Global Humanoid Robot Market Size Grows Tremendously at a CAGR of 47.2%

Introduction

Humanoid robots, designed to emulate people's complex movements and skills, have shown considerable promise in various fields. Modern technology has aided several critical healthcare functions. These instruments are extremely useful in surgery, patient care, and rehabilitation. Humanoid robots are interactive educational aids. These technologies are also used in the manufacturing, retail, and hospitality industries. They are employed in customer service, logistics, and entertainment areas.

Market Dynamics

Advances in Robotics, Artificial Intelligence (AI), and Machine Learning Drive the Global Market

The industry is expanding due to advancements in robotics, artificial intelligence, and machine learning. Humanoid robots are becoming more adaptable and versatile as technology advances. AI and machine learning algorithms have improved these robots' observation, decision-making, and interpersonal skills. As a result, they have expertise in healthcare, manufacturing, entertainment, and customer service.

Furthermore, the seamless integration of cutting-edge artificial intelligence (AI) technologies enables robots to learn and adapt, increasing operational efficiency. The growing acceptance of humanoid robots' potential to boost productivity and customer experiences promotes market growth and innovation across industries.

Automation and Industry 4.0 Creates Tremendous Opportunities

The integration of contemporary automation technology and intelligent manufacturing processes into industries worldwide is propelled by automation and Industry 4.0, hence stimulating the global market. The paradigm shift is causing a significant increase in the demand for humanoid robots across all domains. With the increasing automation of businesses, there has been a growing utilization of humanoid robots in collaborative production and logistical processes. These applications require robots to possess characteristics such as agility, flexibility, and the ability to communicate like humans.

Regional Analysis

Asia-Pacific is the most significant global humanoid robot market shareholder and is anticipated to grow tremendously during the forecast period. In the global humanoid robot market, the Asia-Pacific region demonstrates substantial dynamics. With its expanding industrial environment and government support for robots, China leads innovation and mass manufacturing in the region. Furthermore, Japan's pioneering robotics business is still developing humanoid robots for healthcare and geriatric care. The Indian innovation environment also fosters the creation of firms specializing in humanoid robots, allowing them to capitalize on the promise of industrial automation.

Furthermore, Singapore and Malaysia are increasing their robotics investments to boost manufacturing and logistics. Asia-Pacific is adopting humanoid robots in healthcare, education, entertainment, and customer service due to its vast population and technological improvements. Asia-Pacific is a hotspot for the global growth and innovation of the humanoid robot market because of these characteristics and the increasing awareness of their benefits.

Key Highlights

• The global humanoid robot market size was valued at USD 1.98 billion in 2023. It is projected to reach USD 14.5 billion by 2031, registering a CAGR of 47.2% during the forecast period (2023-2031).
• Based on motion type, the global humanoid robot market is segmented into bipedal humanoid robots, wheel-based humanoid robots, humanoid drones, and others.The bipedal humanoid robots segment dominates the global market and is predicted to expand substantially over the forecast period.
• Based on application, the global humanoid robot market is fragmented into education and research, healthcare and medical assistance, entertainment and gaming, personal assistance and companionship, industrial and manufacturing, and others (military, space).The education and research segment is the highest contributor to the market and is expected to expand significantly over the forecast period.
• Based on end-users, the global humanoid robot market is fragmented into healthcare institutions, research institutes, manufacturing companies, entertainment companies, and others.The healthcare institutions segment owns the highest market share and is expected to expand significantly over the forecast period.
• Asia-Pacific is the most significant global humanoid robot market shareholder and is anticipated to grow tremendously during the forecast period.

Competitive Players

1. SoftBank Robotics (Japan)
2. Honda Motor Co., Ltd. (Japan)
3. UBTECH Robotics (China)
4. KAWADA Robotics (Japan)
5. Toyota Motor Corporation (Japan)
6. Hanson Robotics (Hong Kong)
7. PAL Robotics (Spain)
8. Engineered Arts (United Kingdom)
9. Rethink Robotics (USA)
10. Softbank Group Corp. (Japan)
11. ROBOTIS (South Korea)
12. Hajime Research Institute (Japan)
13. Hiroshi Ishiguro Laboratories (Japan)
14. Robo-Mate (Netherlands)
15. Tmsuk Co., Ltd. (Japan)

Recent Developments

Recent Developments

• June 2024- Engineers at the Ex-Robots firm in Dalian, China's northeastern coastal city, are working on humanoid robots to improve facial expressions and emotions.
• June 2024- Navia Robotics, a leading provider of advanced robotics and artificial intelligence solutions, announced the release of Kebbi, an engaging new humanoid teaching robot designed to help youngsters understand STEM topics through interactive conversation and hands-on activities.

Segmentation

1. By Type
   1. Bipedal Humanoid Robots
   2. Wheel-Based Humanoid Robots
   3. Others
2. By Component
   1. Hardware
   2. Software
3. By Applications
   1. Education and Research
   2. Healthcare and Medical Assistance
   3. Entertainment and Gaming
   4. Personal Assistance and Companionship
   5. Industrial and Manufacturing
   6. Others (Military, Space)
4. By End-User
   1. Healthcare Institutions
   2. Research Institutes
   3. Manufacturing Companies
   4. Entertainment Companies
   5. Others