Newark, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The global humanoid robot market is on a trajectory of rapid growth, with industry projections estimating a market valuation of USD 138.09 billion by 2033. This reflects a significant increase from the current valuation of USD 1.38 billion in 2023. The market's expansion is fueled by advancements in artificial intelligence (AI), robotics technology, and the increasing adoption of humanoid robots across various industries. Asia Pacific region emerged as the largest market for the humanoid robot, with a 34.9% share of the market revenue in 2023. Asia Pacific currently dominates the humanoid robot market due to India, China, and Japan have a massive demand for humanoids. Likewise, the senior population is also growing in Asia Pacific countries like Japan and China, which will strengthen the market exponentially. Also, the existence of several key players in these countries will boost the humanoid robots market growth. Europe will also extensively grow in fulfilling the market needs. Due to elements such as technical advancements, artificial intelligence is driving market growth in the projection years.
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Market Growth Drivers
Several factors are propelling the growth of the humanoid robot market:
• Technological Advancements:
Breakthroughs in AI, machine learning, and robotics have led to the development of more sophisticated, capable, and versatile humanoid robots. These robots are increasingly being deployed in sectors such as healthcare, education, retail, and entertainment.
• Aging Population:
The rising global elderly population is driving demand for humanoid robots in healthcare and eldercare settings, where they assist with tasks such as mobility, monitoring, and companionship.
• Labor Shortages:
Labor shortages in industries such as manufacturing and logistics have accelerated the adoption of humanoid robots to perform repetitive and physically demanding tasks, enhancing efficiency and productivity.
• Increased R&D Investments:
Significant investments in research and development by key players in the robotics industry are leading to continuous innovation, further expanding the market's potential.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 58.51% |
| 2023 Value Projection | USD 1.38 Billion |
| Market Size in 2033 | USD 138.09 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 233 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Component, Application, Motion Type, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Humanoid Robot Market Growth Drivers | Uses of Humanoid Robot in Multiple Sectors |
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Leading companies in the industry include WowWee Group, Ubtech Robotics, Toyota Motor Corporation, Toshiba, SoftBank Corporation, Samsung Electronics, ROBOTIS, Robo Garage Co. , Qihan Technology Co, Pal Robotics , Kawada Robotics , Instituto Italiano Di Technologia , Honda Motor Co. Ltd. , Hanson Robotics, Engineered Arts , DST Robot Co. Ltd., among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The component segment is divided into software, hardware, and services. The hardware segment dominated the market, with a market share of around 38.88% in 2023. The application segment is divided into search and rescue, education and entertainment, personal assistance and caregiving, public relations, research & space exploration, and others. The personal assistance and caregiving segment dominated the market, with a market share of around 22.43% in 2023. The motion type segment is divided into wheel drive, and biped channel. The wheel drive segment dominated the market, with a market share of around 57.61% in 2023.
Coronavirus has negatively affected the worldwide economy and all industries. Governments of different countries have set lockdowns to stop the spread of the virus. The lockdown in various countries' initial phase of the covid badly impacted people's livelihoods and way of living. The economies globally have decreased due to a substantial reduction in product need. Production in all the countries has been restricted, resulting in a shortage of raw materials. The drop in exports and the disturbances in the supply chain are the primary elements contributing to the decline in production. Covid-19 impacted the development of the humanoid robot market starting in 2020. The fast reach of the virus stopped the export of humanoid robot components, affecting the production of humanoid robots during the initial stage. During this problem, the primary purpose of the market players was to sustain their businesses by finding secure ways to resume manufacturing operations or other sustainable practices to keep the revenue. Regardless, the need for humanoid robots will be boosted in the pharma sector. Hospitals used them to provide the medical staff security and supply medicines and food to the infected patients.
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