Automated Guided Vehicles (AGV) Market Size, Share, Growth by 2030

The Automated Guided Vehicles (AGV) Market is projected to grow significantly, reaching a value of US$ 11.84 billion by 2030, up from US$ 4.53 billion in 2022, reflecting a compound annual growth rate (CAGR) of 12.7% from 2022 to 2030.

In North America, the AGV market is divided into segments including the US, Canada, and Mexico, with the US anticipated to dominate the market share throughout the forecast period. The adoption of AGVs in this region has been accelerating, particularly within sectors such as manufacturing, warehousing, automotive, pharmaceuticals, and e-commerce. Companies are increasingly turning to AGVs to enhance operational efficiency and minimize costs, making them a compelling solution for various challenges. The rise in e-commerce activities is a significant driver of AGV demand in North America. Data from the US Census Bureau indicates that e-commerce accounted for 6.5% of US retail sales in early 2014, which increased to 12.5% by 2020. By the second quarter of 2022, e-commerce sales represented 14.5% of total retail sales. As consumer preferences shift towards online shopping, warehouses and distribution centers are compelled to implement advanced automation technologies like AGVs to manage the increasing volume of orders effectively. AGVs are particularly favored in large distribution centers and fulfillment warehouses, where they are essential for tasks such as material handling, order picking, and inventory management. Their capability to function autonomously in complex settings makes AGVs invaluable for logistics operations, thereby driving market growth in North America.

The AGV market is categorized by end users, which include general, manufacturing, food and beverage, aerospace, retail, healthcare, logistics, automotive, and others. The logistics sector held the largest share of the AGV market in 2022. AGVs are utilized in numerous logistics functions, such as transporting raw materials, inventory replenishment, order picking, packaging, and the shipping and receiving of goods. Beyond these specific tasks, AGVs enhance the overall efficiency and adaptability of logistics operations. Various logistics companies are integrating AGVs to boost their operational effectiveness. For example, in January 2023, Geekplus, a leading provider of AGVs in Japan, partnered with Boomi to automate its next-generation smart logistics platform. Boomi's intelligent, low-code, cloud-native platform is set to streamline the integration of applications and data for Geekplus, thereby enhancing its productivity and efficiency.

Globally, the AGV market is further segmented by technology into categories such as wired navigation, guided navigation, tape navigation, laser target navigation, and magnetic navigation. Magnetic navigation tape is particularly advantageous as it can be installed on floors without significant infrastructure modifications and can be easily adjusted if route changes are necessary. This technology is resilient against dust, dirt, and noise, making it a dependable option for AGVs operating in demanding environments. Numerous manufacturers are introducing AGVs that utilize magnetic navigation tape. For instance, in May 2023, ResGreen Group International, Inc. launched BigBuddy, a bidirectional AGV capable of transporting loads up to 5,000 pounds using magnetic navigation tape. BigBuddy is engineered for challenging industrial settings and congested warehouses, featuring two independent drive motors that enable it to maneuver with precision and achieve speeds of up to 1.7 m per second on straight paths. Additionally, it is equipped with dual-drive, brushless motors that enhance performance, heat dissipation, and overall power compared to traditional brushed motors.

Key players in the Automated Guided Vehicles (AGV) Market include Dematic Corp, Kion Group AG, Jungheinrich AG, Toyota Material Handling Inc, Konecranes Plc, John Bean Technologies Corp, Daifuku Co Ltd, Bastian Solutions LLC, Hyster-Yale Group Inc, and Murata Machinery Ltd., all of whom are profiled in this market analysis.

The overall size of the Automated Guided Vehicles (AGV) Market has been determined through a combination of primary and secondary research methods. Extensive secondary research has been conducted using both internal and external sources to gather qualitative and quantitative data regarding the AGV market size. This approach also aids in providing a comprehensive overview and forecast of the market across all segments. Furthermore, multiple primary interviews have been carried out with industry stakeholders to validate the findings and obtain analytical insights. This process includes discussions with industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the AGV market.