Automated Guided Vehicle Market to Record CAGR of 10.2% Over 2024-2032; Increasing Use of AI to Improve Capabilities of AGVs to Bolster Market Growth

The automated guided vehicle market size was valued at USD 2.30 billion in 2023 and is predicted to reach USD 2.51 billion in 2024. The market is anticipated to touch USD 5.44 billion by 2032, recording a CAGR of 10.2% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Automated Guided Vehicle Market Size, Share & Industry Analysis, By Type (Tow Vehicles, Automated Forklift Trucks, Underride/Tunneling Vehicles, Assembly Line Vehicles, and Others (Unit Load Carriers)), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided, and Others (Wire guided)), By Application (Transportation & Distribution, Storage & Assembly, and Packaging), By Industry (Automotive, Food & Beverage, E-commerce, and Others (Healthcare)), and Regional Forecast, 2024 – 2032”.

An Automated Guided Vehicle (AGV) makes use of a computer software to move around a warehouse or manufacturing floor and is powered by batteries or electric motors. It can perform a wide range of tasks autonomously, such as storage, production, and product assembly. Since an increasing number of industries are seeking to increase their efficiency and decrease their labor costs, the demand for these vehicles is expected to rise.

The COVID-19 pandemic fueled the market’s progress as companies were taking various steps and looking for solutions to improve their operational efficiency and productivity to overcome the supply chain disruptions caused by the pandemic. The need for automation technologies increased as they play a key role in optimizing the performance of supply chains. Since the e-commerce sector experienced a period of boom during this time, many online platforms started using automated guided vehicles to ensure timely delivery of products and manage large volumes of orders.

Movella Partnered With Advantech to Improve Capabilities of AMRs and AGVs

Movella partnered with Advantech to improve the features of Automated Guided Vehicles (AGVs) and Mobile Robots (AMRs). By incorporating the motion-tracking technology offered by Movella into Advantech's industrial IoT solutions, both the companies intend to enhance the efficiency and performance of automation technologies in the logistics and manufacturing industries.

Increasing Use of AI to Improve Capabilities of AGVs to Bolster Market Growth

Artificial Intelligence (AI) is being increasingly used in automated guided vehicles to help companies improve the capabilities and features of these vehicles. AI technologies can help AGVs carry out a wide range of complicated tasks with better adaptability and precision and also help them gain access to real-time data. This data can help users make informed and quicker decisions. Moreover, using AI can help AGVs seamlessly navigate through an area and avoid obstacles in the way. This technology can also help the vehicle optimize the routes based on real-time data. These advantages are expected to increase the use of AI in these vehicles.

However, the high initial investment and maintenance costs associated with these vehicles can hinder their sales and stifle the automated guided vehicles market growth.

Key Market Players to Launch Novel Products and Increase R&D Investments to Remain Competent

Some of the top companies operating in the global automated guided vehicle market include Daifuku, JBT Corporation, Swisslog, KUKA AG, and Toyota Industries Corporation. These market players are focusing on increasing their investments in research and development programs to develop innovative technologies to improve the features of AGVs. The companies are also introducing new products in the market to help them expand their product range and customer base.

Notable Industry Development:

• March 2023: Rocla AGV unveiled the Automated Control Technology (ACT) system. This system was developed to improve safety and efficiency of Automated Guided Vehicle (AGV) operations. The newly launched system uses innovative control technologies to enhance the performance of AGVs, streamline operations in various industrial settings, and improve safety protocols. ACT intends to offer a secure and effective solution for managing AGV fleets by providing a cohesive system management and intelligent automation features. This also reflects the company’s commitment to promoting automation and operational excellence.

List of Key Companies Profiled in the Report:

• KUKA AG (Germany)


• Toyota Advanced Logistics (Japan)


• Daifuku Co., Ltd. (Japan)


• KION GROUP AG (Germany)


• Dematic (U.S.)


• Hyster-Yale Materials Handling, Inc., (U.S.)


• JBT Corporation (U.S.)


• Mitsubishi Caterpillar Forklift America Inc. (U.S.)


• Swisslog Holding AG (Switzerland)


• Seegrid Corporation (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/automated-guided-vehicle-agv-market-101966

Further Report Findings:

• Asia Pacific is holding a dominant global automated guided vehicle market share as India and China are experiencing large-scale industrialization. Moreover, the increasing demand for effective product distribution and warehousing solutions will also fuel the adoption of AGVs in the region.


• The market in the Middle East & Africa is also growing at a steady pace as industrialization is picking up notable pace in these regions. Moreover, rising investments in infrastructure development will also positively impact the market growth.


• Based on type, the automated forklift truck segment dominates the market as these vehicles are skilled in completing complex material handling processes and improve the efficiency of warehouses.

Table of Segmentation