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The entertainment robots market size is estimated to grow at a CAGR of 25% between 2022 and 2027. The market size is forecast to increase by USD 47,514.74 million. The growth of the market depends on several factors such as the increasing demand for entertainment robots for leisure purposes, the adoption of entertainment robots in STEM teaching, and the adoption of AI in educational robots.
This entertainment robots market report extensively covers market segmentation by product (robotic toys, educational robots, and robotic companion pets), end-user (media, education, and retail), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for entertainment robots for leisure purposes is one of the key drivers for the growth of the market. Entertainment robots are a new type of entertainment and they promote animation. Entertainment robots are designed to bring joy to humans, especially children and the elderly. Unemployed elderly people can easily get bored at home or in healthcare facilities. In such cases, entertainment robots can be used as therapy so that the elderly do not feel lonely, which will improve their quality of life.
For children, entertainment robots can be used as a great learning tool, because children from an early age are fascinated with technology and AI and want to do activities with robots, for example dancing and doing small tasks. Robot toys are designed with children in mind so they can be a source of comfort and advanced technology that can help them to learn. This has a positive impact on the growth of the global entertainment robot market.
Investments by venture capitalists is one of the primary trends shaping the growth of the market. Investing in the robotics industry greatly benefits suppliers as they require a lot of capital to manufacture and develop robots and maintain them. In 2021, companies building robots and drones received about USD 14.9 billion in funding. Venture capitalists invest in commercial entertainment robots because they believe that robots are efficient and increase productivity.
Moreover, as electronic toys influence and encourage children to develop their skills, the market for electronic toys is also anticipated to grow. These toys are battery operated or controlled by a smartphone. These toys are AI-powered and can be used by both adults and children; therefore, investors are motivated to invest in such products. Hence, these factors will drive the growth of the market during the forecast period.
Lack of skilled labor is a challenge that affects the growth of the market. Nowadays, the use of artificial intelligence has made robots look more like humans and perform many tasks. While robots typically operate on predefined commands, they can perform a variety of tasks on their own, such as retrieving an object or analyzing their surroundings through the integration of AI and ML. They are unattended and can perform any task when programmed properly. Humanoid robots know their environment well.
Furthermore, most companies are engaged in AI but lack qualified personnel. The shortage of workers' AI skills is acting as a barrier to technology adoption. Since the lack of skilled AI workers is hampering business, most companies are upskilling and retraining their employees or hiring skilled people with AI expertise. Lack of skilled labor leads to the production of counterfeit goods, which may impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Entertainment Robots Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The robotics toys segment is estimated to witness significant growth during the forecast period. Both adults and children are fascinated by robot toys and their functions. There are many types of toy robots, such as animal robots and remote control vehicle robots, that are both entertainment and children's companions. Some robotic toys imitate humans and repeat after them and perform activities such as dancing and singing. They perform tasks using programmed commands, remote controls, and sensor signals.
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The robotics toys segment was the largest segment and was valued at USD 7,042.52 million in 2017. The robot toy market is highly competitive as suppliers strive to improve the technology and functionality of the toys to survive in the market. In 2021, Hasbro released the Transformers Optimus Prime toy, a programmable transforming robot. This toy can be connected to a mobile app and controlled, and can also obey voice commands. The growing demand for adult robot toys and the advent of humanoid commercial entertainment robots are estimated to drive the growth of robot toys in the market during the forecast period.
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Europe is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The UK, France, Spain, and Germany are the main markets in this region. Some factors, such as the increasing disposable income of the working class, children as well as adults' adoption of digital technology and use of advanced technologies, have contributed to the growth of the market in the region.
Moreover, the market for electronic toys in Europe is growing due to the increase in children's entertainment spending. These toys provide early learning and help children to develop imagination and skills. The wide presence of offline distribution channels, such as retail stores and online distribution channels, is contributing to the growth of the regional market. Hence, such factors are expected to drive market growth in this region during the forecast period.
The outbreak of COVID-19 in 2020 negatively impacted the growth of the entertainment robots market in Europe. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown restrictions, which led to the resumption of supply chain activities for entertainment robots. Besides, the growing adoption of commercial entertainment robots in the education and hospitality sectors will boost the growth of the entertainment robots market in the region during the forecast period.
The entertainment robots market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Entertainment Robots Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 25% |
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Market growth 2023-2027 |
USD 47,514.74 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
24.55 |
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Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 33% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BLUE FROG ROBOTICS SAS, fischerwerke GmbH and Co. KG, HANSON ROBOTICS Ltd., Hasbro Inc., Intuitive Robots, KUKA AG, LEGO System AS, Mattel Inc., Modular Robotics Inc., Neobotix GmbH, PAL Robotics, RN Chidakashi Technologies Inc., ROBOTIS Co. Ltd, RobotShop Inc., Sarcos Technology and Robotics Corp., SoftBank Robotics Group Corp., Sony Group Corp., Sphero Inc., UBTECH Robotics Inc., and WowWee Group Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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