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The global automated guided vehicles (AGV) market was valued at US$ 3,310.8 million in 2020 and is projected to reach US$ 9,077.3 million by 2028; it is expected to grow at a CAGR of 14.59% during 2021-2028.
The adoption of automated guided vehicle (AGVs) has increased drastically as they are effective and reliable solutions for material handling, which, in turn, increases the production capacity of the industry. These material handling solutions reduce physical damages to goods and boost the efficiency of operations.
The overall need for high efficiency in the automotive, healthcare, e-commerce, and food & beverage industries propels the demand for automated material handling. It has enabled the industries to have connected factories with big data and machine learning, resulting in increased automation in the industries.
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