Automated Guided Vehicle Market (By Type: Unit Load Carriers, Tow Vehicles, Pallet Trucks, Forklift Trucks, and Assembly Line Vehicles; By Navigation Technology: Magnetic Guidance, Laser Guidance, Inductive Guidance, Vision Guidance, Optical Tape Guidance, and Others; By Application: Transportation, Distribution, Storage, Assembly, Packaging, and Waste Handling; By Industry) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032


The global automated guided vehicle market size was estimated at USD 4.33 billion in 2022 and is expected to garner around USD 12.57 billion by 2032 with a registered CAGR of 11.30% from 2023 to 2032.

Automated Guided Vehicle Market Size 2022 to 2030

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Key Takeaway:

  • The natural navigation segment is expanding at the CAGR of 17.5% from 2023 to 2032.
  • The wholesale and distribution sector is growing at a notable CAGR of 12.4%.
  • By application, the logistics and warehousing segment has accounted revenue share of around 41% in 2022.
  • The assembly segment is expected to drive growth at a CAGR of 13.1% from 2023 to 2032.
  • By component, the hardware segment dominated the market in 2022 and accounted for a revenue share of over 70%.
  • The service segment is growing at a CAGR of 11.8% from 2023 to 2032.
  • By battery type, the lead battery segment has captured revenue share of around 61% in 2022.
  • The lithium-ion battery segment is expanding at a CAGR of 15.9%.
  • Asia Pacific region is expand at a CAGR of 11.2% during the forecast period 2023 to 2032.

Automated Guided Vehicle Market Size in the Europe 2023 To 2032

The Europe automated guided vehicle market size was valued at USD 1.39 billion in 2022 and is expected to garner around USD 3.99 billion by 2032 with a CAGR of 11.20% from 2023 to 2032.

Europe Automated Guided Vehicle Market Size 2023 To 2032

Based on the region, the North America segment dominated the global automated guided vehicle market in 2022, in terms of revenue. In North America, the U.S. is the most powerful economy. The manufacturing industry in this region is a major source for automated guided vehicles. Furthermore, automation allows small enterprises or local market players to compete on an equal ground with the global market players. The U.S. is regarded as one of the top most automobile and automotive manufacturer across the globe. Thus, the increase in demand for automated guided vehicle in U.S. is contributing to the region’s expansion.

On the other hand, the Asia-Pacific is estimated to be the most opportunistic segment during the forecast period. The retail industry, particularly e-commerce industry is growing at a faster rate in Asia-Pacific countries. The application of automated guided vehicle in e-commerce industry is growing at a rapid pace which is contributing to the growth of the market in Asia-Pacific region.

Growth Factors

The demand for automation in material handling across various industries, the rise in popularity of online sales channel, the transition from mass production to mass customization, and enhanced workplace safety norms are some of the factors driving the automated guided vehicle market growth.

The automated guided vehicle market is growing due to an increase in demand for automation technologies in different types of industries. The market is also driven by improvements in accuracy, safety, and high productivity of automated guided vehicles. Moreover, the low labor costs help to boost the market growth of automated guided vehicle market. 

However, the automated guided vehicle market’s growth is hampered by high initial investment costs and a lack of flexibility. Furthermore, the integration of industry 4.0 is expected to give lucrative growth prospects for market players in the automated guided vehicle market. 

The industries such as food & beverage, automotive, aerospace, manufacturing, retail, logistics, and other end-use industries are all using automated guided vehicles. The demand for industrial equipment is driven by lower labor costs and increased productivity. As industries have become more technology driven and automated, the need for automated guided vehicles is likely to rise.

The factors such as increasing automation in material handling process and increased production and efficiency of automated guided vehicles is boosting the market growth. On the other hand, risks associated with automated guided vehicles restrict the growth of automated guided vehicles market. The technological advancements are creating lucrative opportunities for the growth and development of automated guided vehicle market.

Scope of the Automated Guided Vehicle Market

Report Coverage Details
Market Size by 2032 US$ 12.57 Billion
Growth Rate from 2023 to 2032 CAGR of 11.30%
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Type, Navigation Technology, Application, Industry, End User, Component, Battery, Geography
Companies Mentioned Swisslog Holding AG, AGVE Group, JBT, Hyster-Yale Materials Handling, Inc., Toyota Advanced Logistics, KION GROUP AG, Heartland Automation LLC, E&K Automation GmBH, Daifuku, SSI Schaefer

 

Type Insights

Based on the type, the tow vehicles segment has garnered 41.5% revenue share in 2022. This is attributed to improved lifestyles in emerging economies, rising middle class group in developing countries, and increased urban population. As disposable income rises, more people are willing to drive their own vehicle instead of ride sharing or carpooling. All these factors drive the growth of tow vehicles segment.

The unit load carrier segment is expected to grow at a CAGR of 13.4% during the forecast period. The main advantages of unit load carrier include better protection against weather conditions and damage & faster loading and unloading of cargo products.

Navigation Technology Insights

Based on the navigation technology, the laser guidance segment has hit 35.6% revenue share in 2022. The market for laser automated guided vehicles is growing because of the features such as scalability, versatility, and accuracy. The technology also helps to improve safety of the automated guided vehicles. The laser guidance provides accurate navigation.

On the other hand, the others segment is estimated to be the most opportunistic segment during the forecast period. The wire-guided and other types of automated guided vehicles comprise the others segment of the navigation technology.

End Use Industry Insights

Based on the end use industry, the manufacturing segment has garnered 76% revenue share in 2022. The manufacturing segment includes manufacturing of automotive, chemicals, food & beverage, pharmaceuticals, and others.

Automated Guided Vehicle Market Share, By End User, 2020 (%)

The aerospace is estimated to be the most opportunistic segment during the forecast period. The complexity of components such as wings, engine pods, and nacelles, causes aerospace manufacturing facilities to be immense. The automated guided vehicles help aerospace components to transport easily without any accidents or mishaps.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions. The companies are also spending on the development of improved products. Moreover, they are also focusing on competitive pricing.

In October 2019, the Hit Robotic Group (HRG) launched new product line of automated guided vehicles for simultaneous localization and mapping.

The various developmental strategies such as new product launches, acquisition, partnerships, joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players.

Some of the prominent players include:

  • Swisslog Holding AG
  • AGVE Group
  • JBT
  • Hyster-Yale Materials Handling, Inc.
  • Toyota Advanced Logistics
  • KION GROUP AG
  • Heartland Automation LLC
  • E&K Automation GmBH
  • Daifuku
  • SSI Schaefer

Segments Covered in the Report

By Type

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

By Navigation Technology

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

By Application

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

By Industry

  • Food & Beverage
  • Automotive
  • Manufacturing
  • Retail
  • Logistics
  • Others

By End User

  • 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

By Component Type

  • Hardware
  • Software
  • Service

By Battery Type

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

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
  • MEA
  • Rest of the World

Frequently Asked Questions

What is the current size of automated guided vehicle market?
The global automated guided vehicle market size was reached at USD 4.33 billion in 2022 and is expected to surpass around USD 12.57 billion by 2032.
What is the growth rate of global automated guided vehicle market?
The global automated guided vehicle market is growing at a CAGR of 11.30% from 2023 to 2032.
Which are the driving factors of the automated guided vehicle market?
The automated guided vehicle demand is expected to increase as a result of increasing industrialization, particularly in non-traditional industries in Asia-Pacific’s emerging economies. Due to their widespread applications, market players of automated guided vehicles are projected to benefit from the growth in the manufacturing industry.
Who are the major players operating in the automated guided vehicle market?
The major players operating in the automated guided vehicle market are Swisslog Holding AG, AGVE Group, JBT, Hyster-Yale Materials Handling, Inc., Toyota Advanced Logistics, KION GROUP AG, Heartland Automation LLC, E&K Automation GmBH, Daifuku, SSI Schaefer.
Which region will lead the global automated guided vehicle market?
The North America segment dominated the global automated guided vehicle market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period.

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