AGV Market Size

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.