NEW YORK, Nov. 5, 2023 /PRNewswire/ — The humanoid robot market size is estimated to increase by USD 16.05 billion from 2022 to 2027. The market is estimated to grow with a CAGR of 53.45%, according to a recent market study by Technavio. The addictions therapeutics market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below – Boston Dynamics Inc., EZRobot Inc., Hajime Research Institute Ltd., HANSON ROBOTICS Ltd., Hasbro Inc., Honda Motor Co. Ltd., Invento Research Inc., Kawada Robotics Co. Ltd., Macco Robotics, PAL Robotics, Promobot LLC, ROBOTIS Inc., Samsung Electronics Co. Ltd., Sanbot Robot Co. Ltd., SoftBank Robotics Group Corp., Tesla Inc., Toshiba Corp., Toyota Motor Corp., Trossen Robotics, and Ubtech Robotics Inc. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report -Request a sample report
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.
Find Technavio’s Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria
- One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
- Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
- Furthermore, market adoption rates for all regions have been covered.
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Humanoid Robot Market – Segmentation Analysis
This report extensively covers market segmentation by application (personal assistance and caregiving, research and space exploration, education and entertainment, search and rescue, and public relations), component (hardware and software), and geography (North America, APAC, Europe, Middle East and Africa, and South America).
- The market share growth by the personal assistance and caregiving segment will be significant during the forecast period. The main purpose for the development of humanoid robots is to help people with various tasks and needs, such as assistance for the elderly and the disabled in performing activities of daily living (ADL), offering companionship, and providing support for their mental health and well-being. Factors such as the rapidly aging global population, increasing demand for home care services, and developments in robotics and artificial intelligence technology are expected to fuel the use of humanoid robots in personal assistance and caregiving applications. Several prominent companies in the humanoid market are manufacturing humanoid robots which can perform different tasks ranging from simple tasks such as picking up objects and helping with mobility to more complex tasks like conversing with people and recognizing emotions. Hence, such factors are expected to drive the humanoid robot market growth during the forecast period.
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Humanoid Robot Market – Market Dynamics
Key Drivers
The increasing demand for improved visibility and flexibility in industrial operations drives the humanoid market growth during the forecast period. Humanoid robots are gaining traction with the increasing adoption of cutting-edge technologies in the manufacturing process over the years. Factors such as increasing demand for automation in automobiles from several countries such as China, Japan, South Korea, India, the US, Germany, and Spain is fuelling the increasing production of humanoid robots. For example, in April 2022, The West Japan Rail Company utilized a Giant virtual reality-operated humanoid robot to fix power lines in Japan. Additionally, the adoption of humanoid robots in manufacturing industries helps to meet consumer demands such as high quality and precision. Hence, such factors are expected to drive the humanoid robot market growth during the forecast period.
Significant Trends
The emergence of smart manufacturing is a primary trend in the humanoid robot market during the forecast period. Smart manufacturing, which leverages the use of cutting-edge computing, analytics, low-cost sensing, and new levels of communication, is supporting several industrial advancements. Flow optimization and customization, asset tracking, predictive maintenance, and real-time inventory optimization are some of the key objectives of smart manufacturing. Factors such as the rise in the growth of automation, electrification, data integration, human-machine interaction, and connectivity have led to the increasing adoption of smart manufacturing. The proper functioning of smart manufacturing requires industrial robots which are integrated with IoT microprocessors, microcontrollers, sensors, and switches that can enhance production efficiency. Hence, such factors are expected to drive the humanoid robot market growth during the forecast period.
Major Challenges
The unpredictable performance of robots in vulnerable environments is a significant challenge hindering the humanoid robot market growth during the forecast period. Even though humanoid robots have a wide range of applications, from assisting with patient care to executing surgical procedures, the unpredictability in certain vulnerable situations can pose a significant threat to the humanoid robot market growth. Additionally, several natural calamities, such as lighting, temperature, and humidity, are expected to affect the proper functioning of humanoid robots’ sensors and software. Hence, humanoid robots have certain limitations in tackling such circumstances. Hence, such disadvantages can negatively impact the market, which in turn can hinder the humanoid robots market growth during the forecast period.
Humanoid Robot Market – Geographic Analysis
The market is segmented by region APAC, North America, Europe, South America, and MEA. An analysis of key leading countries has been included.
North America is estimated to account for 35% of the global market growth. Some of the key factors fuelling the growth of the humanoid robots market in North America is due to its various applications in different sectors such as increasing demand for humanoid robots from the medical sector, the development of advanced humanoid robot features, the increasing use of educational robots, and the growing demand for personal assistance from the retail industry. For example, in August 2021, Elon Musk, the chief executive officer of Tesla, Inc., announced that the company had started working on humanoid robots and would go into production by 2023. Hence, such factors are expected to drive the humanoid robots market growth in the region during the forecast period.
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What are the key data covered in this Humanoid Robot Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the humanoid robot market between 2023 and 2027
- Precise estimation of the humanoid robot market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the humanoid robot market across North America, APAC, Europe, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of humanoid robot market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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