The global automated guided vehicle (AGV) market is forecast to grow at a Compound Annual Growth Rate (CAGR) of 14% from 2023 to 2035 meaning, by the end of 2035, the market is anticipated to reach a revenue milestone of US$15bn (£11.6bn), according to new research from Research Nester.
This growth represents a significant leap from US$4bn (£3.1bn) in 2022. This surge in market size can be attributed to technological advancements, particularly in AI and machine learning.
Advances in AI, machine learning, and computer vision have rendered AGVs smarter and more efficient, fuelling their increased adoption across various sectors.
Notably, AI is projected to contribute up to US$15tn (£11.6tn) to the world economy between 2025 and 2030, suggesting its pivotal role in driving market expansion.
A key driving force behind the AGV market’s growth is the burgeoning e-commerce sector, with online shopping gaining widespread acceptance worldwide.
The escalating demand for e-commerce, particularly in rapidly developing countries like China and India, has prompted a surge in AGV usage within warehouses and fulfilment centres. E-commerce giants are ramping up their AGV deployment to bolster productivity and meet the escalating demands of online retail.
It is estimated that by 2026, a significant portion, approximately 24%, of sales will be conducted online, further propelling the demand for AGVs.
With the exponential growth of the e-commerce sector, warehouses and fulfilment centres are grappling with heightened demands for efficient material handling. AGVs emerge as indispensable assets in streamlining warehouse operations, expediting order fulfilment, and mitigating errors in the supply chain.
In response to these trends, companies are increasingly turning to AGVs to optimise their logistics operations and stay competitive in the dynamic e-commerce landscape. As technological innovation continues to drive AGV advancements, the market is poised for sustained expansion, offering promising opportunities for industry players across the globe.
