New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automated Guided Cart Market - Global Outlook and Forecast 2023-2028" - https://www.reportlinker.com/p06420149/?utm_source=GNW
AGCs offer safety in the movement of loads because these comprise automatic obstacle detection bumpers and move on a path with accurately controlled deceleration and acceleration. Further, rapid industrialization and increasing applications in the aerospace and retail sectors are primarily driving the automated guided cart market. In addition, there is an increase in the consumption of automated guided carts owing to the increasing industrial sector. The manufacturing industries also focus on adopting new technologies and equipment to reduce labor costs, increase efficiency, and curtail transportation time.
MARKET TRENDS AND DRIVERS
Industry 4.0 Promoting Industrial Automation
Recently, the industry has experienced the rise of connected technology throughout the manufacturing and distribution value chain. Industry 4.0 promotes a combination of digital and physical systems. It has transformed product design, planning, supply chain, and production by introducing the concept of connected systems. Connecting technologies in distribution centers with automated guided carts has propelled productivity to the next level. The automated guided cart market has greatly improved productivity by automating the material handling process. New-generation automated guided carts are smart and capable of working with humans. Technologies such as computer vision augmented reality (AR), low-cost sensors, wearables, Internet of Things (IoT), robotic prehensility, human-robot safety, analytics, and high-performance computing have reduced wastage and increased productivity.
Growing Automation in Material Handling
E-commerce, mass personalization, easy connectivity everywhere, and urbanization are a few factors expected to reshape the landscaping business in logistics and manufacturing material handling systems and equipment. Supply chains across industries for distributors and manufacturers face challenges across multichannel fulfillment, increased analytics, talent shortages, and the usage of newer technologies such as machine-to-machine (M2M), robotics, augmented reality, and wireless systems.
Administrative, manufacturing, and design automation are the key steps for flexible manufacturing processes. AGCs and industrial robots are gaining prominence in automated material handling processes. The automated guided cart is widely used for material handling, retrieval, and storage systems, enabling easy transport of materials from unloading and loading stations. Hence, the automated guided cart market is widely adopted for designing flexible product flows to guarantee larger delivery of parts in integrated solutions.
INDUSTRY RESTRAINTS
Low Labor Cost in Emerging Countries
Labor cost has always been a key component that dictates the operational cost of manufacturing a product. The slowdown was due to weak global demand and low inflation in developed countries. This also caused currency depreciation in large developing economies. Manufacturers usually prefer to opt for automated guided carts in developed countries due to the high labor costs. However, emerging countries are facing the opposite situation where cheap labor prevents the adoption of automated guide carts since they are expensive and have a longer payback period.
Hence, with higher labor costs, vendors will likely opt for automated solutions in warehouses to perform various tasks. However, low labor costs in developing countries are expected to restrain the overall automated guided cart market growth during the forecast period.
SEGMENTATION INSIGHTS
INSIGHTS BY TYPE
The pin hook AGCs are expected to be the largest segment in the global automated guided cart market. The pin hook automated guided cart market accounted for a revenue share of 58.11% in 2022 and is expected to witness an absolute growth of 82.85% in terms of revenue by the end of 2028. Pin hook AGCs depend on pin hook to engage the carts. AGCs with pin hook it is required to have a platform, trolley, or cart with wheels. This type of automated guided vehicle is cheaper as these vehicles use the most basic navigation technology to perform optical, magnetic line navigation.
Segmentation by Type
• Pin Hook AGCs
• Lifting Device AGCs
INSIGHTS BY NAVIGATION
The global automated guided cart market by navigation is segmented as magnetic guidance, laser guidance, natural guidance, optical guidance, and others. The magnetic guidance segment holds the largest share of the industry. The automated guided carts with magnetic guidance comprise a magnetic flux sensor that includes the usage of a saturable coil for detecting a weak magnetic field from the guide belt. These guided sensors offer different signals to maneuver the cart across a manufacturing facility.
The global laser guidance automated guided cart market was valued at USD 70.41 million in 2022. These technologies help the automated guided cart to operate efficiently without any physical assistance. Moreover, adopting a laser-guided cart does not require any modifications to the facility since these vehicles maneuver themselves with the help of reflectors. Additionally, the AGCs with laser guidance have profound usage in performing cross-docking, sortation, and storage functions.
Segmentation by Navigation
• Magnetic Guidance
• Laser Guidance
• Natural Guidance
• Optical Guidance
• Others
INSIGHTS BY LOAD CAPACITY
The up to 0.5 tons load capacity holds the largest share in the global automated guided cart market. The up to 0.5 tons load capacity market accounted for a revenue share of 52.06% in 2022 and is expected to witness an absolute growth of 82.50% in terms of revenue by the end of 2028. Automated guided carts are usually preferred for 0.5 tons capacity, which is nearly 1,100 lbs but are also used in high-end applications reaching 3 tons, i.e., 6,600 lbs and above.
Segmentation by Load Capacity
• Up to 0.5 Tons
• 5 – 3 Tons
• Above 3 Tons
INSIGHTS BY APPLICATION
The warehouse & logistics is expected to be the largest application segment in the global automated guided cart market and was valued at USD 89.76 million in 2022. The continuously rising online purchases, high requirement of warehouses, and constant involvement of people are creating several challenges in terms of efficiency and productivity. As a result, automation is increasingly gaining momentum in warehouses. Automating the movement of goods within and out of warehouses is increasingly becoming popular to minimize repetitive manual tasks. Financial and operational benefits are encouraging warehouses to adopt automated guided carts. Hence, the above factors will likely increase the demand for automated guided carts from several warehouses worldwide.
Segmentation by Application
• Warehouse & Logistics
• Automotive
• Food & beverages
• Healthcare
• Aerospace
• Others
GEOGRAPHICAL ANALYSIS
APAC dominated the global automated guided cart market in 2022 and accounted for 38.06% industry share in terms of revenue. The automated guided cart market in the region witnessed robust growth owing to the growing economies and the setting up of new manufacturing units by global OEMs. Over the years, the automated guided cart has undergone various technological innovations, varying from actuators to newer control processors and incorporating onboard processors, offering better performance and system utilization. Further, the booming e-commerce industry in the APAC region is driving the growth of the automated guided cart market. Companies such as Alibaba, AliExpress, Amazon (Australia, India, & Japan), eBay (Australia & India and Taobao emphasize automation for material handling processes to cater to changing consumer expectations and cope with the increasing competitiveness in the industry.
Europe’s automated guided cart market was valued at USD 72.50 million in 2022. The region is one of the largest exporters and producers of the automated guided cart. This can be attributed to the increasing adoption of professional and industrial service robots and the rising demand for material handling. Continuous advancements and innovations in robot technology have led to advancements in automation machinery.
Segmentation by Geography
• North America
o US
o Canada
• Europe
o Germany
o UK
o Italy
o France
o Spain
• APAC
o China
o Japan
o South Korea
o India
o Australia
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
COMPETITIVE LANDSCAPE
The global automated guided cart market is highly concentrated, with many local and international players. The competition among these players is intense, and rapidly changing technological scenarios could adversely affect vendors as customers expect continual innovations and upgrades in the AGCs domain. Some global automated guided cart market vendors are Fori Automation, Toyota Industries, America in Motion, Oceaneering, IDC Corporation, Savant Automation, Eurogroep, and others.
The manufacturers emphasize identifying the different market opportunities, setting certain goals to achieve productivity, and efficiently using capital resources. The present scenario forces vendors to alter and refine their unique value proposition to achieve a strong automated guided cart market presence. The manufacturers are offering and expanding the product line-up in their business segments with the launch of various innovative techniques, thereby gaining an edge over their competitors. Key competitive factors in the automated guided cart include reliability and quality, product innovation, product support, pricing, warranty, distribution, financing options, and shelf space.
Company Profiles
• 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:
How big is the automated guided cart market?
What is the growth rate of the automated guided cart market?
What are the key trends in the automated guided cart market?
What is the expected number of shipments to be reached in the global automated guided cart market by 2028?
Which companies are discussed in the global automated guided cart market report?
Which region dominates the global automated guided cart market?
Read the full report: https://www.reportlinker.com/p06420149/?utm_source=GNW
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