The global automated guided vehicle market is growing a CAGR of 33.3% over the forecast period (2021-2027) and was worth USD 2.56 billion in 2020 and is projected to reach USD 18.14 billion by 2027.

Automated guided vehicle (AGV) is an automated transport system for safe transport of all material and products without any human restriction to adopt the increasing essential of automation in material handling. Enhanced safety standards at workplaces and mounting requirement for automation in material handling throughout industries are some of the factors driving the growth of the global automated guided vehicle market.

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Enhanced safety standards at workplaces, mounting requirement for automation in material handling throughout industries, free from human error, and mounting production owing to enhanced supply chain processes and are the primary growth drivers for automated guided vehicle market.

Globally industry players are leveraging market growth through launching new products. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Geographically, Europe is the largest automated guided vehicle market due to competitive verge by easing the effectual management of overall warehousing operations. High labor cost, speedy acceptance of automation, mounting need and benefits offered by AGV and mounting need for material handling equipment are also up surging growth of the European automated guided vehicle market.

Daifuku, Kuka, KION Group, Hyster-Yale Materials Handling, JBT Corporation, Seegrid Corporation, SSI Schafer, Toyota Industries, EK Automation and Kollmorgen are the key players offering automated guided vehicle.