by The humanoid robot market is in trends toward human-centered design by creating robots that are safe to interact with humans. Humanoid robots are androids that replicate human appearance and movements, equipped with advanced artificial intelligence enabling natural human-robot collaboration. The growing demand for advanced human assistance technologies in elderly care, retail, healthcare and education are majorly driving investments in humanizing robot behaviors.
The Global Humanoid Robot Market is estimated to be valued at US$ 46.31 Bn in 2024 and is expected to exhibit a CAGR of 48.% over the forecast period 2024 to 2031.
Key Takeaways
Key players related content: Key players operating in the Humanoid Robot Market Demand are Samsung Electronics, Qihan Technology, Toshiba, Honda Motor Co. Ltd, Instituto Italiano Di Technologia, Toyota Motor Corporation, Ubtech Robotics, Pal Robotics, Hanson Robotics, DST Robot, Kawada Robotics, Robo Garage, Engineered Arts, WowWee Group, ROBOTIS, SoftBank Corporation.
Key players are developing innovative anthropomorphic designs and sophisticated machine learning algorithms to solve complex motor control problems enabling humanoid robots to assist humans. For instance, Hanson Robotics has developed advanced social robotics with its robots exhibiting empathy, social intelligence and emotional expression.
Growing demand: The growing demand for companion robots for elderly assistance, service robots for retail and hospitality industries, and assistive robots for rehabilitation are majorly driving investments in humanizing robot behaviors. Humanoid robots are ideal for natural human-robot collaboration due to their human-like form factor and behaviors.
Global expansion: Leading robotics companies are expanding globally to address the increasing need for human-centered AI technologies. For instance, UBTech Robotics has expanded to North America, Europe and Asia to provide its humanoid and service robots across multiple industries. Robo Garage has also expanded to the US for its collaborative robots focused on therapy, education and assistance.
Market key trends: One of the emerging trends is developing soft humanoid robots using flexible materials, fluidic muscles and modular assembly enabling safe physical interaction. Researchers are developing new functional skins and composite materials that mimic human texture, flexibility and resilience for robots to seamlessly collaborate with humans in evolving applications.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale in production and infrastructure pose significant barriers to new entrants in the humanoid robot market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several options from vendors however the differentiated products give advantage to vendors.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternative parts and components suppliers in the market.
Threat of new substitutes: Threat of substitutes is low as humanoid robots provide advantages not available from other industrial and service robots.
Competitive rivalry: The market sees intense competition among existing vendors to gain market share through development of innovative products and competitive pricing.
Geographical regions:
North America holds the largest share in the global humanoid robot market, both in terms of volume and value. Major factors driving the growth include significant technological advancements in AI, robotics, cloud computing and advent of 5G in the region.
The Asia Pacific region is expected to witness the fastest growth during the forecast period. Significant investments in robotics and rapid industrialization in countries like China and India are contributing to the growth of the market in the region. Growth focused initiatives by governments and increasing adoption of humanoid robots across various industry verticals are fueling the demand.
Geographical Regions:
North America currently holds the largest share of the global humanoid robot market, accounting for over 35% of the total market value in 2024. Major countries contributing to the regional market include the United States and Canada. Well-established industrial robotics sector, strong manufacturing infrastructure and significant R&D spending on emerging technologies like AI are some of the key factors driving the North American market.
Asia Pacific region is poised to witness the fastest growth during the forecast period between 2024 to 2031, with a projected CAGR of over 55%. China, Japan and South Korea are expected to be the forerunners. Factors such as improving disposable incomes, growing demand from healthcare and education sectors coupled with supportive government policies are boosting the adoption of humanoid robots across industries in Asia Pacific. Penetration of robots in SMEs along with rapid advancement of technologies will further aid the growth of the market in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
