The global market for automated guided vehicles (AGV) is expected to reach $7.3 billion by 2025—a compound annual growth rate of 16.5 percent—according to a report from Grand View Research, Inc., released November 29.
The study points to increased demand for AGVs in manufacturing plants and warehouses as well transportation and logistics firms, where there is pressure to improve operational efficiencies. The result is a heavy investment in AGVs and other material handling equipment over the next seven years, the study authors said.
The study also reveals a "progressive switch" in the market from lead-acid batteries to lithium-ion batteries, which can help reduce maintenance requirements and improve equipment runtimes, the authors said.
Other report findings include: