation by Type
Pin Hook AGCs
Lifting Device AGCs
Segmentation by Navigation
Segmentation by Load Capacity
Up to 0.5 Tons
5 – 3 Tons
Above 3 Tons
Segmentation by Application
Warehouse & Logistics
Food & beverages
Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Spain
Asia-Pacific – China, Japan, India, South Korea, Australia
Latin America – Brazil, Mexico, Argentina
Middle East & Africa – South Africa, Saudi Arabia, UAE
The pin hook automated guided carts (AGCs) represent the largest segment in the market. In 2022, the pin hook cart market accounted for 58.11% of the revenue share and is projected to experience an absolute growth of 82.85% in terms of revenue by the end of 2028. These AGCs rely on pin hooks to engage with carts, requiring a platform, trolley, or cart with wheels. They are more cost-effective as they utilize basic navigation technology, such as optical or magnetic line navigation.
Navigation systems in AGCs can be categorized into magnetic guidance, laser guidance, natural guidance, optical guidance, and others. Among these, magnetic guidance holds the largest share in the industry. AGCs with magnetic guidance incorporate a magnetic flux sensor that uses a saturable coil to detect a weak magnetic field emitted by guide belts. These sensors provide signals to navigate the carts within a manufacturing facility.
The global market for laser-guided AGCs was valued at USD 70.4 million in 2022. Laser guidance technology enables AGCs to operate efficiently without physical assistance. Moreover, the adoption of laser-guided carts does not require modifications to the facility, as they rely on reflectors to maneuver. AGCs with laser guidance are particularly useful for cross-docking, sortation, and storage functions.
In terms of load capacity, AGCs with a capacity of up to 0.5 tons hold the largest share in the global market. This segment accounted for 52.06% of the revenue share in 2022 and is expected to witness an absolute growth of 82.50% in terms of revenue by the end of 2028. Automated guided vehicles are commonly preferred for capacities up to 0.5 tons (approximately 1,100 lbs), but they are also utilized in high-end applications that require capacities of 3 tons (6,600 lbs) or more.
The warehouse and logistics sector is anticipated to be the largest application segment in the global market, with a value of USD 89.8 million in 2022. The increasing volume of online purchases, the need for efficient warehousing, and the demand for improved productivity present significant challenges. Consequently, warehouses are increasingly embracing automation to optimize their operations. Automated guided carts assist in automating the movement of goods within and outside warehouses, reducing repetitive manual tasks. The financial and operational benefits associated with AGCs are driving their adoption in warehouses worldwide.
In 2022, the Asia-Pacific (APAC) region dominated the global market, accounting for 38.06% of the industry’s revenue share. This growth can be attributed to the flourishing economies in the region and the establishment of new manufacturing units by global original equipment manufacturers (OEMs). Technological advancements in AGCs, from actuators to control processors and onboard processors, have significantly enhanced performance and system utilization. Furthermore, the booming e-commerce industry in APAC is fueling the demand for automated guided carts, as companies like Alibaba, AliExpress, Amazon, eBay, and Taobao prioritize automation in material handling processes to meet changing consumer expectations and remain competitive.
The European market was valued at USD 72.5 million in 2022. The region is a major exporter and producer of AGCs, driven by the increasing adoption of professional and industrial service robots, as well as the growing demand for material handling solutions. Ongoing advancements and innovations in robot technology have led to the development of advanced automation machinery in Europe.
The automated guided cart market is characterized by high concentration, with numerous local and international players. There is intense competition among these vendors, and the constantly evolving technological landscape can pose challenges as customers expect continuous innovations and upgrades in the AGC industry. Notable global vendors in the automated guided cart market include Fori Automation, Toyota Industries, America in Motion, Oceaneering, IDC Corporation, Savant Automation, Eurogroep, and others.
Manufacturers place great emphasis on identifying various market opportunities, setting specific goals to enhance productivity, and effectively utilizing capital resources. This competitive scenario compels vendors to adapt and refine their unique value propositions in order to establish a strong market presence. Manufacturers are expanding and diversifying their product line-ups within their respective business segments by introducing innovative techniques, thereby gaining a competitive advantage over their rivals. Key factors that drive competition in the industry include reliability and quality of products, product innovation, product support, pricing, warranty, distribution channels, financing options, and shelf space availability.
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.
Key Questions Answered
What is the market size of the automated guided cart industry?
The automated guided cart industry had a revenue value of USD 272.25 million in 2022 and is projected to reach USD 485.59 million by 2028. This growth is primarily driven by the increased adoption of industrial robots and automation in material handling.
What is the growth rate of the automated guided cart market?
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 main trends in the automated guided cart industry?
Key trends in the automated guided cart industry include the promotion of industrial automation through Industry 4.0, the growing adoption of artificial intelligence, and the increasing use of automated guided carts by small and medium-sized enterprises (SMEs).
What is the projected number of shipments in the global automated guided cart market by 2028?
By 2028, it is expected that there will be a total of 24,258 units shipped in the global automated guided cart market.
Which companies are discussed in the global automated guided cart market report?
The global automated guided cart market report includes information on companies such as 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 during the forecast period. This can be attributed to the growth of industries like online retail and automotive in the region.