Automated Guided Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Automated Guided Vehicle (AGV) Market report covers top AGV manufacturers and is segmented by product type (automated forklift, automated tow/truck, unit load, assembly line, special purpose), end-user industry (food & beverage, automotive, retail, electronics & electrical, general manufacturing, pharmaceuticals), and geography (North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Automated Guided Vehicles Market Size

AGV Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 5.56 Billion
Market Size (2029) USD 8.27 Billion
CAGR (2024 - 2029) 8.25 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

AGV Market Major Players

*Disclaimer: Major Players sorted in no particular order


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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 just a few of the key factors driving the growth of Automated Guided Vehicle.
  • 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.
  • Several key players in the market are integrating their hardware equipment with navigational software to offer high efficiency. For instance, Toyota, a company offering Wire, RFIS, and Tape AGVs alongside Laser AGVs, introduced two AGVs in partnership with Bastian Solutions that use Autonomous Navigation Technology software from BlueBotics, which acts like an operating system for autonomous mobile robots or automated guided vehicles.
  • Moreover, companies providing system interfaces and AGV system components are collaborating for advancement in technology. For instance, in April 2022, Gideon Robotics announced Trey, an autonomous forklift that can load and unload pallets from truck trailers. Gideon Robotics claimed that it could save 80% of a worker's time and operate consistently, safely, and reliably in dynamic environments, working side by side with people.
  • Further, in October 2022, Wisconsin-based material handling equipment company Big Joe Forklifts launched an autonomous equipment division focused on providing simple, low-priced robotic AGV forklift solutions.
  • 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 healthcare and pharmaceutical sectors.
  • Furthermore, with workers quarantined worldwide, large industrial buildings, such as factories or warehouses that transport heavy materials manually, have experienced a halt situation, thus severely impacting the global supply chain. DHL reported that only 5-10% of the fulfillment centers in the United States were using automated picking already. The COVID-19 crisis was another reason to automate warehouses, which might drive quicker adoption in the coming years.

Automated Guided Vehicles Market Trends

Rapid Growth of E-commerce Demanding Higher Efficency

  • Despite growth in the manufacturing industry, considerable demand from the warehousing and logistics sector is dedicated to e-commerce activity. Furthermore, the Canadian warehouse portfolio majorly comprises e-commerce, which is estimated to make up more than 50% of the warehouse business in the country.
  • The deployment of AGVs provides an opportunity for different areas in e-commerce. Specifically, the AGVs are suited for fulfillment operations involving large quantities of small orders for large SKU ranges spread across large warehouse areas. Using autonomous robots to perform horizontal traveling can increase order fulfillment efficiency.
  • With the introduction of always-on e-commerce, the demand for faster responses, and the need to manage a more significant number of stock-keeping units with fewer errors, warehouses need to scale up and meet the standards of an intelligent, efficient, and automated warehouse. Such increasing globalization and the rise of online retail and bulk retail have increased demand for AGVs in the retail industry.
  • The rising demand for e-commerce companies to cater to the increasing number of single-day delivery orders, both in advanced and emerging economies, has resulted in a significant increase in efficiency owing to the commercial viability of these schemes. E-commerce warehouses carry out the single-day delivery method with the aid of AGVs. According to the IBEF, India has significant potential in the e-commerce industry. The market value of India's e-commerce industry is growing at an exponential rate, and it is expected to reach USD 350 billion by 2030.
  • According to the U.S. Census Bureau, retail e-commerce sales in the United States totaled nearly USD 269.5 billion from April to June 2023, representing a 6.6 percent increase over the previous quarter. The rapidly changing retail market compels distribution centers to seek out and implement innovative, flexible, and automated approaches to e-commerce order fulfillment. Such a rise in e-commerce purchases will push companies to deploy automated material handling equipment in their operation process to enhance smooth workflow.
  • Moreover, supply chains began using AGVs in distribution centers in response to increased e-commerce demand, allowing industries to function at high productivity. AGVs' use has expanded in sectors like pharmaceuticals to keep up with demand and maintain sanitation. AGVs were utilized by hospitals and other healthcare facilities to undertake the contactless transfer of food, trash bins, linens, and sterile supplies.
AGV Market: Most visited online retail websites worldwide in 2022, by monthly traffic (in million visits)

Asia-Pacific is expected to Witness a Significant Growth

  • Asia-Pacific is the world's largest AGV consumer. Because of the fragmented market, it is easy to find affordable automation services. Also, the increased production in the automobile sector is driving up demand for AGVs in this region.
  • In China, the market is primarily driven by the proliferating manufacturing industry of the country. China has the largest manufacturing industry in the world, and the sector is also a key contributor to the country's economic growth. As per the State Council Information Office of China, the country accounted for 27.7% of the global manufacturing output in 2022, marking a significant increase from 22.5% in 2012, with the industry growing bigger and stronger in recent times.
  • Moreover, China is a major adopter of Industry 4.0, and the region is home to some of the most advanced manufacturing facilities in the world, ahead of regions like the European Union, the United States, and Japan. For instance, according to the World Economic Forum, of the 69 factories around the world now considered leaders using Industry 4.0 technologies, China is now home to 20, followed by 19 in the European Union, 7 in the United States, and 5 in Japan. Besides being the foundation for plant-wide automation, the automated storage and retrieval system also serves as a foundation for Industry 4.0.
  • Moreover, with the increasing e-commerce demand in emerging countries, such as India, China, and neighboring countries, e-commerce companies have significantly been deploying AGVs at warehouses. According to the IBEF, India's e-commerce market is anticipated to be worth USD 350 billion by 2030. Furthermore, India's e-commerce market is expected to reach USD 220 billion in gross merchandise value (GMV), and there are expected to be about 530 million shoppers by 2025.
  • In addition, universities in Thailand are collaborating with manufacturing plants to deliver Automated Guided Vehicles (AGVs). For instance, the Sirindhorn International Thai-German School of Engineering (TGGS) recently collaborated with the BMW Manufacturing plant in Rayong, Thailand. The project began with a vision from BMW for using AGVs that automatically carry heavy parts in the production line. A tailor-made AGV was developed by the university research team that exactly fits into the production process requirements while keeping the investment cost reasonably economical compared to imported solutions.
Automated Guided Vehicles (AGVs) Market - Growth Rate by Region

Automated Guided Vehicles Industry Overview

The global automated guided vehicle is moderately fragmented due to many automatic guided vehicle (AGV) market players. Factors such as digital transformation and the advent of integrated Industry 4.0 with IoT deliver considerable growth prospects to automated guided vehicle industries. Key players are Amerden Inc., Swisslog Holding, SSI Schaefer Systems International DWC LLC, etc.

In May 2023, ResGreen International Inc. introduced a new bidirectional BigBuddy, one of the most robust AGVs in the industry that uses magnetic tape to move loads up to 5,000 pounds. The new product expands the company's portfolio of AMRs and AGVs with its full-reversing capability, high-load capacity, and modular design.

In March 2023, Rocla AGV, a Finland-based company, launched a new, agile AGV, an automated compact truck designed to lift heavy loads in narrow spaces. ACT is handy to operate between warehouse and production or inbound and outbound areas.

In October 2022, Daifuku announced the opening of a new manufacturing plant where the plant will combine the operation of existing facilities in Harbor Springs, Pellston, and Boyne City. In the new factory, all Webb baggage handling equipment was to be manufactured, such as luggage carousels, mobile inspection tables, and automatic screening areas. Moreover, it would produce Webb's entire line of AGVs and SmartCarts. The building, in order to make room for future manufacturing expansion within 65,000 square meters of space, included an AGV testing area and conference rooms.

In September 2022, Addverb Technologies announced the development of a new Center of Excellence for Advanced Robotics Research and Development in California. The center was to focus on developing platforms for autonomous mobile robotics and automated guided vehicles, as well as advanced algorithms for human-machine collaboration and biomedical robotics.

Automated Guided Vehicles Market Leaders

  1. KUKA AG

  2. Jungheinrich AG

  3. Murata Machinery Ltd

  4. Daifuku Co. Ltd

  5. SSI Schaefer AG

*Disclaimer: Major Players sorted in no particular order

AGV Market Concentration
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Automated Guided Vehicles Market News

  • June 2023: Mitsubishi Logisnext Americas and Jungheinrich announced an expansion of their partnership for mobile automation solutions in North America by launching a company called Rocrich AGV Solutions. The combined product and service portfolios of Jungheinrich and Rocla will likely enable Rocrich to cover all major customer use cases, from standard to special purpose AGVs and automated forklifts.
  • August 2022: Swissport launched a pilot with an unmanned, automated guided vehicle for unit load devices at its new cargo center at Frankfurt Airport as part of a long-term test, replacing the manual transport of cargo. Swissport's 17,000 sqm air cargo center in Frankfurt, complete with an integrated CEIV-certified Swissport Pharma Center, is equipped with cargo logistics and handling innovations.
  • March 2022: Third Wave Automation (TWA), a provider of autonomous materials handling solutions, and CLARK Material Handling Company, a manufacturer of forklift trucks and aftermarket parts, announced a partnership and the spring 2023 release of the "TWA Reach," a new automated reach truck. The TWA reach was to combine the capabilities of the NPX reach truck with TWA automation technology and intelligent fleet management capabilities.
  • March 2022: KNAPP, a technology partner for intelligent value chains, and Covariant, a major global AI robotics company, strengthened their collaboration to develop AI-powered robot solutions further and expand their market presence. So far, KNAPP and Covariant collaborated on several projects, with KNAPP's picking robot, the Pick-it-Easy Robot, at the forefront of their efforts. The robot's ability to handle a wide range of items and suitability for various sector applications has demonstrated its value in improving warehouse efficiency across multiple industries.

AGV Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of Impact of Key Macroeconomic Trends on the Market


    1. 5.1 Market Drivers

      1. 5.1.1 Rapid Growth of E-commerce Demanding Higher Efficiency

      2. 5.1.2 Increasing Investments in Technology and Robotics

    2. 5.2 Market Restraints

      1. 5.2.1 Limitation of Real-Time Wireless Control Due to Communication Delays


    1. 6.1 By Product Type

      1. 6.1.1 Automated Fork Lift

      2. 6.1.2 Automated Tow/Tractor/Tugs

      3. 6.1.3 Unit Load

      4. 6.1.4 Assembly Line

      5. 6.1.5 Special Purpose

    2. 6.2 By End User Industry

      1. 6.2.1 Food & Beverage

      2. 6.2.2 Automotive

      3. 6.2.3 Retail

      4. 6.2.4 Electronics & Electrical

      5. 6.2.5 General Manufacturing

      6. 6.2.6 Pharmaceuticals

      7. 6.2.7 Other End User Industries

    3. 6.3 By Geography

      1. 6.3.1 North America

      2. 6.3.2 Europe

      3. 6.3.3 Asia-Pacific

      4. 6.3.4 Latin America

      5. 6.3.5 Middle East & Africa


    1. 7.1 Company Profiles

      1. 7.1.1 KUKA AG

      2. 7.1.2 Jungheinrich AG

      3. 7.1.3 Murata Machinery Ltd.

      4. 7.1.4 Daifuku Co. Ltd.

      5. 7.1.5 SSI Schaefer Systems International DWC LLC

      6. 7.1.6 Swisslog Holding

      7. 7.1.7 Dematic Corp.

      8. 7.1.8 Toyota Material Handling

      9. 7.1.9 Scott Technology Limited

      10. 7.1.10 John Bean Technologies (JBT) Corporation

      11. 7.1.11 Systems Logistics SPA

      12. 7.1.12 Seegrid Corporation

    2. *List Not Exhaustive


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Automated Guided Vehicles Industry Segmentation

Automated guided vehicles (AGVs) are wholly automated transport systems that operate with unmanned vehicles. Automated guided vehicles offer many advantages, such as reduced operational cost, enhanced workforce safety, and decrement in 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 AGV.

The automated guided vehicle (AGV) market is segmented by product type (automated forklift, automated tow/truck, unit load, assembly line, special purpose), end-user industry (food & beverage, automotive, retail, electronics & electrical, general manufacturing, pharmaceuticals), and geography (North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa). 

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Furthermore, the disruption of the factors affecting the market's expansion in the near future has been covered in the study regarding drivers and restraints.

By Product Type
Automated Fork Lift
Automated Tow/Tractor/Tugs
Unit Load
Assembly Line
Special Purpose
By End User Industry
Food & Beverage
Electronics & Electrical
General Manufacturing
Other End User Industries
By Geography
North America
Latin America
Middle East & Africa
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AGV Market Research Faqs

The AGV Market size is expected to reach USD 5.56 billion in 2024 and grow at a CAGR of 8.25% to reach USD 8.27 billion by 2029.

In 2024, the AGV Market size is expected to reach USD 5.56 billion.

KUKA AG, Jungheinrich AG , Murata Machinery Ltd , Daifuku Co. Ltd and SSI Schaefer AG are the major companies operating in the AGV Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in AGV Market.

In 2023, the AGV Market size was estimated at USD 5.14 billion. The report covers the AGV Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the AGV Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

AGV Industry Report

Statistics for the 2024 AGV market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. AGV analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Automated Guided Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)