Market Size of North America Automated Guided Vehicle (AGV) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.48 Billion |
| Market Size (2029) | USD 2.66 Billion |
| CAGR (2024 - 2029) | 12.43 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Automated Guided Vehicle (AGV) Market Analysis
The North America Automated Guided Vehicle Market size is estimated at USD 1.48 billion in 2024, and is expected to reach USD 2.66 billion by 2029, growing at a CAGR of 12.43% during the forecast period (2024-2029).
Modern manufacturing buildings rely on the latest technologies and innovations to create higher-quality products quickly and at a lower expense. Executing more intelligent software & hardware is the only way to stay in the present competitive scenario, as the region suffers from a human resources shortage.
- Automated guided vehicle technology gives manufacturers many major and measurable benefits, like reduced operating costs and improved throughput of materials, but they can develop further. Optimizing the first mile utilizing material handling automation enhances a company's warehouse profitability and customer satisfaction.
- For instance, leading logistics companies, like XPO, UPS, & DHL, which have a large degree of automation in their fulfillment centers, are undergoing more increased revenues than companies relying on standard practices.
- The market trend indicates that more prominent and small companies are shifting to solutions involving automated guided vehicles (AGVs). Designing new vehicle types & technology breakthroughs in fields such as AI directs more intelligence in AGV solutions and extends the scope of what an AGV can do. The fastly developing e-commerce sector and the paradigm shift in the automotive industry are other significant driving factors.
- Wireless communication systems in industrial environments also ensure the information is sent & received within specific time bounds. However, the character of the radio channels and the medium access control (MAC) causes random communication delays. These delays can generate severe performance issues for networked control systems in automated guided vehicles.
- Moreover, COVID-19 infected many essential workers in the United States, resulting in organizations on the front lines enforcing new safety processes. Post-COVID-19, similar actions are being taken into action, in which using AGV across various industries is also of part helping the AGV market grow and is anticipated to grow.
