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.
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 2.20 Bn |
| Revenue Forecast In 2031 | USD 4.07 Bn |
| Growth Rate CAGR | CAGR of 7.2 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Type, Navigation Technology, Industry |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| 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 |
| 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. |
| Customization Scope | Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing And Available Payment Methods | Explore pricing alternatives that are customized to your particular study requirements. |
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-
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This study employed a multi-step, mixed-method research approach that integrates:
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.
Secondary data for the market study was gathered from multiple credible sources, including:
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.
Primary interviews for this study involved:
Interviews were conducted via:
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
This ensured that the dataset used for modelling was clean, robust, and reliable.
The bottom-up approach involved aggregating segment-level data, such as:
This method was primarily used when detailed micro-level market data were available.
The top-down approach used macro-level indicators:
This approach was used for segments where granular data were limited or inconsistent.
To ensure accuracy, a triangulated hybrid model was used. This included:
This multi-angle validation yielded the final market size.
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Given inherent uncertainties, three scenarios were constructed:
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.