Automated Guided Vehicle (AGV) Market Trends, Emerging Growth Factors and Regional Forecast Till 2035

Global Automated Guided Vehicle (AGV) Market Key Insights

During the forecast period of 2023-2035, the global automated guided vehicle (AGV) market is expected to reach an estimated value of ~USD 28 billion by 2035, by expanding at a CAGR of ~13%. The market further generated a revenue of ~USD 11 billion in the year 2022. Major key factors propelling the growth of automated guided vehicle (AGV) market worldwide are the increasing demand for automation in material handling industries, and growing popularity of e-commerce across the world.

Market Definition of Automated Guided Vehicle (AGV)

An automated guided vehicle, which differs from an autonomous mobile robot, is a portable robot that employs radio waves, vision cameras, magnets, or lasers for navigation in addition to following indicated long lines or wires on the ground. Automated guided vehicles (AGVs), also known as self-guided or autonomous guided vehicles, are material handling systems or load carriers that move in a warehouse, distribution center, or manufacturing plant on their own without a driver or operator on board.

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Global Automated Guided Vehicle (AGV) Market: Growth Drivers

The growth of the global automated guided vehicle (AGV) market can majorly be attributed to the upsurge in the demand for smart vehicles. It was noted that, in 2022, more than 56% of all smart vehicles sold worldwide with varying degrees of automation ranging from semi-automatic to fully automatic smart vehicles. In addition to this, increasing sales and manufacturing of connected cars, backed by the growing demand for them is predicted to fuel the market growth during the forecast period. For instance, of all passenger cars sold in United States, ~91% were connected cars and it was more than 13 million connected vehicles sold in 2020.

The global automated guided vehicle (AGV) market is also estimated to grow majorly on account of the following:

Increasing Demand for Automation in Material Handling IndustriesGrowing Popularity of E-Commerce SectorIncreasing Disposable Income Per CapitaGrowing Production and Sales of VehiclesRising Investment in Smart Technologies, Including Robotics

Global Automated Guided Vehicle (AGV) Market:Restraining Factor

The repair and maintenance of AGVs is very expensive and time consuming. Additionally, once the AGV is gone under maintenance the process has to carry out manually as the back up to AGVs is a costly affair. Hence, these factors are expected to be the major hindrance to the growth of the global automated guided vehicle (AGV) market during the forecast period.

Global Automated Guided Vehicle (AGV) Market Segmentation 

By Application (Raw Material Handling, Trailer Loading, Assembly, Logistics and Warehousing, Packaging, and Others)

The logistics and warehousing segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the aggressive adoption of modern retrieval and automated warehouse storage systems among enterprises, and surge in demand for AGVs from logistics firms. Additionally, the growing spending by business houses on warehouse management and the rising adoption of smart technologies for efficient warehouse management is estimated to drive segment growth. It was observed that companies spend roughly more than USD 295 billion a year on warehouse operations globally, and that figure is rising as global supply chains adopt smart technologies more quickly.

By Industry (Healthcare, Manufacturing, Logistics, Retail, Food & Beverages, Paper, Chemical, and Others)By Battery Type (Lead, Nickel-Based, Lithium-Ion, and Others)By Type (Unit Load Carriers, Assembly Line Vehicles, Tow Vehicles, Forklift Trucks, and Pallet Trucks)By Region

The Europe automated guided vehicle (AGV) market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. Rising demand for metal handling equipment in the manufacturing industry, and growing production of automobiles in the region are some of the major factors anticipated to drive the growth of the market in the region during the projected time period. For instance, Germany produced the largest number of passenger cars in Europe in 2020, amounting to more than 3 million units, followed by Spain with more than 1.7 million units.

The market research report on global automated guided vehicle (AGV) also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Automated Guided Vehicle (AGV) Market

Some of the key players of the global automated guided vehicle (AGV) marketareSwisslog Holding AG, Seegrid Corporation, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Bastian Solutions, Inc., and others.