Automated Guided Vehicle (AGV) Market Trends and Top Manufacturers

Automated Guided Vehicles (AGVs) are mobile machines that transport goods autonomously within warehouses, distribution centers, and manufacturing facilities without onboard operators. These vehicles vary in size, from compact units to large machines capable of carrying hundreds of tons, and are essential in material handling, including the movement of raw materials and inventory throughout various stages of production and storage.

AGVs are commonly used to transport materials such as metal, plastic, rubber, and paper from receiving areas to warehouses or production lines. This automation ensures uninterrupted supply to production lines, enhancing efficiency by reducing human intervention. AGVs also play a crucial role in inbound and outbound logistics, including replenishment and order picking, where they move inventory from storage to picking locations, optimizing the order fulfillment process.

Global AGV Market Size 

Market Research Future estimated in their early 2024 research that the AGV market was USD 3.9 billion in 2023 and would reach USD 4.1 billion in 2024 and grow to USD 6.7 billion in 2032, growing with a CAGR of 6.2%. Market Research Future updated their estimates in July 2024  World - Robotics Market Research Report - Industry Forecast to 2032, where they estimated that the 2023 market size had jumped to USD 6.1 billion from USD 3.4 billion in 2021. AGV market is expected to grow at CAGR 19.9% to USD 26.1 billion by 2032. Another research company, The Insight Partners, estimated in 2023 that the AGV market would reach USD 5.0 billion in 2023 and 5.6 billion by 2024 and reach USD 11.8 billion by 2030, growing with a CAGR of 13.1%. 

AGV Market Insights: Regional Leaders and Emerging Markets

The Automated Guided Vehicle (AGV) market shows strong growth prospects across various regions. As of 2023, the Asia-Pacific region leads the market with a value of USD 3.0 billion, making it the largest AGV market currently with a market share of 49%. This region is set to grow significantly, with projections indicating it will reach USD 14.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 21.8%. This high growth rate positions Asia-Pacific as a dominant force in the AGV market, driven primarily by increasing automation needs.

Europe is the second-largest AGV market, valued at USD 1.3 billion in 2023. By 2032, it is expected to grow to USD 4.3 billion, with a CAGR of 16.4%. This steady growth reflects the region’s ongoing adoption of automation technologies.

North America, valued at USD 1.2 billion in 2023, is projected to expand to USD 4.8 billion by 2032, achieving a CAGR of 19.3%. Its focus on technological innovation and automation in various industries supports the region's growth.

Other regions, such as the Middle East and Africa and South America, also show promising growth. The AGV market in the Middle East and Africa is valued at USD 98.8 million in 2023 and is expected to grow to USD 335.8 million by 2032, with a CAGR of 16.8%. Meanwhile, South America’s market is estimated at USD 493.3 million in 2023 and is projected to reach USD 1.8 billion by 2032, growing at a CAGR of 17.7%.

Overall, Asia-Pacific is set to continue leading the AGV market due to its rapid growth rate, with North America and Europe also showing significant future potential. Each region’s growth is fueled by increasing adoption of AGVs to enhance automation and efficiency across industries.

AGV Market Share by Vehicle Type

The Automated Guided Vehicle (AGV) market in 2023 features a range of vehicle types, each designed for specific material handling tasks in industrial and warehouse environments. Tow Tractors and Forked AGVs dominate the market, reflecting their essential roles in enhancing operational efficiency.

Tow Tractor AGVs, also known as tuggers, hold the largest market share, accounting for 36%. These AGVs hitch to payloads such as carts and logistic trains, providing high towing capacities of several tons. Tow Tractors are primarily used to transport multiple loads simultaneously along predefined routes. However, they lack lifting capabilities and focus solely on efficient and reliable transportation of materials.

Forked AGVs represent the second-largest segment with a 28% market share. These AGVs are similar to automated forklifts and are specifically designed for lifting and transporting materials, particularly pallets. They are widely used in warehouse settings to move items from high storage locations to picking areas, enhancing overall workflow by efficiently handling and transporting goods.

Unit Load AGVs carry their cargo on top and are typically equipped with transfer devices like conveyors and lift platforms. They play a notable role in production and warehouse environments, where they transport a diverse range of items, from light goods to heavy components such as steel coils. Unit Load AGVs are versatile, offering reliable and adaptable solutions for material transport within industrial operations.

Underride AGVs have the smallest market share among the major AGV types but are vital for specific manufacturing applications. These AGVs drive underneath payloads, such as carts and trolleys, to transport them. They connect to their loads using tow pins or lift modules and are often used to move semi-finished goods between production stations. Underride AGVs can automatically pick up, transport, and place loads at specified destinations, making them highly effective in automated manufacturing environments.

This segmentation of the AGV market highlights the distinct capabilities and uses of each vehicle type. Tow Tractor and Forked AGVs lead due to their high efficiency in material handling tasks. Each AGV type is crucial in optimizing operations, reducing manual intervention, and enhancing productivity across various industrial sectors.

Major AGV Manufacturers

The AGV market is highly competitive, with over 100 automated guided vehicle manufacturers worldwide. Leading players are strengthening their positions by using various tactics, including new product releases, partnerships, collaboration, acquisitions, and business expansion.  

Next Move Strategy Consulting has identified Dematic, Jungheinrich, Toyota Industries, KUKA, and Daifuku as the five prominent players in the AGV industry. These companies actively engage in collaborations, mergers, and acquisitions and place a strong emphasis on product development and launches to strengthen their market position.

Moreover, the list of major AGV companies often features other notable names like EK Robotics, Hyster-Yale, SEEGRID, JBT, and several others. AGV Network reports that there are currently at least 245 AGV companies worldwide, with over 30 companies based in the USA, and over 20 in China. 

Sources: Statzon global data on AGV market,  World - Mobile Robots Market Research Report Forecast to 203 - Market Research Future 2024,  Global Automated Guided Vehicles (AGV) Market 2030 - The Insight Partners 2023, World - Robotics Market Research Report - Industry Forecast to 2032 - Market Research Future 2024, AGV Company data from Next Move Strategy Consulting