Automated Guided Vehicle Market Size is valued at USD 2.20 Bn in 2022 and is predicted to reach USD 4.07 Bn by the year 2031 at a 7.2% CAGR during the forecast period for 2023-2031.
Automated Guided Vehicles (AGVs) are autonomous robotic vehicles designed for autonomous navigation within industrial settings such as factories and warehouses. Specialized technology is employed to visually perceive their surroundings and navigate predetermined routes or execute instructions autonomously, hence facilitating the transportation of objects without human intervention. Automated Guided Vehicles (AGVs) exhibit remarkable efficacy in executing repetitive activities, such as material transportation, and have found widespread use across diverse sectors, including manufacturing, warehousing, and healthcare facilities. Autonomous systems offer time and cost savings by operating independently, hence obviating the need for constant human supervision.
Productivity and worker safety can benefit from the use of automated guided vehicles. Various applications and uses have arisen for automated guided vehicle technology due to the many different ways it may be used to enhance building conditions. As online shopping becomes increasingly common, there will be a greater need to carry and process parcels, driving innovation in material handling systems. The introduction of Industry 4.0 has also allowed for the integration of cutting-edge technologies like AI, ML, and IoT, making AGVs more intelligent and productive than ever before. It drives expansion globally and is expected to boost market expansion in the coming years.
However, if a highly tailored and specialized device breaks, getting a replacement or repair may take some time. Parts may be replaced to resolve mechanical issues, but software and sensors might be trickier to analyze and repair. The COVID-19 epidemic profoundly impacted people's and businesses' daily routines. Because of the pandemic, many places worldwide instituted temporary or permanent curfews. Countless sectors suffered major losses due to productivity disparities. Because of this, business slowed even further as personnel was cut. In light of the inherent unpredictability of modern life, autonomous guided vehicles have arisen as a potential answer to these problems. To combat the COVID-19 crisis, AGVs were implemented into the healthcare system.
The automated guided vehicle market segmentation includes Type and Navigation Technology and Industry. According to Type, the market is divided into Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, and Others. Whereas By Navigation Technology, the segment comprises Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, and Others. As per the Industry, the market is segmented into Automotive, Chemicals, Aviation, Semiconductor & Electronics, E-commerce, Food & Beverage, Healthcare, Metals & Heavy Machinery, 3PL, and Others.
The tow vehicles are expected to hold a major global market share in 2022 because tow vehicles can transport numerous carts at once and have a higher throughput. We may expect significant growth in this sector in the next years. As a bonus, many trailers can carry much heavier loads than a single-fork truck. This is the most efficient model if you need an AGV for hauling or pulling.
The magnetic guidance segment is growing rapidly in the global automated guided vehicles because some AGVs are fitted with magnetic sensors and can thus follow a track with magnetic tape. Magnetic-guided navigation is expected to experience moderate growth in the near future, especially in countries like the US, Germany, the UK, China, and India.
It can be attributed to increased output in the automotive industry, and the resulting market fragmentation makes it easier to obtain reasonably priced automation services. In addition, the presence of key market competitors and improvements in automated guided vehicle technology fuel expansion in the region's industries. In addition, North America is projected to grow rapidly in the global automated guided vehicle market, boosted by an increasing population. Material handling equipment is in high demand because of growing demand from established companies in the manufacturing industry and growing financial support from the business.
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Report Attribute |
Specifications |
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Market Size Value In 2022 |
USD 2.20 Bn |
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Revenue Forecast In 2031 |
USD 4.07 Bn |
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Growth Rate CAGR |
CAGR of 7.2 % from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Navigation Technology, Industry |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
Daifuku, JBT, KION Group AG, Toyota Industries Corp., KUKA AG, Hyster-Yale Materials Handling, Oceaneering International, EK Robotics, SSI Schaefer, Scott Technology, America In Motion, Asseco CEIT, CASUN, DANBACH Robot Jiangxi Inc., ECA Group, E80 Group S.P.A., Global AGV, Grenzebach Group, IDC Corporation, IKV Robot Co., Ltd., Meiden America, Inc., Rocla AGV, SAFELOG Gmbh, Simplex Robotics Pvt. Ltd., System Logistics S.P.A. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Automated Guided Vehicle Market Snapshot
Chapter 4. Global Automated Guided Vehicle Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis
5.1. By Type, & Market Share, 2020 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Type:
5.2.1. Tow Vehicles
5.2.2. Unit Load Carriers
5.2.3. Pallet Trucks
5.2.4. Assembly Line Vehicles
5.2.5. Forklift Vehicles
5.2.6. Others
Chapter 6. Market Segmentation 2: By Navigation Technology Estimates & Trend Analysis
6.1. By Navigation Technology & Market Share, 2020 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Navigation Technology:
6.2.1. Laser Guidance
6.2.2. Magnetic Guidance
6.2.3. Inductive Guidance
6.2.4. Optical Tape Guidance
6.2.5. Vision Guidance
6.2.6. Others
Chapter 7. Market Segmentation 3: By Industry Estimates & Trend Analysis
7.1. By Industry & Market Share, 2020 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Industry:
7.2.1. Automotive
7.2.2. Chemicals
7.2.3. Aviation
7.2.4. Semiconductor & Electronics
7.2.5. E-commerce
7.2.6. Food & Beverage
7.2.7. Healthcare
7.2.8. Metals & Heavy Machinery
7.2.9. 3PL
7.2.10. Others
Chapter 8. Automated Guided Vehicle Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Automated Guided Vehicle Market revenue (US$ Million) estimates and forecasts By Type, 2019-2031
8.1.2. North America Automated Guided Vehicle Market revenue (US$ Million) estimates and forecasts By Navigation Technology, 2019-2031
8.1.3. North America Automated Guided Vehicle Market revenue (US$ Million) estimates and forecasts By Industry, 2019-2031
8.1.4. North America Automated Guided Vehicle Market revenue (US$ Million) estimates and forecasts by country, 2019-2031
8.2. Europe
8.2.1. Europe Automated Guided Vehicle Market revenue (US$ Million) By Type, 2019-2031
8.2.2. Europe Automated Guided Vehicle Market revenue (US$ Million) By Navigation Technology, 2019-2031
8.2.3. Europe Automated Guided Vehicle Market revenue (US$ Million) By Industry, 2019-2031
8.2.4. Europe Automated Guided Vehicle Market revenue (US$ Million) by country, 2019-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Automated Guided Vehicle Market revenue (US$ Million) By Type, 2019-2031
8.3.2. Asia Pacific Automated Guided Vehicle Market revenue (US$ Million) By Navigation Technology, 2019-2031
8.3.3. Asia Pacific Automated Guided Vehicle Market revenue (US$ Million) By Industry, 2019-2031
8.3.4. Asia Pacific Automated Guided Vehicle Market revenue (US$ Million) by country, 2019-2031
8.4. Latin America
8.4.1. Latin America Automated Guided Vehicle Market revenue (US$ Million) By Type, (US$ Million) 2019-2031
8.4.2. Latin America Automated Guided Vehicle Market revenue (US$ Million) By Navigation Technology, (US$ Million) 2019-2031
8.4.3. Latin America Automated Guided Vehicle Market revenue (US$ Million) By Industry, (US$ Million) 2019-2031
8.4.4. Latin America Automated Guided Vehicle Market revenue (US$ Million) by country, 2019-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa Automated Guided Vehicle Market revenue (US$ Million) By Type, (US$ Million) 2019-2031
8.5.2. Middle East & Africa Automated Guided Vehicle Market revenue (US$ Million) By Navigation Technology, (US$ Million) 2019-2031
8.5.3. Middle East & Africa Automated Guided Vehicle Market revenue (US$ Million) By Industry, (US$ Million) 2019-2031
8.5.4. Middle East & Africa Automated Guided Vehicle Market revenue (US$ Million) by country, 2019-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Daifuku
9.2.2. JBT
9.2.3. KION Group AG
9.2.4. Toyota Industries Corp.
9.2.5. KUKA AG
9.2.6. Hyster-Yale Materials Handling
9.2.7. Oceaneering International
9.2.8. EK Robotics
9.2.9. SSI Schaefer
9.2.10. Scott Technology
9.2.11. America In Motion
9.2.12. Asseco CEIT
9.2.13. CASUN
9.2.14. DANBACH Robot Jiangxi Inc.
9.2.15. ECA Group
9.2.16. E80 Group S.P.A.
9.2.17. Global AGV
9.2.18. Grenzebach Group
9.2.19. IDC Corporation
9.2.20. IKV Robot Co., Ltd.
9.2.21. Meiden America, Inc.
9.2.22. Rocla AGV
9.2.23. SAFELOG Gmbh
9.2.24. Simplex Robotics Pvt. Ltd.
9.2.25. System Logistics S.P.A.
Automated Guided Vehicle Market By Type -
Automated Guided Vehicle Market By Navigation Technology-
Automated Guided Vehicle Market By Industry-
Automated Guided Vehicle Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
