Automated Guided Vehicle Market worth $3.3 billion by 2028 – Exclusive Report by MarketsandMarkets™

 The Automated Guided Vehicle Market is expected to reach USD 3.3 billion by 2028 from USD 2.4 billion in 2023, at a CAGR of 6.9% during 2023–2028 according to a new report by MarketsandMarkets™. The significant growth factor associated with the Automated Guided Vehicle Market growth is the increased focus on enhancing workplace safety, which has created a substantial demand for AGVs. Companies seek to optimize their operations by improving productivity and reducing labor costs by deploying automated guided vehicle for material handling, logistics, and other tasks.

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Automated Guided Vehicle Market Report Scope:

Report CoverageDetails
Market Revenue in 2023$2.4 billion
Estimated Value by 2028$3.3 billion
Growth RatePoised to grow at a CAGR of 6.9%
Market Size Available for2019–2028
Forecast Period2023–2028
Forecast UnitsValue (USD Million/Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Type, Navigation Technology, Industry and Region
Geographies CoveredNorth America, Europe, Asia Pacific, and Rest of World
Key Market ChallengeLow labor costs restricting adoption of AGVs in emerging economies
Key Market OpportunitiesRising deployment of Industry 4.0 in warehouses
Key Market DriversRising demand for automation solution in a variety of industries

Assembly line vehicle segment to grow with higher CAGR during the forecast period.

Assembly line vehicles facilitate the transportation of major subassemblies to the serial assembly process areas for the addition of various parts. These vehicles offer flexibility in manufacturing processes by allowing parallel operations. They allow tracking of an individual item and measuring work rates. Generally, these systems are integrated into overall production lines to decrease production time and ensure high productivity. Assembly line vehicles are used to carry the initial product through the production line (as it is modified by operators) and the final product with all value additions. The advantages of assembly line vehicles are flexibility, scalability, and integration with the logistics flow.

Vision Guidance segment to grow at the highest CAGR from 2023 to 2028.

A vision guidance system comprises a camera and a microprocessor/computer, along with related software. An AGV is fitted with one or more cameras that help with navigation in a warehouse. They don’t need any infrastructure installations such as magnets or reflectors. They can learn routes and way points and navigate themselves through a 3D map. Advancements in object recognition, flexibility, and adaptability have made it a popular choice. Vision guidance allows AGVs to navigate using visual cues, making them versatile in various environments.

Automotive industry to hold largest market share in 2023.

AGVs are essential in the automotive industry, enabling efficient material handling and logistics operations. They are extensively utilized for tasks such as material transport, just-in-time manufacturing, assembly line support, towing, inventory management, line-side supply, and waste collection. AGVs optimize production processes, streamline material flow, and enhance inventory control, leading to improved efficiency, productivity, and safety in automotive manufacturing plants.

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Europe to contribute the largest market share in 2023.

Europe accounted for the largest share of automated guided vehicle industry in 2023. The growth of the European AGV market is mainly driven by the significant investments made by automotive players in robotic systems and AGVs. Europeis also home to AGV suppliers such as KION, KUKA, SSI Schaefer, and E&K Automation. These factors are expected to support the growth of AGV in this region. Europe is an attractive market for AGV manufacturing companies worldwide. Several companies that are based out of North America, APAC, and Japan have established their operations in Europe to tap and capture European customers.

The report profiles key players in automated guided vehicle companies such as Daifuku (Japan), JBT (US), KION (Germany), Toyota Industries (Japan), KUKA (Germany) and others.

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