HUMANOID ROBOT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

Global humanoid robot market is estimated to be valued at USD 2.90 Bn in 2024 and is expected to reach USD 46.31 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 48.6% from 2024 to 2031.

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Rising adoption of humanoid robots across several industry verticals such as healthcare, education, hospitality, retails and others is expected to drive the market growth during the forecast period. Humanoid robots are being used in various applications such as personal assistance and cares, education and entertainment, research and space exploration, and public relation. Rising demand for humanoid robots due to their human-like appearance and intelligence is expected to provide numerous opportunities for market players during the forecast period.

Aging Population and Need for Elderly Care

As life expectancy continues to increase worldwide, the elderly population is growing at an unprecedented rate. According to the data published by United Nations , the number of people aged 60 years and above is expected to double by 2050 and reach nearly 2.1 billion people globally. With declining birth rates, many countries are facing an aging society where the share of younger population is shrinking. This demographic shift poses serious challenges for healthcare systems and family structures traditionally responsible for elderly care.

Market Concentration and Competitive Landscape

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Caring for the elderly people becomes a massive undertaking as these people require assistance for their daily activities and may suffer from limited mobility or health conditions like Alzheimer's. Many families struggle to balance work with providing personalized care and supervision to their aging parents or relatives. Nursing homes and retirement communities provide an option but can be very expensive for most people. This is where humanoid robots come into the picture as a viable alternative for assisting the elderly population. Robots can perform simple care tasks like dispensing medication on schedule, assisting with bathing or mobility, keeping watch for safety 24/7 and even providing mental stimulation through interaction. Their use can alleviate the physical and mental burden on human caregivers while allowing the elderly to remain in the comfort of their own homes for as long as possible. Various pilot projects show promising results of how robots are able to support independent living especially for those with mild to moderate care needs. With further advancement in artificial intelligence and capacity for complex tasks, humanoid robots may gradually take over more healthcare responsibilities from humans, thus, addressing the looming shortage of professional caregivers.

Key Takeaways from Analyst:

The global humanoid robot market is expected to witness significant growth over the next decade. Asia Pacific, mainly China and Japan, currently dominates the humanoid robot market owing to strong technological advancements and increasing R&D investments in robotics. North America is also emerging as a major market driven by growing adoption of humanoid robots across various industries.

Some of the key drivers propelling the humanoid robot market growth are increasing automation across industries for enhanced productivity and efficiency, rising demand for humanlike robots for service applications in healthcare, hospitality, and entertainment sectors. Additionally, rapid advancement in artificial intelligence, sensors, and machine learning technologies is enabling higher degree of movement, dexterity, and cognitive abilities in humanoid robots.

However, high initial costs of developing and engineering anthropomorphic robots still act as a major restraint for wide adoption. Concerns around data privacy and security with AI-enabled robots is another challenge that needs to be addressed. Conversely, increasing applications of humanoid robots for assisting elderly care, companionship, social interaction presents a promising growth opportunity.

To gain major market share, manufacturers are focusing on developing humanoid robots with enhanced mobility, navigation skills, and safe human-robot collaboration capabilities. The healthcare sector is likely to emerge as the fastest-growing application area owing to growing geriatric population demanding assistance.

Market Challenges: Limited communication skills

One of the major challenges faced by the humanoid robot market is the high costs associated with the research and development of human-like robotic technologies. Creating machines that can interact safely and effectively with humans requires advanced sensors, processors and actuators that remain expensive to produce at scale. Additionally, potential customers may be hesitant to adopt early humanoid robots due to concerns over reliability, data privacy and a lack of understanding around how the technologies could benefit their operations. Widespread market acceptance will depend on demonstrating clear value compared to existing automation options.

Market Opportunities:

The humanoid robot market possesses significant growth opportunities as technologies continue to progress. As robots evolve to become more human-like in their abilities, they are opening up new applications for assisting people in their day-to-day lives.

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Among component, hardware segment is estimated to contribute 63.8% of the market share in 2024. Right from the structural frame and joints that enable locomotion to sophisticated sensors and processors that power cognition and movements - specialized hardware components come together to bring robots to life.  Provided their complex anthropomorphic designs seeking to replicate human abilities, humanoid robots rely heavily on cutting-edge hardware technologies.

Skeletal structures designed for upright bipedal motion or on-wheel platforms require durable lightweight alloys and precision servomotors. Advanced actuators and hydraulic systems empower articulated movements. Multi-modal sensors incorporating vision, touch, proximity, thermal detection and more allow humanoid robots to perceive their surroundings. Powerful onboard computers and specialized chips run complex AI algorithms for navigation, object recognition and decision making. Supplementary hardware like wireless modules enable remote operation and connectivity. Batteries with high energy density power the full-day functioning of these power-hungry systems.

Considering their role as the core physical and operational foundation enabling all functionalities, hardware components contribute the highest investment for manufacturers. Continuous hardware advancements also boost demand from customers seeking new capabilities. While software and applications can be upgraded, hardware innovations necessitate complete platform redesigns or replacements. This makes the hardware segment uniquely important and the largest revenue generator. Furthermore, hardware components see the least substitution as compared to other segments, thus, cementing their dominant position.

Insights, By Application- Personal Assistance & Caregiving segment contributes the highest share owing to addressing critical human needs

By application, personal assistance & caregiving segment is estimated to contribute 34.5% of the market share in 2024. As humanoid robots become increasingly intuitive, safe and helpful, their application in personal assistance segment is rising rapidly. Aging populations and staff shortages increases the need for assistance with daily living activities, company and basic care services. Humanoid robots are uniquely positioned to address these needs through their personable demeanor and mobility.

Companionship prevents loneliness amongst elders while therapeutic robots aid with motor skills rehabilitation. For patients, these can deliver meals, fetch supplies, provide schedule reminders and enable communications. In special needs education, humanoid robots enrich learning and encourage social interactions. Their ability to lift and transfer individuals safely makes them suitable replacements for human caregivers during medical procedures or hygienic activities.

Through polite conversations and expressions, humanoid robots can relieve stress and provide mental stimulation for convalescents. Some models are even certified for medication reminders and health monitoring and come pre-loaded with approved care plans and emergency responses. Such invaluable personal assistance applications that directly help humans experiencing difficulties are catalyzing the highest demand and fastest growth in this segment.

Insights, By Motion Type-  Wheel-drive segment contributes the highest share owing to its stability and maneuverability

By motion type, wheel-drive segment  is estimated to contribute market share. Motion mechanisms define a humanoid robot's mobility styles. While bipedal striding resembles humans, it remains a technical challenge requiring acrobatic balancing. In contrast, wheel-based locomotion provides stable, consistent movements ideal for practical applications.

Robots on wheels can navigate various terrains smoothly at adjustable speeds. Omni-directional and swiveling wheels allow 360-degree maneuvering in tight spaces without turning back. This comes handy for tasks like patrolling, inspecting or transporting payloads indoors and outdoors. Wheeled-bases are less likely to tip over from accidental bumps compared to walking robots.

Wheeled motion consumes less power. Biped mechanisms must precisely coordinate leg lifts and balance hundreds of moving parts. Wheels simply roll forward utilizing constant smooth rotational force. This permits longer operating durations essential for round-the-clock security monitoring or shipment deliveries. The mechanical simplicity of wheels also reduces repairs and downtimes.

Given advantages like stability, flexibility and energy-efficiency - applications favoring dependable locomotion over precise human-mimicking choose the wheel-drive segment dominantly. It consequently contributes the maximum revenue in this category.

Regional Insights

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North America has emerged as the dominant region in the global humanoid robot market with estimated 41.7% market share in 2024. The region is home to some of the leading robotics companies such as Boston Dynamics, Anthropic, and Agility Robotics. These companies have been at the forefront of developing cutting-edge humanoid robot technologies for various applications. In addition, large technology giants like Google, Amazon, Microsoft and Apple are increasingly investing in human-like robotics research and development centers in the US, aiming to commercialize humanoid robots over the next decade.

The region also has a highly skilled workforce which is supporting continued innovation in areas like artificial intelligence, computer vision, machine learning and advanced robotics. Government initiatives promoting robotics technologies coupled with presence of early technology adopters have further boosted the regional market. North American universities are collaborating closely with robotics startups to advance research. This strong industry-academia partnership is proving pivotal for consolidating the region's leadership.

China, on the other hand, has emerged as the fastest growing regional market for humanoid robots. The government's aggressive 'Made in China 2025' initiative has encouraged both foreign and domestic companies to set up localized production and expand R&D facilities in the country. This is attracting more investments towards developing inclusive and assistive humanoid robots. Chinese technology giants like Baidu, Alibaba and several newer startups have already made progress in building affordable yet capable humanoid designs.

China also has a large manufacturing base and a huge potential consumer market for service robots. The country is investing heavily to automate various industries using collaborative robots that can work alongside humans seamlessly and safely. This is generating significant demand for more human-centric robot designs. Additionally, growing expertise in technologies like edge and cloud computing is enabling Chinese OEMs to bring humanoid robots with advanced cognitive abilities in the coming years. Their lower manufacturing costs compared to North America and Europe is making Chinese humanoid robots increasingly competitive globally as well.

Market Report Scope

Key Developments

• In March 2023, Promobot unveiled its latest creation, the Robo-C2, a humanoid robot companion designed to interact with people. The Robo-C2 can talk, show emotions, move its arms, and come in either a male or female form. It is capable of serving as a receptionist, consultant, or promoter for businesses.
• In November 2022, Honda introduced a new humanoid robot designed for practical applications. Equipped with a headset and gloves, operators can see, hear, and feel objects through the robot, enabling experts to respond remotely in emergencies or perform equipment repairs without physical presence. In fiscal 2023, Honda planed to conduct technology demonstrations with the aim of practical implementation by 2030.
• In October 2022, Hanson Robotics Limited partnered with Asia to develop, manufacture, and sell a new range of products tailored for millions of SOPHIA robot enthusiasts worldwide. Entertainment Technology Limited operates under the name Playasia.

*Definition: Humanoid robot market consists of advanced robots that resemble the human form. These robots can interact with humans and the physical environment in many ways like a person. They can walk, gesture, recognize and manipulate objects. Major applications of humanoid robots include education, elderly care, healthcare, customer service, and manufacturing. The humanoid robot market is experiencing rapid growth as the technology becomes more advanced and economical, making these robots suitable for a wider range of tasks where human-robot interaction is essential.

Market Segmentation

•  Component Insights (Revenue, USD BN, 2019 - 2031)
  • Hardware
  • Software
•  Application Insights (Revenue, USD BN, 2019 - 2031)
  • Research & Space Exploration
  • Education & Entertainment
  • Personal Assistance & Caregiving
  • Hospitality
  • Search & Rescue
  • Others
•  Motion Type Insights (Revenue, USD BN, 2019 - 2031)
  • Biped
  • Wheel-drive
• Regional Insights (Revenue, USD BN, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
• Key Players Insights
  • 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.