Automated Guided Vehicle Market By Vehicle Type (Tow, Unit Load Carrier, Pallet Truck, Forklift Truck, Hybrid Vehicles), Navigation Technology (Laser, Magnetic, Vision, Inductive, Natural Navigation), Application (Logistics and Warehousing, Transportation, Cold Storage, Wholesale & Distribution, Cross-docking, Assembly, Packaging, Trailer Loading & Unloading, Raw Material Handling), End-use Industry, Component (Hardware, Software, Service), Battery Type (Lead, Lithium-Ion, Nickel-based), & Region — Forecast 2032

Automated Guided Vehicle Market Summary

As per Market Research Future Analysis, the Global Automated Guided Vehicle Market was valued at USD 4,409.9 billion in 2023 and is projected to grow to USD 8,484.4 billion by 2032, with a CAGR of 7.7% from 2024 to 2032. AGVs are increasingly adopted across various industries to enhance efficiency, reduce labor costs, and improve safety. The market is driven by the rising demand for automation in logistics and warehousing, as well as advancements in navigation technologies. However, challenges such as the high initial costs for SMEs and the growing preference for mobile robots in retail and e-commerce sectors may hinder growth.

Key Market Trends & Highlights

The Automated Guided Vehicle market is witnessing significant developments and trends.

• Market Size in 2023: USD 4,409.9 billion.
• Projected Market Size by 2032: USD 8,484.4 billion.
• CAGR from 2024 to 2032: 7.7%.
• Europe held the largest market share in 2021.

Market Size & Forecast

2023 Market Size: USD 4,409.9 billion

2024 Projected Market Size: USD 4,692.1 billion

2032 Projected Market Size: USD 8,484.4 billion

CAGR (2024-2032): 7.7%.

Major Players

Key players include Swisslog Holding AG, Dematic, Bastian Solutions, Daifuku Co., Ltd., JBT, and Seegrid Corporation.

Automated guided vehicles are robotic material handlers programmed to transport pallets, carts, trays, and other items between various manufacturing and storage locations. These facilities put them in place to improve efficiency, which leads to more output and a rise in the company's profit margin. 

Nowadays, businesses tend to emphasize efficiency more than without the need for a permanent conveying system or user interaction; AGV systems assist in moving and carrying goods in industrial facilities, warehouses, and distribution centers. Due to several benefits, such as lower labor costs, less product damage, increased productivity, and the capacity to expand to accommodate automated operations, AGVs are frequently employed. Thus, all these factors are driving the automated guided vehicle market growth.

Automated Guided Vehicle Market Industry Developments

• Q2 2024: Seegrid Launches New Palion Tow Tractor for Automated Material Handling Seegrid announced the launch of its new Palion Tow Tractor, expanding its automated guided vehicle portfolio to address growing demand for flexible material handling solutions in manufacturing and warehousing.

• Q2 2024: KION Group Signs Multi-Year AGV Supply Contract with Major European Automotive Manufacturer KION Group secured a multi-year contract to supply automated guided vehicles to a leading European automotive manufacturer, marking a significant expansion of its AGV business in the automotive sector.

• Q3 2024: Toyota Industries Announces New AGV Production Facility in North America Toyota Industries revealed plans to open a new automated guided vehicle manufacturing facility in the United States, aiming to meet rising demand for automation in logistics and distribution.

• Q3 2024: Seegrid Raises $30 Million in Series C Funding to Accelerate AGV Development Seegrid completed a $30 million Series C funding round to support the development of next-generation automated guided vehicles and expand its market presence.

• Q4 2024: SSI Schäfer Partners with Exotec to Integrate AGVs into Warehouse Automation Solutions SSI Schäfer announced a strategic partnership with Exotec to integrate automated guided vehicles into its warehouse automation offerings, enhancing operational efficiency for clients.

• Q4 2024: Daifuku Wins Major AGV Contract for New Semiconductor Plant in South Korea Daifuku secured a contract to supply automated guided vehicles for a newly constructed semiconductor manufacturing facility in South Korea, supporting advanced material handling requirements.

• Q1 2025: Balyo Appoints New CEO to Drive Global AGV Expansion Balyo announced the appointment of a new Chief Executive Officer, tasked with accelerating the company's global expansion in the automated guided vehicle market.

• Q1 2025: Murata Machinery Unveils Next-Generation AGV with AI-Powered Navigation Murata Machinery launched a new automated guided vehicle featuring advanced AI-powered navigation, targeting increased adoption in complex warehouse environments.

• Q2 2025: Oceaneering International Secures AGV Contract for U.S. Navy Logistics Center Oceaneering International won a contract to deploy automated guided vehicles at a U.S. Navy logistics center, enhancing automated material transport capabilities.

• Q2 2025: Hitachi Expands AGV Portfolio with Launch of Lithium-Ion Powered Models Hitachi introduced new lithium-ion powered automated guided vehicles, offering improved energy efficiency and operational flexibility for industrial clients.

• Q3 2025: Midea Group Acquires European AGV Startup to Strengthen Logistics Automation Midea Group completed the acquisition of a European AGV startup, aiming to bolster its logistics automation capabilities and expand its footprint in the region.

• Q3 2025: John Bean Technologies Wins AGV Deployment Contract for Major U.S. Food Processor John Bean Technologies secured a contract to deploy automated guided vehicles at a major U.S. food processing facility, supporting automated material handling and operational efficiency.

COVID-19 Impact Analysis on AGV’s Industry

Nearly every business worldwide has experienced economic hardship as a result of the COVID - 19 outbreaks. Due to the global lockdown imposed by governments to stop the spread of the epidemic, many organizations have already incurred losses or are experiencing losses due to a production gap. The epidemic has significantly reduced the manufacturing sector's earnings and revenue. Small and medium-sized businesses, or SMEs, have been most hit by significant layoffs, financial difficulties, and attrition. Due to the pandemic's ability to keep industries operating, there are several global chances for the AGV industry.

Automated Guided Vehicle Market Dynamics

As per the market report, the automated guided vehicles are used by many industries, creating new potential for business expansion. The market has various opportunities to grow due to the development of new technologies and procedures to reduce man-handling in many sectors. Installment challenges and complicated usage represent a formidable market obstacle. Therefore, during the automated guided vehicle market forecast period, these factors are anticipated to fuel the global market expansion.

Automated Guided Vehicle Market Key Drivers

• Rising focus on improving workplace safety

Employee safety is of utmost importance in many industries, including manufacturing, metals & heavy machinery, automotive, and logistics & warehousing, because workers must perform potentially hazardous tasks and operate equipment in hazardous conditions. Most industries still rely on people to do dangerous physical operations, including loading, unloading, storing, and moving items. AGVs guarantee fewer accidents and increased worker safety. Businesses are putting more effort into enhancing workplace safety to decrease accidents and downtime & boost productivity.

Market Key Restraints:

• Increasing preference for mobile robots over AGVs in retail and e-commerce industries

The retail and e-commerce sectors rely heavily on the logistics industry for efficient operations. Businesses in the retail and e-commerce sectors are choosing automated material handling technology to increase their operational effectiveness. Mobile robots are used by businesses in the e-commerce sector to automate warehouse tasks. The e-commerce and retail sectors deploy mobile robots as self-driving logistics vehicles for indoor operations.

Market Key Opportunities:

• Growing adoption of industrial automation by SMEs

Depending on the incorporated battery type and maritime technology, AGV solutions have a high initial cost. Due to their high initial costs, small and medium-sized enterprises (SMEs) find it challenging to employ automation technologies for material handling; most large-scale firms can afford these technologies. The expansion and profitability of these SMEs are help them to adopt AGV technology with time. Because automation enables SMEs to compete globally with larger market players, they are shifting toward automated warehouse operations despite costly initial capital requirements.

Automated Guided Vehicle (AGV's) Market Segment Overview

Outlook By Vehicle Type

The automated guided vehicle market segmentation, based on vehicle type, is tow vehicles, unit load carriers, pallet trucks, forklift trucks, hybrid vehicles, and others. The automated guided vehicle market growth was prominently high under the unit load carriers category in 2021. Unit load AGVs deliver pallets, huge containers, and rolls. Lessening aisle traffic and product damage also makes it possible to schedule the job effectively.

Outlook By Navigation Technology

The automated guided vehicle market segmentation, based on navigation technology is laser, magnetic, vision, inductive, natural navigation, and others. The vision segment had a prominent share in 2021. The ability of AGVs to better evaluate their surroundings in real-time, made possible by computer vision and related software developments, is increasing demand for AGVs for operations in difficult conditions, like navigating large components down small aisles. 

Outlook By Application

Based on the application, the automated guided vehicle market is divided into logistics and warehousing, transportation, cold storage, wholesale & distribution, cross-docking, packaging, assembly, trailer loading and unloading, raw material handling, and others. The logistics and warehousing segment had a prominent share in 2021. To maintain their competitiveness, logistics and warehousing companies choose taller racks, condensed designs, and small lanes for their distribution facilities.

Outlook By End-use Industry

Based on the end-use industry, the automated guided vehicle market is divided into the manufacturing sector, automotive, aerospace, electronics, chemical, pharmaceuticals, plastics, defense, FMCG, tissue, and others. The manufacturing segment had a prominent share in 2021. AGVs have cameras, laser heads, and other sensors that enable safe operation around equipment, buildings, and people. In a manufacturing or distribution facility, operators may make mistakes that result in accidents and disasters; Still, AGVs can help by increasing workflow precision, reducing waste, and increasing productivity.

Outlook By Component

Based on the component, the automated guided vehicle market is divided into hardware, software, and service. The hardware segment had a prominent share in 2021. The highest market share for hardware has been attributed to the availability of various hardware solutions in these vehicles, including cobots, material handling machinery, gearheads, and actuators, among others.

Outlook By Battery Type

Based on the battery type, the automated guided vehicle market is divided into lead, lithium-ion, nickel-based, and others. The lead battery segment had a prominent share in 2021. Comparing these batteries to other battery kinds, they are cheaper. In addition, it has a long service life, stable voltage, and good reversibility, making it appropriate for various applications. 

Automated Guided Vehicle Market Share, by Region, 2021 (%)

Global Automated Guided Vehicle (AGV's) Market Overview, by Region

By region, the automated guided vehicle market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe accounted for the most extensive market share. Asia-Pacific is projected to exhibit the highest CAGR during the review period.

Europe Market Insights

Europe was the most extensive market share in 2021 due to the manufacturing sector's established players' rising demand for material handling equipment. The market expansion in this region has also been accelerated by automation across all industries. For instance, PUMA SE declared in January 2022 that it would deploy more automated robots equipped with grippers, cameras, and artificial intelligence. More robots would help with the distribution center's shoe and garment assembly, lower labor expenses, and boost production.

Asia-Pacific Market Insights

Asia-Pacific was anticipated to encounter the fastest growth rate in 2021. China and India are two examples of emerging economies in the Asia Pacific region where e-commerce has seen significant growth. For instance, Shenzhen Casun Intelligent Robot Co., Ltd., a manufacturer of automation machinery, introduced the CASUN Intelligent Robot "tiny giant" in October 2021. The self-deployed intelligent control of the CASUN enables the AGV to operate inside and outside the warehouse to accomplish and complete the loading and unloading tasks in various industries.

Automated Guided Vehicle Market Competitive Landscape

The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have global reach with diverse product portfolios. Companies such as Swisslog Holding AG; Dematic; Bastian Solutions, Inc.; Daifuku Co., Ltd.; JBT and Seegrid Corporation dominate the global market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting automated guided vehicle market research and development.

Prominent players in the global market include Swisslog Holding AG; Dematic; Bastian Solutions, Inc.; Daifuku Co., Ltd.; JBT; Seegrid Corporation; TOYOTA INDUSTRIES CORPORATION; Hyster-Yale Materials Handling, Inc.; BALYO; E&K Automation GmbH; Kollmorgen; KMH Fleet Solutions; ELETTRIC80 S.P.A.; Fetch Robotics, Inc.; inVia Robotics, Inc.; Locus Robotics; Schaefer Systems International, Inc.; System Logistics Spa; and Scott; among others.

Scope of the Automated Guided Vehicle Market Report

Insights By Vehicle Type

• Tow Vehicle
• Unit Load Carrier
• Pallet Truck
• Forklift Truck
• Hybrid Vehicles
• Others

Insights By Navigation Technology

• Laser Guidance
• Magnetic Guidance
• Vision Guidance
• Inductive Guidance
• Natural Navigation
• Others

Insights By Application

• Logistics and Warehousing
• Transportation
• Cold Storage
• Wholesale & Distribution
• Cross-docking
• Assembly
• Packaging
• Trailer Loading and Unloading
• Raw Material Handling
• Others

Insights By End-use Industry

• Manufacturing Sector
• Automotive
• Aerospace
• Electronics
• Chemical
• Pharmaceuticals
• Plastics
• Defense
• FMCG
• Tissue
• Others
• Wholesale and Distribution Sector
• E-commerce
• Retail Chains/Conveyance Stores
• Grocery Stores
• Hotels and Restaurants

Insights By Component

• Hardware
• Software
• Service

Insights By Battery Type

• Lead Battery
• Lithium-Ion Battery
• Nickel-based Battery
• Others

Outlook By Region

• North America
• US
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Australia and New Zealand
• Rest of Asia-Pacific
• Rest of the World
• South America
• Middle East
• Africa

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

Automated Guided Vehicle Market Forecast & Size:

To identify and estimate the automated guided vehicle market size for the global automated guided vehicle segmented by vehicle type, navigation technology, application, end-use industry, component & battery type by value (in US dollars). Also, to understand the consumption/ demand created by consumers of automated guided vehicle market between 2022 and 2030

Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges.

Market Influencing Factors:

To find out the factors which are affecting the sales of automated guided vehicle market among consumers

Impact of COVID-19:

To identify and understand the various factors involved in the market affected by the pandemic

Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

• Automated guided vehicle producers
• Raw material suppliers
• Retailers, wholesalers, and distributors
• Governments, associations, and industrial bodies
• Investors and Trade Experts

Report Attribute/Metric	Details
Market Size 2023	USD 4,409.9 Billion
Market Size 2024	USD 4,692.1 Billion
Market Size 2032	USD 8,484.4 Billion
CAGR	7.7% CAGR (2024-2032)
Base Year	2023
Forecast Period	2024-2032
Historical Data	2022
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Vehicle Type, Navigation Technology, Application, End-Use Industry, Component & Battery Type
Geographies Covered	North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
Key Vendors	Swisslog Holding AG; Dematic; Bastian Solutions, Inc.; Daifuku Co., Ltd.; JBT; Seegrid Corporation; and TOYOTA INDUSTRIES CORPORATION
Key Market Opportunities	Growing adoption of industrial automation by SMEs
Key Market Drivers	Rising focus on improving workplace safety