Automated Guided Vehicle (AGV) Market Size & Share, by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pellet Trucks); Battery Type (Lead, Nickel-Based, Lithium-Ion); Application (Logistics & Warehousing, Raw Material Handling, Trailer Loading, Assembly, Packaging); End-user (Healthcare, Manufacturing, Logistics, Aerospace & Defense) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3704
  • Published Date: Aug 11, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Automated Guided Vehicle Market size is predicted to cross USD 15 Billion by the end of 2035, growing at a CAGR of 14% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of automated guided vehicle was around USD 4 Billion. Technology development such as AI and machine learning can be seen to have led to the expansion of the market. For example, the use of automated guided vehicles has increased in several sectors due to advances in technologies like AI, machine learning, and computer vision that have made them smarter and more efficient. Artificial Intelligence is projected to bring about a USD 15 trillion increase in the world economy between 2025 and 2030.

Moreover, it is considered to be the main driver of growth on the automated guide vehicle market as more people are beginning to accept online shopping all over the world. In response to the growing demands of e commerce in rapidly developing countries such as China and India, eCommerce companies have been increasing their use of AGVs at warehouses by a significant margin so that they increase productivity. It is expected that in 2026, 24% of sales will take place on the internet.


Automated Guided Vehicle Market
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Automated Guided Vehicle Sector: Growth Drivers and Challenges

Growth Drivers

  • The Requirement for Workplace Safety is Growing- Given the increased incidence of injuries and accidents within organizations, it is expected that this market will continue to grow over the coming years. An accident reduction, which significantly increases output while improving security, is ensured by AGVs. In the US, about 3 million industrial accidents per year result in nonfatal injuries.
  • Increasing Industrial Automation Adoption- Industrial automation is also being used by enterprises for improving productivity and reducing workforce costs, which are expected to support automated guided vehicle market growth. According to a 2020 poll, more than 60% of businesses around the globe have automated one or more business units.
  • Growing Healthcare Industry- The market is anticipated to increase further in the following years due to the rising incidence of chronic illnesses such as heart diseases, osteoarthritis, stroke throughout the world. AGVs can be a great help to hospitals if they are unable to dispose of these hazardous wastes. In addition, hospital staff are relieved and can devote much of their time to the direct care of patients by using automatic transport systems. According to the most recent expenditure statistics, United States health expenditures increased by over 2% in 2021.

Challenges

  • Exorbitant Cost of AGV Installation and Upkeep- Increasing concern about high installation and maintenance costs associated with AGVs is one of the main reasons that have been anticipated to hinder market growth. For instance, use of AGV technology is associated with significant initial costs. In addition to the AGV hardware, a guidance system shall be installed; the cost of this system shall be determined by the AGV software and the size of the facility.
  • The Technical Difficulties in Relation to the Sensor Element
  • Automatic Guided Vehicles Lose Ground in Popularity to Mobile Robots

Automated Guided Vehicle Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 14%

Base Year Market Size (2022)

 ~ USD 4 Billion

Forecast Year Market Size (2035)

 ~ USD 15 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Automated Guided Vehicle Segmentation

Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pellet Trucks)

Automated guided vehicle market from the tow vehicles segment is estimated to gain the largest revenue share of about 40% in the year 2035. The need to carry out towing operations is increasing due to an increase in traffic accidents. AGVs are often used as light vehicles within sectors such as the automotive industry, which uses them to transport cars or parts between production lines. In 2022, an increase of 5.7% compared to 2021, 85.4 million vehicles were produced in the world.

Application (Logistics & Warehousing, Raw Material Handling, Trailer Loading, Assembly, Packaging)

The logistics & warehousing segment is expected to garner a significant share of around 35% in the year 2035. AGVs are used in industries, moving goods from one warehouse to another. The movement of the trucks is driven by this circuit. This speed increases the flow of heavy goods. They move quickly on the floor of the building with no driver or operator's assistance to load and transport goods. In addition, they are using sensors and software for the control of their mechanics and movements.

Our in-depth analysis of the global market includes the following segments:

    Type

  • Tow Vehicles
  • Unit Load Carriers
  • Forklift Trucks
  • Assembly Line Vehicles
  • Pallet Trucks

    Battery Type

  • Lead
  • Nickel – Based
  • Lithium -Ion

    Application

  • Logistics & warehousing
  • Raw material handling
  • Trailer Loading
  • Assembly
  • Packaging

    Industry 

  • Healthcare
  • Manufacturing
  • Aerospace & Defense
  • Logistics
  • Retail
  • Food & Beverages
  • Paper
  • Chemical

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Automated Guided Vehicle Industry - Regional Synopsis

APAC Market Forecast

The Asia Pacific automated guided vehicle market is anticipated to hold 32% of the revenue share during the forecast period. In developing countries such as China and India, the regional e-commerce market has been gaining momentum as a consequence of increasing demand from the Internet and AGVs have become more common in use. In order to manage material handling operations more efficiently and enhance operational efficiency, automatic baggage sorting units are commonly applied in warehouses and distribution centers. Compared with the present levels of 3 % in India as a whole, Indian e-commerce is expected to reach more than 7 % of total sales for products such as food and consumables, clothing, and consumer electronics between 2025 and 2025.

European Market Statistics

The European automated guided vehicle market is estimated to be the second largest, registering a share of about 30% by the end of 2035. The main driver of market growth in the region is a growing demand for metal handling equipment in the production sector. One of the main drivers for this region, for example, is an increasing need to achieve improved efficiency and automation in industry processes. The European Union's production of passenger cars rose by 8.3% to 10.9 million vehicles in 2022.

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Automated Guided Vehicle Market Size
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Companies Dominating the Automated Guided Vehicle Landscape

top-features-companies
    • Swisslog Holding AG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • SEEGRID Corporation
    • Hyster-Yale Materials Handling, Inc.
    • Bastian Solutions, Inc.
    • ELETTRIC80 S.P.A.
    • Fetch Robotics, Inc.
    • Hit Robot Group
    • EK Robotics
    • Seegrid Corporation
    • KUKA AG
    • Murata Machinery Ltd.

In the News

  • March 2023: Swisslog Holding AG a provider of best-in-class warehouse automation and software, introduced the next generation of its CarryPick mobile robotic goods-to-person storage and retrieval system. Further, the new, updated CarryPick mobile robotic platform offers a much faster working speed and is known to be quicker and more agile.
  • January 2023: Schaefer Systems international, Inc. acquired DS AUTOMOTION, in order to fulfill the rising demand for Automatic Guided vehicles (AGVs). Further, the range of vehicle kinds, experience in navigation technology, and general project management will all receive big boost from this new alliance. 

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 3704
  • Published Date: Aug 11, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising adoption of industrial automation, and the growing need for workplace safety are the major factors driving the market growth.

The market size of automated guided vehicles is anticipated to attain a CAGR of 14% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Hyster-Yale Materials Handling, Inc., Bastian Solutions, Inc., ELETTRIC80 S.P.A., Fetch Robotics, Inc., Hit Robot Group, EK Robotics, Seegrid Corporation, KUKA AG, and others.

The tow vehicles segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Automated Guided Vehicle Market Report Scope
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