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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 14% |
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Base Year Market Size (2022) |
~ USD 4 Billion |
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Forecast Year Market Size (2035) |
~ USD 15 Billion |
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Regional Scope |
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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:
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Battery Type |
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Industry |
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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.
Author Credits: Abhishek Verma, Hetal Singh
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