Market Overview

The North American AGV market was valued at USD 854.6 million in 2018 and is expected to register a CAGR of 14.47%, over the forecast period (2019-2024). Automated guided vehicle technology is providing manufacturers in North America with many prominent and measurable benefits, such as decreased operating costs and increased throughput of materials, but they can extend further. Optimizing the first-mile using material handling automation is improving company profitability and customer satisfaction throughout warehouses in North America. 

• The region’s strong industrial activity to meet its export demands and the strengthening e-commerce market are expected to provide the anticipated boost to the North American market during the next five years.
• Planning based on requirements has become a major concern among all the end-user industries. Further, as the North American market is one of the first markets to adopt AGVs in their production environments and warehouses, the general demand for new units is expected to grow at a slower pace when compared to rest of the world. Also, increasing substitutes, such as autonomous mobile robots are expected to gain considerable significance in the market, effecting the AGV sales. 
   

Scope of the Report

Automated guided vehicles (AGV) are professional service robots that follow a guiding medium, such as a wire, magnet, or marker, for navigation. They are mostly used in industrial manufacturing facilities and warehouses for moving materials with high precision. Software deployed in AGVs or for controlling AGVs are not considered under the scope of our study.

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Key Market Trends

Retail and Warehousing to hold Major Share

• Automation has gained specific importance to improve the customer-fulfillment side of operations, particularly for retail and e-commerce, especially due to longer onboarding and training, rising benefit and compensation rates, and shortages in labor. 
• A type gaining popularity has been the AGV used in sortation called the t-Sort (unit load AGV), a new material handling system used for both unit and parcel sortation. It performs much like a traditional automated sortation system, such as a tilt tray or crossbelt sorter.
• The strong pharmaceutical industry has also been a significant driver for the AGV market as they hold a significant share of the warehousing sector. According to a study conducted by the Mayo Clinic, seven out of 10 people in the United States take at least one prescription drug. This creates a great need to preserve the quality of medicines from production to consumption. 
• This has boosted the demand for pharmaceutical warehousing, immensely in the region. Pharmaceutical warehousing often uses temperature controlled spaces to preserve the quality of the drug throughout its storage phase.
   

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