At the end of April, MarketsandMarkets published a report titled “Automated Guided Vehicle Market by Type (Unity Load Carrier, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Industry Verticle (Automotive and others), Application (Transportation, Distribution and others), and Geography — Global Forecast to 2020,” which stated the automated guided vehicle (AGV) market is expected to reach $2.2 million by 2020, growing at a compound annual growth rate of 9.8 percent between 2014 and 2020.

With the increase in industrial automation, the requirement for automated material handling also is expected to grow proportionally, in order to support this growth, according to MarketsandMarkets in a press release.