Newark, March 02, 2023 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the humanoid robot market will grow from USD 1.6 billion in 2022 and reach USD 214.4 billion by 2032. Humanoid robots are appropriate for all levels, from kindergarten to higher education, and can help teachers and students. They can be the perfect assistant for the teacher and help children focus on studying, no matter the subject.
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Key Insight of Humanoid Robot Market
Asia Pacific to account for largest market size during the forecast period
Asia Pacific is expected to have the largest market share in the humanoid robot market. The growth of the humanoid robot market in the Asia Pacific region is due to advanced technical improvements, followed by decreasing hardware prices and increasing needs from the retail sector. For example, Junco Chihira, an incredibly realistic android robot, was designed by Toshiba. At the Tokyo tourist office, Junco is a full-time employee who can answer tourist questions with its built-in speech recognition technology. Also, the spread of covid-19 has raised the demand for isolation and medical help, raising the need for robotic assistance and pushing the market demand. For instance, on 9 June 2021, The Hong Kong team that formed Sophia, a well-known humanoid robot, presented Grace, a new prototype geared toward the healthcare industry, and planned to connect with older adults for their help.
The hardware segment accounted for the largest market share of 39% and market revenue of 0.62 billion in 2022.
The component segment is divided into software, hardware, and services. The hardware segment dominated the market, with a market share of around 39% and market revenue of 0.62 billion in 2022. These hardware components give humanoid robots a lot of value by qualifying them to look like humans and do jobs like humans.
The personal assistance and caregiving segment accounted for the largest market share of 20% and market revenue of 0.32 billion in 2022.
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 20% and a market revenue of 0.32 billion in 2022.
The wheel drive segment accounted for the largest market share of 58% and market revenue of 0.92 billion in 2022.
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 58% and a market revenue of 0.92 billion in 2022. Wheeled robots navigate around the ground operating motorized wheels to push themselves. The design is easier to design, build, and program for movement in flat, not-so-rugged terrain.
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Report Scope
| Report Coverage | Details |
| Market Size by 2032 | USD 214.4 Billion |
| CAGR | 63.20% from 2022 to 2032 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Key Players | WowWee Group, Ubtech Robotics, Toyota Motor Corporation, Toshiba, SoftBank Corporation, Samsung Electronics, ROBOTIS, Robo Garage Co. |
Advancement in Market
In April 2020, Invento Robotics collaborated with other startups to turn its consumer engagement humanoid into one that contains patient data, takes temperature, and directs a person in the hospital during the coronavirus outburst.
Market Dynamics
Drivers: Faster and stronger than humans
Humanoids are made to mimic humans but tend to be faster and more robust. They are made to navigate via narrow spaces that humans can’t fit through and execute tedious and challenging tasks from various body positions. They can kneel and lean like humans and perform tasks requiring high complexity, like torquing or screwing.
Restraints: Power acts as a restraining factor
Most robotic devices usually run on power. They must therefore be attached to a power supply or use batteries. The lack of a power source hinders the functioning of humanoid robots.
Opportunities: Developing learning interest among students
Humanoid robots are appropriate for all levels, from kindergarten to higher education, and can help teachers and students. They can be the perfect assistant for the teacher and help children focus on studying, no matter the subject. Therefore, this technology can restore wonder and passion for children's learning, bringing a massive opportunity for market growth.
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Some of the major players operating in the humanoid robot market are:
• 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.
Key segments covered in the market:
By Component:
• Software
• Hardware
• Services
By Application:
• Search and Rescue
• Education and Entertainment
• Personal Assistance and Caregiving
• Public Relations
• Research & Space Exploration
• Others
By Motion Type:
• Wheel Drive
• Biped Channel
By Region:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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