The global Automated Guided Vehicle (AGV) market is on a rapid upward trajectory. According to the latest report from QYResearch, the market reached a value of $3.208 billion USD in 2023 and is projected to soar to $7.279 billion USD by 2030, with a CAGR of 12.83%. The momentum is particularly strong in China, where the AGV industry accounted for over 32% of the global market in 2023 and is expected to climb to 36.3% by 2030.

This growth signals a huge opportunity not only for AGV manufacturers but also for companies producing AGV components like low-voltage servo drives, battery management systems, sensors, AGV navigation modules, and autonomous control units.

Why the AGV Market is Growing So Fast

The rise in smart logistics, e-commerce fulfillment, and automated manufacturing has accelerated the need for material-handling automation. AGVs are being increasingly deployed in:

 

Automotive factories

Warehouse and distribution centers

Semiconductor clean rooms

Battery and energy storage production lines

Aerospace and defense manufacturing

 

The flexibility, scalability, and 24/7 working capability of AGVs make them a strong alternative to traditional forklifts or conveyor systems.

China is fast becoming the largest AGV market globally. In 2023 alone, Chinese AGV sales hit $1.049 billion USD, and by 2030, this is projected to more than double to $2.642 billion USD.

Driving factors include:

• Rapid adoption of smart factoriesand Industry 4.0
• Government incentives for industrial automation
• Localization of AGV core technologies
• Growing export demand for Chinese-made AGVs and parts

While China leads the global AGV market, Vietnam is rapidly gaining momentum as an emerging manufacturing and automation hub in Southeast Asia. Fueled by global supply chain shifts, Vietnam is attracting significant foreign direct investment (FDI) in electronics, textiles, and automotive assembly—all of which increasingly rely on smart logistics solutions like AGVs.

Key drivers behind Vietnam’s AGV adoption include:

• Rising labor costs prompting investment in automation
• Strong governmental push toward smart manufacturing under “Made in Vietnam 4.0”
• Growth of industrial parks and export-processing zones
• Influx of global manufacturers relocating from China to diversify supply chains

Opportunities for AGV component suppliers in Vietnam:

• Cost-effective, compact servo systemstailored for light to mid-load AGVs
• Modular AGV kitsfor local system integrators
• Battery and motor supplierssupporting localized AGV manufacturing
• Partnerships with local automation distributors for after-sales and support
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As Vietnam climbs the automation ladder, early movers in the AGV ecosystem—especially those offering flexible, scalable, and low-cost solutions—stand to build long-term market presence in this fast-developing economy.