Automated Guided Vehicle (AGV) Market Size Worth $13.83 Billion By 2032 | CAGR: 10.30%

The global automated guided vehicle (AGV) market size is expected to reach USD 13.83 billion by 2032, according to a new study by Polaris Market Research. The report “Automated Guided Vehicle (AGV) Market Share, Size, Trends, Industry Analysis Report, By Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Pallet Trucks, Assembly Line Vehicles and Others); By Navigation Technology; By Battery Type; By Application; By Industry; By Regions; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Automated Guided Vehicles are used for lifting, rotating, and transport of various goods in warehouse, logistic, and other production environments. Their different applications include transport of goods at storage and production facilities, retrieval in wholesale trade, supply and disposal of goods at offices and hospitals, and use in assembly platforms among others.

They are usually used in tasks requiring high volumes of repetitive movements of material, and little or no human decision-making skills. Use of these guided vehicles increases the overall efficiency and productivity, while reducing costs. They also reduce inventory damage, decrease staffing requirements, and increase profitability. AGVs are used across various industries such as distribution and logistics, manufacturing, food and beverage, automotive, aerospace, and electronics among others.

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AGVs have gained significant adoption due to various advantages such as cost savings in labor, decreased product damage, improved productivity, and the ability to support automation processes. As a result, transportation and logistics companies are increasingly deploying AGVs to enhance operational efficiency. A case in point is AUDI AG, which reported in May 2021 that they leverage AGVs in their manufacturing facilities to monitor their production processes indirectly and identify which components are out of stock and need replenishing. Additionally, AGVs aid in the safe transportation of supply trolleys.

The global Automated Guided Vehicle market is influenced by increasing demand for automation of processes. Their usage simplify work processes and reduces the burden of repetitive work for humans, thereby enhancing their quality of life. They enable organizations to improve work quality and efficiency, while decreasing operational costs. Increased labor safety concerns, rising need to provide safe working environments in manufacturing industry, growing adoption in small and medium businesses, and technological advancements support the growth of the market. The demand from industries including healthcare, defense, aerospace, and food & beverage is increasing and newer applications are being explored. However, high initial cost, and high switching costs limit the adoption of AGVs in the market. SMEs are hesitant towards the implementation of these vehicles due to the complexity and costs associated with it.

Report Highlights

• Over the forecast period, the unit load carrier segment is expected to experience the fastest CAGR. Unit load AGVs are utilized for transporting pallets, large containers, and roll handling. They enhance task scheduling efficiency by reducing aisle traffic and minimizing product damage.
• In 2022, the laser guidance segment held the largest market share and generated significant revenue throughout the forecast period. The growing demand for intelligent and efficient routing has contributed to the widespread adoption of automated vehicles.
• The Asia Pacific region is projected to grow at fastest CAGR over the forecast period. The e-commerce industry has been steadily expanding in emerging economies within the Asia Pacific region, including China and India.
• During the forecast period, North America is anticipated to demonstrate robust growth as the region holds the most significant market share in the automated guided vehicle market. This growth is attributed to the rise in import and export operations.

Polaris Market Research has segmented the Automated Guided Vehicle (AGV) Market report based on type, battery type, navigation technology, application, industry, and region:

Automated Guided Vehicle (AGV) Market, Type Outlook (Revenue - USD Billion, 2019 - 2032)

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

Automated Guided Vehicle (AGV) Market, Battery Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Lead
• Lithium Ion
• Nickel Based
• Others

Automated Guided Vehicle (AGV) Market, Navigation Technology Outlook (Revenue - USD Billion, 2019- 2032)

• Magnetic Guidance
• Optical Tape Guidance
• Vision Guidance
• Laser Guidance
• Inductive Guidance
• Others

Automated Guided Vehicle (AGV) Market, Industry Application Outlook (Revenue - USD Billion, 2019- 2032)

• Pallet Handling
• Handling Raw Materials
• Work in Process Movement
• Container Handling
• Roll Handling
• Final Product Handling
• Trailor Loading
•  Others

Automated Guided Vehicle (AGV) Market, Industry Outlook (Revenue - USD Billion, 2019- 2032)

• Food & Beverages
• Healthcare
• Paper & Printing
• Manufacturing
• Logistics
• Retail
• Chemical
• Others

Automated Guided Vehicle (AGV) Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa