Automated Guided Vehicle Market Size, Share, And Growth Report 2032

The global automated guided vehicle market size was worth around USD 2.44 billion in 2023 and is predicted to grow to around USD 5.44 billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.30% between 2024 and 2032.

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The report analyzes and forecasts automated guided vehicle market on a global and regional level. The study offers past data from 2018 to 2022 along with forecast from 2024 to 2032 based on revenue (USD Billion).

Automated Guided Vehicle Market: Overview 

Automated guided vehicles (AGVs) can navigate without any human intervention. These vehicles are majorly used in manufacturing plants to transport materials, without any manual operator. These vehicles are widely used in flexible manufacturing systems and material handling systems, among other handling applications.

Automated guided vehicle market is projected to grow during the estimated timeframe, owing to the technological developments made in the automotive manufacturing sector. The use of automation in this field has helped companies to enhance their outputs in the past couple of years. These systems have reduced production time and labor costs. In 2017, the number of vehicles manufactured globally was nearly 97 million units, as compared to 77 million units in 2010. Further, in 2016, the global number of cars manufactured was 72 million units, as compared to 68 million units in 2015.

Audi, Mercedes, and BMW, among other automobile manufacturing companies, have already opted for AGV in their manufacturing factories. In 2012, Mercedes deployed automated guided vehicles in its Ludwigsfelde manufacturing plant. In 2018, SEAT, a Volkswagen subsidiary revealed that it had nearly 125 AGV’s in its Martorell factory in Spain. However, high initial investments for product manufacturing might slow this market’s growth. Moreover, increasing use of artificial intelligence (AI) in the manufacturing sector might open new opportunities for the automated guided vehicle market in the near future.

Assessment of automated guided vehicle market dynamics gives a brief thought about the drivers and restraints for the automated guided vehicle market along with the impact they have on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the automated guided vehicle market on a global level.

The report gives a transparent view of the automated guided vehicle market. We have included a detailed competitive scenario and portfolio of leading vendors operative in the automated guided vehicle market. To understand the competitive landscape in the automated guided vehicle market, an analysis of Porter’s Five Forces model for the automated guided vehicle market has also been included. The study encompasses a market attractiveness analysis, wherein product, navigation technology, battery, application, end-use industry, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.

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Automated Guided Vehicle Market: Segmentation

The study provides a crucial view of the automated guided vehicle by segmenting the market based on product, navigation technology, battery, application, end-use industry, and region. All the segments of the automated guided vehicle market have been analyzed based on present and future trends and the market is estimated from 2018 to 2024.

By product, global automated guided vehicle market is bifurcated into the driverless train, pallet trucks, and unit load carriers.

Wired, guided tape, gyroscopic navigation, and laser target is the navigation technology segment of the global automated guided vehicle market.

Lithium-Ion, NiCad, sealed, flooded lead acid, inductive power, and the fuel cell is the battery segment for automated guided vehicle market.

The application segment is divided into receiving and distribution, transport in production, storage and retrieval, end of line transport, and others.

By end-use industry, global automated guided vehicle market is divided into automotive, aerospace and defense, electronics, general manufacturing, food and beverages, pharmaceutical, textile, and others.

Automated Guided Vehicle Market: Report Scope

Automated Guided Vehicle Market: Regional Analysis

The regional segmentation comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America and Europe for automated guided vehicle market with further bifurcation into the U.S., Canada, Mexico, UK, France, Germany, China, Japan, South Korea, India, Taiwan, Brazil, Argentina, Saudi Arabia, and UAE.

The Asia Pacific is likely to hold a substantial share in the global automated guided vehicle market during the forecast timeframe, due to the increasing electronics production in China, South Korea, and Japan. Further, western manufacturing companies, such as Apple, Ford, Volkswagen, and General Motors, have opted to establish their manufacturing plants in Asian various economies, such as India, China, Taiwan, and Thailand.

Automated Guided Vehicle Market: Competitive Analysis

The competitive profiling of noticeable players of the global automated guided vehicle market includes company and financial overview, business strategies adopted by them, their recent developments and product offered by them which can help in assessing competition in the market. Noticeable players included in this report are:

• Egemin Automation Inc.
• Toyota Industries Corporation
• JBT Corporation
• Hyster-Yale Materials Handling Inc.
• Bastian Solutions LLC
• Dematic GmbH & Co. KG
• Swisslog Holding AG
• Oceaneering AGV Systems
• E&K Automation GMBH
• Seegrid Corporation
• Among others

This report segments the global automated guided vehicle market as follows:

Product Segment Analysis

• Driverless Train
• Pallet Trucks
• Unit Load Carriers

Navigation Technology Segment Analysis

• Wired
• Guided Tape
• Gyroscopic Navigation
• Laser Target

Battery Segment Analysis

• Lithium-Ion
• NiCad
• Sealed
• Flooded Lead Acid
• Inductive Power
• Fuel Cells

Application Segment Analysis

• Receiving & Distribution
• Transport in Production
• Storage & Retrieval
• End of Line Transport
• Others

End-Use Industry Segment Analysis

• Automotive
• Aerospace & Defense
• Electronics
• General Manufacturing
• Food & Beverages
• Pharmaceutical
• Textile
• Others

Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa