Ever-changing consumption demand and industry 4.0 has drastically revolutionized the logistics chain and operating efficiency of the production plants. Material handling poses to be a key task for the growth of any business. Whether it is the distribution picking process or on the factory floors, a higher percentage of distribution executives, logistics, and manufacturing facilities are nowadays, facing the challenges of increasing labour costs. With the rising number of distribution centres, and increasing labour cost pressures, businesses are thereby emphasizing on the integration of automated solutions and processes on floors. Implementation of automated guided vehicles (AGVs) in warehousing and distribution centres of the industries is expected to improve the overall productivity with minimal costs. This article focuses on the market analysis and forecasting of revenue for the forecast period of 2019–2028. Further, the article briefly emphasizes the determinants such as drivers, restraints, challenges, and trends impacting the market for AGVs in different application segments.