“Introduction of advanced features in humanoid robots, increasing use of humanoids as educational robots, and growing demand from retail industry for personal assistance are driving humanoid robot market”
The humanoid robot market is expected to reach USD 3,962.5 million by 2023 from USD 320.3 million in 2017, at a CAGR of 52.1% between 2017 and 2023. This growth can be attributed to the introduction of advanced features in humanoid robots, the increasing use of humanoids as educational robots, and growing demand from the retail industry for personal assistance. However, high initial cost and R&D expenses restrict the growth of the humanoid robot market.
“Humanoid robot market for biped motion type to grow at higher CAGR during forecast period”
The humanoid robot market for the biped motion type is expected to grow at a higher CAGR between 2017 and 2023. At present, biped humanoid manufacturers are facing several challenges in terms of robot stability and movement speed issues, and its capability to move around in different terrains. This is limiting its use in several applications, such as space exploration, search and rescue, and public relations, where the movement of the robot at high speed and in various terrains is a requirement. However, with the advancement in the technology, players are likely to overcome these issues associated with biped humanoid robots; hence, the demand for humanoids is expected to grow in almost every application.
“Hardware component held larger share of humanoid robot market in 2016”
The hardware component held a larger share of the humanoid robot market in 2016. The hardware components add major value to the overall humanoid robot as they make robots look like humans. Among different hardware components, control systems accounted for the largest market share in 2016.
“Education and entertainment expected to be the fastest-growing application in humanoid robot market during forecast period”
The humanoid robot market for the education and entertainment application is expected to grow at the highest CAGR during the forecast period. Humanoid robots have the ability to assist and even replace teachers in classrooms; hence, schools are looking forward to deploying humanoids in their classrooms to attract the attention of parents by modernizing the teaching pattern. Moreover, with decline in the price of humanoids, it is expected that they will make their way to homes as educational material to impart education and also teach programming to kids.
“Americas is the largest shareholder, whereas APAC would be the fastest-growing region in humanoid robot market during forecast period”
The Americas held the largest share of the humanoid robot market in 2016. The Americas is the early adopter of humanoids for all the major applications, such as public relations, personal assistance and caregiving, and education and entertainment, resulting in the maximum demand for robots from this region. The market in APAC is expected to grow at the highest CAGR between 2017 and 2023. APAC is likely to adopt humanoids for almost all the major applications during the forecast period. As the elderly population in APAC countries such as China and Japan is on the rise, the region is expected to employ humanoids for the personal assistance and caregiving application.
The breakup of primaries conducted during the study is depicted below.
- By Company Type: Tier 1?55%, Tier 2?20%, and Tier 3?25%
- By Designation: C-level Executives?75% and Director Level?25%
- By Region: Americas?10%, Europe?20%, APAC?40%, and RoW?30%
Some key players in the humanoid robot market include SoftBank (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS (Japan), Honda Motor (Japan), UBTECH ROBOTICS (China), Hajime Research Institute (Japan), Hanson Robotics (Hong Kong), DST Robot Co. (South Korea), PAL Robotics (Spain), Toyota Motor (Japan), ROBO GARAGE Co. (Japan), Istituto Italiano di Tecnologia (Italy), Engineered Arts (UK), Robotics Lab (Spain), and National Aeronautics and Space Administration (NASA, US).
Factors such as rapid growth in aging population, rise in demand from medical and logistics sectors, and the rising trend of autonomous rescue operations are expected to generate opportunities for the humanoid robot market.
- This report includes the market statistics pertaining to the humanoid robot component, motion type, application, and geography, along with their respective market size.
- Major drivers, restraints, opportunities, and challenges for the humanoid robot market have been detailed in the report.
- Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders.
- Strategic profiling of the key players in the humanoid robot market has been done, and players’ market rankings and core competencies have been comprehensively analyzed.
- Illustrative competitive leadership mapping of 25 global companies has been done.
Reasons to Buy the Report
The report would help leaders/new entrants in the humanoid robot market in the following ways:
- This report segments the humanoid robot market comprehensively and provides the closest market size estimation for segments across different regions.
- The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain insights to improve their position in the business.
- The competitive landscape section includes the competitor ecosystem, product launches, acquisitions, expansions, and collaborations.