AGV Market Size (2024 - 2029)

Automated Guided Vehicles Market Analysis

The AGV Market size is estimated at USD 5.56 billion in 2024, and is expected to reach USD 8.27 billion by 2029, growing at a CAGR of 8.25% during the forecast period (2024-2029).

• Rising technological advancements, increased demand for automation in industries, increased demand for robots in manufacturing and warehousing facilities, and growing emerging markets are the key factors driving the growth of the automated guided vehicles market.
• In recent years, automation has revolutionized the manufacturing sector, resulting in enhanced productivity, efficiency, and safety. Among the latest breakthroughs in automation technology are automated guided vehicles (AGVs). AGVs have gained considerable recognition in manufacturing facilities due to their ability to ensure human safety and meet the demand for optimal efficiency. Technological advancements have empowered manufacturers to create AGVs tailored to their operational requirements and effectively implement them for various applications.
• The automotive industry is increasingly incorporating automation and AGVs into its manufacturing floors. For instance, the SEAT plant in Martorell, Spain, is transforming into a digitalized and smart factory. The company implemented AGVs with SLAM navigation, 4G connectivity, and induction battery charging. The facility has eight AGVs for outdoor operation and over 200 AGVs that deliver parts inside the assembly workshops at the Martorell and Barcelona factories.
• The global labor market is extremely tight, which is the primary reason for the growth of automated forklifts. Despite the fact that unemployment is at its lowest level in fifty years, distribution centers and warehouses find it difficult to find and keep trustworthy workers. Automation could provide continuous, reliable performance around the clock, helping to close the labor gap.
• Furthermore, several vendors in the market are focusing on launching AGVs for parking in the buildings, further supporting the market’s growth. For instance, in April 2024, Autech-Otis Parking Systems launched an automatic guided vehicle (AGV) parking robot utilizing artificial intelligence (AI) technology. It is an autonomous driving system that combines AI and Internet of Things (IoT) technologies. Its goal is to automatically find the best routes for self-driving parking lots so that unmanned parking can be made easier.
• The continuously increasing R&D expenditure and the rising number of production establishments worldwide are driving the demand for automation worldwide in mid-range industries, especially in the food processing and pharmaceutical sectors.
• Moreover, companies that automate their supply chains or manufacturing processes with AGVs have to invest a lot of money. This takes care of the price of buying, setting up, and adjusting the workspace to make it more AGV-friendly. Moreover, manufacturers might be dissuaded from using AGVs due to their high cost. Smaller businesses may find it difficult to adopt AGVs since they cannot afford automated systems and must instead use traditional, manual forklift trucks.
• Furthermore, other threats such as recession, inflation, war, climate change, trade disputes, energy access, and industrial espionage are some of the factors that are responsible for directly shaping the role of AGVs in end-user sectors.

Automated Guided Vehicles Industry Overview

Automated guided vehicles (AGVs) are wholly automated transport systems that operate with unmanned vehicles. They offer many advantages, such as reduced operational costs, enhanced workforce safety, and decreased production time. The growing execution of mobile robots worldwide and measures to improve workplace safety and productivity are other factors leading to the adoption of AGVs.

The automated guided vehicle market is segmented by product type (automated forklift, automated tow/tractor/tugs, unit load, assembly line, and special purpose), end-user industry (food & beverage, automotive, retail, electronics & electrical, general manufacturing, pharmaceuticals, and other end-user industries), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.