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Automated Guided Vehicle Market to Hit $3.72 billion by 2028; Increasing Adoption of Automation in Manufacturing Processes to Stimulate Growth

April 22, 2021 | Machinery & Equipment

The global automated guided vehicle market size is expected to gain momentum by reaching USD 3.72 billion by 2028. This information is published by Fortune Business Insights in its latest report, titled “Automated Guided Vehicle (AGV) Market Size, Share & COVID-19 Impact Analysis, By Type (Tow Vehicles, Automated Forklift Trucks, Underride/Tunnelling Vehicles, Assembly Line Vehicles & Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided, and Others), By Application (Transportation & Distribution, Storage & Assembly, Packaging), By Industry (Automotive, Food & Beverage, E-Commerce and Others), and Regional Forecast, 2021-2028.” The report further observes that the market stood at USD 1.83 billion in 2020 and is likely to exhibit a CAGR of 9.3% between 2021 and 2028. This is attributable to the increasing adoption of automation solutions in industrial applications that will propel the demand for the product globally.

Mitsubishi Logisnext Americas Inc. Acquires Leading Material Handling Equipment Manufacturer

In April 2019, Mitsubishi Logisnext Americas Inc. (MLNA) announced that it has entered into an agreement to acquire Pon Material Handling NA, Inc., a leading provider of material handling equipment operating as Equipment Depot. The acquisition is expected to strengthen Mitsubishi’s position across nine states in the U.S. The company has authorized dealers across 730 locations located in South, North, and Central America.

Ken Barina, MLNA President, said, “We are delighted to have Equipment Depot on-board that has a proven history of superior customer service for our existing portfolio of products. Together, we aim to address our customers’ material handling challenges.” The increasing focus on improving the material handling processes is likely to boost the adoption of advanced automated guided vehicles worldwide.

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



Increasing Adoption of Automation in Manufacturing to Augment Growth

The novel coronavirus has disrupted the supply chain and reduced the number of labor across several industrial units globally. To mitigate the economic risks, the companies are evolving and slowly transitioning towards adopting digital medium to cater to their consumers. According to a study conducted by Forrester Consulting, around 50% of businesses have implemented automation services in their operations amid the COVID-19 pandemic. Automation provides enhanced labor management, improved quality control, and flexible manufacturing processes. Therefore, owing to their myriad benefits, major companies are adopting automated manufacturing solutions in their operations that will favor the global automated guided vehicle market growth in the forthcoming years.


Contract Signing by Major Companies to Expand Their Product Portfolio and Boost Sales Revenue

The global market for automated guided vehicles comprises small, medium, and large companies striving to maintain their presence by signing lucrative contracts to expand their product portfolio and maintain stronghold. Moreover, other key players are adopting strategies such as merger and acquisition, partnership, and facility expansion that will favor the growth of the market in the forthcoming years.

Industry Development:

  • October 2020: Seegrid Corporation announced the acquisition of Box Robotics, a leading startup dealing in mobile robotics. The acquisition is expected to consolidate Seegrid’s position in the manufacturing and e-commerce domain and further strengthen its footprint in the global marketplace.

List of the Companies Profiled in the Global Market:

  • Oceaneering International Inc. (United States)

  • Toyota Advanced Logistics (Japan)

  • Daifuku Co., Ltd. (Japan)

  • KION GROUP AG (Germany)

  • Hyster-Yale Materials Handling, Inc., (United States)

  • JBT (United States)

  • Mitsubishi Caterpillar Forklift America Inc. (United States)

  • Crown Equipment Corporation (United States)

  • Seegrid Corporation (United States)

  • E&K Automation GmbH (Germany)

  • HIT Robot Group (China)

  • Kollmorgen (United States)

  • AGVE Group (United States)

  • ELETTRIC80 S.P.A. (Italy)

  • SI Systems, LLC. (United States)

  • Scott (Switzerland)

  • Heartland Automation LLC (United States)

  • REDVIKING (United States)

  • Swisslog Holding AG (Switzerland)

Further Report Findings:

  • North America stood at USD 0.56 billion in 2020. The region is expected to remain at the forefront and hold the largest global automated guided vehicle market share in terms of revenue in the forthcoming years. This is attributable to the increasing focus on adoption of automation technologies to optimize manufacturing processes and further ensure maximum efficiency.

  • The market in Europe is expected to showcase considerable growth backed by the increasing adoption of Industry 4.0 that is likely to surge the adoption of advanced automated guided vehicles in the region between 2021 and 2028.

  • Asia-Pacific is expected to gain momentum during the forecast period owing to the supportive government policies that focus on development of manufacturing capabilities of the companies present in the region.

  • Based on type, the tow vehicles segment held a market share of about 17.2% in 2020 and is anticipated to experience considerable growth in the forthcoming years. This is ascribable to factors such as the increasing adoption of automated tow vehicles due to their high reliability and enhanced workplace safety globally.

Table of Segmentation:



Study Period


Base Year


Forecast Period


Historical Period



   Value (USD Billion)


   Type, Navigation Technology, Application, Industry, Region

By Type

  • Tow Vehicles

  • Automated Forklift Trucks

  • Underride/ Tunneling Vehicles

  • Assembly Line Vehicles

  • Others (Unit Load Carriers, etc.)

By Navigation Technology

  • Laser-Guided

  • Magnetic Guided

  • Vision Guided

  • Others (Wire Guided, etc.)

By Application

  • Transportation & Distribution

  • Storage & Assembly

  • Packaging

By Industry

  • Automotive

  • Food & Beverage

  • E-commerce

  • Others (Healthcare, etc.)

By Region

  • North America (By Type, Navigation Technology, Application, Industry, and Country)

    • The US (By Type)

    • Canada (By Type)

  • Europe (By Type, Navigation Technology, Application, Industry and Country)

    • The UK (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Rest of Europe

  • Asia Pacific (By Type, Navigation Technology, Application, Industry and Country)

    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific

  • The Middle East & Africa (By Type, Navigation Technology, Application, Industry, and Country)

    • GCC (By Type)

    • South Africa (By Type)

    • Rest of the Middle East & Africa

  • Latin America (By Type, Navigation Technology, Application, Industry, and Country)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America

Automated Guided Vehicle (AGV) Market
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  • 2017-2019
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