Automated Guided Vehicle Market Regional Analysis:
APAC Market Insights
The Asia Pacific automated guided vehicle market is anticipated to hold 32% of the revenue share throughout the assessed period. In developing countries such as Japan, China, and India, the regional e-commerce and manufacturing industries are gaining momentum. Thus, a large workforce is required to manage factory operations more efficiently, heightening the frequency of occupational accidents. As per the International Labour Organization, 60% of global work-related mortalities originated from Asia Pacific in 2023. As a result, this scenario is creating new business opportunities for domestic and global pioneers in this sector. On this note, in January 2024, Sumitomo Heavy Industries launched a new compact drive for space-saving in smartris, including AGVs.
North America Market Insights
The AGV market in North America is poised to follow a remarkable pace of growth by 2035. The region is pledged with the strong presence of global pioneers in this field and uplifting industrial output through automation. It can be testified by the region’s contribution, over 61%, in the USD 75.5 billion worth of rise in the global AI industry in 2023 (German Electrical and Electronic Manufacturers’ Association). Thus, the North America landscape is inspiring leaders in this merchandise to bring innovation to this landscape. For instance, in February 2024, Mitsubishi Logisnext Americas group unveiled its Jungheinrich warehouse products and Rocrich AGV Solutions at MODEX 2024. These commodities are specifically engineered for material handling operations.
According to the Bureau of Labor Statistics, the number of fatal work injuries registered in the U.S. was 5283 in 2023, where the transportation and warehousing segment had the 2nd highest rate of fatalities. This demography signifies the need for greater investments in industrial automation, representing a progressive future for the AGV market. The country’s leadership in technology integration, such as smart warehousing and AI management modules, in the primary workflow is also fueling its propagation in this sector. Currently, several domestic and global tech leaders are focusing on improving the quality and durability of AGVs. For instance, in January 2024, EnerSys introduced a wireless AGV charger, NexSys, to automate charging and eliminate the need for frequent maintenance.
