The automated guided vehicle (AGV) market continues to experience unprecedented growth, driven by increasing automation needs across manufacturing, warehousing, and logistics sectors. This comprehensive analysis examines current market dynamics, regional developments, and future projections through 2032.
The global AGV market has demonstrated remarkable expansion, reaching USD 6.1 billion in 2023, a substantial increase from USD 3.4 billion in 2021. Market Research Future's latest analysis projects the market to reach USD 26.1 billion by 2032, growing at a compelling CAGR of 19.9%. This significant upward revision from earlier estimates reflects the market's accelerating growth trajectory.
Different research perspectives provide additional context, with The Insight Partners projecting intermediate milestones of USD 5.6 billion by 2024 and USD 11.8 billion by 2030, at a CAGR of 13.1%. These varying projections highlight the dynamic nature of the AGV market and its potential for substantial growth.
Asia-Pacific has emerged as the undisputed market leader, commanding 49% of the global AGV market, which was valued at USD 3.0 billion in 2023. The region's trajectory suggests exceptional growth, with projections indicating a market size of USD 14.9 billion by 2032, supported by a robust CAGR of 21.8%. This growth is primarily driven by rapid industrial automation and manufacturing sector expansion.
Europe remains the second-largest market, with a current valuation of USD 1.3 billion in 2023. The region is expected to reach USD 4.3 billion by 2032, growing at a CAGR of 16.4%. European growth is characterized by strong adoption in advanced manufacturing and logistics operations.
North America's AGV market, valued at USD 1.2 billion in 2023, is projected to reach USD 4.8 billion by 2032, achieving a CAGR of 19.3%. Technological innovation and early adoption of advanced automation solutions fuel the region's growth.
The Middle East and Africa (USD 98.8 million in 2023) and South America (USD 493.3 million in 2023) show promising growth potential, with projected market sizes of USD 335.8 million and USD 1.8 billion, respectively, by 2032. These regions demonstrate CAGRs of 16.8% and 17.7%, highlighting significant growth opportunities.
Commanding 36% of the market share, Tow Tractor AGVs dominate the sector. These vehicles excel in multiple-load transport, offering high towing capacities and efficient material movement along predetermined routes. While they lack lifting capabilities, their ability to transport several tons of materials simultaneously makes them invaluable in large-scale operations.
With 28% market share, Forked AGVs represent the second-largest segment. These automated forklifts revolutionize warehouse operations through efficient pallet handling and vertical storage access, enhancing workflow optimization and storage utilization.
Unit Load AGVs feature integrated transfer devices like conveyors and lift platforms, serving diverse industrial applications. Underride AGVs, while holding a smaller market share, provide specialized solutions for manufacturing environments, particularly in automated production lines.
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.
| Companies | Origin | Types of robot |
| Daifuku | Japan | Unit Load, Tugger, Pallet Jack, Counterbalance, |
| Hyster - Yale | USA | Tractor, Pallet Jack, Stacker, Forklift Truck, Reach Truck, Very Narrow Aisle AGV |
| JBT | USA | Tractor, Pallet Jack, Stacker, Forklift Truck, Reach Truck |
| Dematic | USA | Tractor, Pallet Jack, Stacker, Forklift Truck, Reach Truck, Very Narrow Aisle AGV |
| KUKA | Germany | Platform |
| Oceaneering | USA | Pallet Mover, Stacker, Counterbalance, Platform |
| Jungheinrich | Germany | Tractor, Pallet Jack, Stacker, Forklift Truck, Reach Truck, Very Narrow Aisle |
| Seegrid | Tractor, Pallet Jack, Stacker | |
| Toyota Industries | Japan | Platform, Tractor, Pallet Jack, Stacker, Forklift Truck, Reach Truck |
| Savant | USA | Platform, Tractor, Pallet Jack, Stacker, Forklift Truck |
| Fetch Robotics | Netherlands | Platform, Pallet Jack |
| Logic Robotics | China | Platform |
| KSEC | China | Platform, Tractor, Pallet Jack, Stacker, Forklift Truck, Reach Truck |
| OMRON | Germany | Platform |
| Agilox | Austria | Pallet Jack, Forklift Truck |
| BALYO | France | Platform, Tractor, Pallet Jack, Stacker, Forklift Truck, Reach Truck, Very Narrow Aisle |
| EK Robotics | Germany | Platform, Tractor, Pallet Jack, Stacker, Forklift Truck, Reach Truck, Very Narrow Aisle |
Several key factors support the AGV market's robust growth trajectory:
The AGV market demonstrates strong growth potential through 2032, driven by technological advancement, industrial automation needs, and expanding applications across sectors. Asia-Pacific's continued dominance and significant growth in other regions suggest a robust future for AGV technologies and solutions.
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