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The humanoid robot market size is forecast to increase by USD 16.99 billion, at a CAGR of 45.57% between 2023 and 2028. The humanoid robot market is experiencing significant growth due to various factors. Primarily, the demand for increased visibility and flexibility in industrial processes is driving market expansion. Additionally, the logistics sector's increasing requirement for automation is boosting market growth and driving the demand for AI robots. Furthermore, the medical sector's growing demand for humanoid robots for patient care and rehabilitation purposes is another key factor fueling market development. These trends are expected to continue, leading to robust growth in the humanoid robot market.
Humanoid Robot Market Forecast 2024-2028
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In Aerospace, facilities like those in Ameca, Jalisco, utilize advanced software such as Ansys to enhance design processes for critical components like the electric generator. Meanwhile, amusement parks employ innovative technologies like elevators to improve customer engagement and satisfaction. Art and cognitive science intersect in studies of embodied cognition, exploring how physical experiences influence thought processes. In Australia, behavioural sciences contribute to understanding customer satisfaction and improving dashboard analytics in retail settings such as Canadian Tire and grocery stores. In Denmark, a focus on foreign language education supports client interactions and customer engagement across various industries. The integration of customer satisfaction metrics through business dashboards underscores the importance of customer engagement in enhancing overall customer satisfaction and loyalty in global markets.
These bots have gained more traction in a few years with the adoption of advanced technologies in the manufacturing process. The rising demand for automation in automobiles from countries such as China, Japan, South Korea, India, the US, Germany, and Spain led to increased production. For instance, in April 2022, The West Japan Rail Company used a Giant virtual reality-operated humanoid bot to fix power lines in Japan. The company used them to improve productivity and safety at the operation sites. Their increasing demand is introducing more variability in production processes, leading to the use of remote monitoring devices in plants.
Moreover, the adoption of such solutions helps manufacturers achieve customer expectations of high precision with quality at each step of the production line. To address such complexities and maintain minimum idle time on the plant floor, manufacturers are looking for human-like bots that enhance the visibility and flexibility of the manufacturing process. Therefore, the market will witness growth during the forecast period.
Smart manufacturing uses advanced computing, cloud analytics, low-cost sensing, and new levels of communication afforded by the Internet to enable industrial advancements. Flow optimization and customization, asset tracking, predictive maintenance, and real-time inventory optimization are all major objectives of smart manufacturing. An increase in the growth of automation, electrification, data integration, human-machine interaction, and connectivity paved the way for the adoption of smart manufacturing. To enable smart manufacturing, industrial machines, and bots must be equipped with IoT-integrated microprocessors, microcontrollers, sensors, and switches that can optimize production efficiency.
Additionally, in the automotive industry, the equipment that is involved in the production process, which includes manufacturing, assembly line, and warehousing of the end products, is equipped with sensors to enable automation. Thus, the need for smart manufacturing will drive the market growth and trends during the forecast period.
There are several ethical issues which are challenging for the growth of the market. The adoption of these can lead to unemployment, as the majority of the work would be done by these bots. This would reduce the need for laborers, thereby leading to job losses.
However, other ethical issues are lack of privacy, lack of accurate data, problems related to the control and use of data and systems, lack of accountability and liability, and loss of human decision-making. These factors can restrain the growth of the market during the forecast period.
The market share growth by the personal assistance and caregiving segment will be significant during the forecast period. The personal assistance and caregiving segment is a growing field of interest and is exposed to significant development. Humanoid bots are being designed and developed to help people with a wide range of tasks and needs, including assisting the elderly and the disabled in performing activities of daily living (ADL), providing companionship, and offering support for their mental health and well-being.
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The personal assistance and caregiving was the largest segment and was valued at USD 167.27 million in 2018. The demand for these bots in personal assistance and caregiving applications is expected to continue to grow in the coming years, driven by factors such as the rapidly aging global population, increasing demand for home care services, and advances in robotics and artificial intelligence technology. Overall, the personal assistance and caregiving segment is expected to see significant growth in the coming years as bots become more sophisticated and capable of performing a wider range of tasks, as the demand for caregiving and assistance services continues to increase. Thus, this segment is expected to witness growth and hence propel the growth of the global market during the forecast period.
Based on the component, the market has been segmented into hardware and software. The hardware segment will account for the largest share of this segment.?Hardware components provide these bots a lot of value by making them look like human beings. The control system is the most important component of a humanoid because it interprets input from the sensor system and delivers commands to the actuators to operate in accordance with the decision process output. Hardware plays a critical role in the production and operation. The structure, actuation, and sensing of hardware components are important to assemble into the human body shape. The hardware components help in the optimization of lightweight structures and performance. Thus, the demand for hardware components is expected to increase and hence drive the growth of the market, which will witness significant growth during the forecast period.
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APAC is estimated to contribute 36% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The market in North America is expected to witness growth during the forecast period due to the growing need for these bots from the medical sector, the development with advanced features, increasing use as educational robots, and surging demand for personal assistance from the retail industry. Humanoid robots would be significantly used in the North American automotive industry. As of 2022, the US ranked third globally in robot density in the automotive industry, with increased production of 228 robots.
In addition, in 2021, their adoption in the North American automotive industry saw a 14% growth rate from the previous year. This positive trend of adopting industrial bots in the North American automotive industry is expected to drive the market during the forecast period. Mexico is also expected to witness considerable growth in the adoption of industrial robots, aiding the regional market during the forecast period.
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.
Engineered Arts Ltd - The company offers humanoid robots such as Ameca, specifically as a platform for development into future robotics technologies. Ameca is the perfect platform for human-robot interaction.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Engineered Arts Ltd., EZRobot Inc., Figure AI Inc., HAHN Group GmbH, HANSON ROBOTICS Ltd., Hasbro Inc., Honda Motor Co. Ltd., Hyundai Motor Co., Invento Research Inc., Kawada Robotics Co. Ltd., Macco Robotics, PAL Robotics, Promobot LLC, ROBO GARAGE CO. LTD., Robosen Technologies Ltd, ROBOTIS Co. Ltd, Toyota Motor Corp., Trossen Robotics, UBTECH Robotics Inc., and United Robotics Group GmbH
Technavio's market report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
This market is experiencing exponential growth fueled by advancements in AI for Good and autonomous robot technology. From assisted living to amusement parks and hospitality, these robots are revolutionizing various industries. A few companies are driving innovation in simulation software to enhance the capabilities of humanoid robots, enabling them to perform tasks with autonomy and consciousness. In elderly care facilities, these bots assist with tasks like medication reminders and companionship, addressing the challenges of an aging population. With investment pouring into research and development, the market is poised for further expansion, offering solutions to diverse sectors and addressing global challenges such as the pandemic and terrorism.
Moreover,iIn the realm of amusement parks, innovations in elevator technologies enhance visitor experiences, while astronaut training at facilities like the Indian Space Research Organisation emphasizes strategic management and training for space missions. In healthcare in the United States, isolation wards utilize surveillance and ultraviolet technology for infection control. Grocery stores employ kiosks for payment and product samples, leveraging neuroscience to enhance customer motivation through strategic placement and social relations. Startup companies in Sweden utilize software frameworks for strategic management and marketplace relevance, while rock music continues to shape music and cultural topography globally. Learning in mathematics and medicine drives invention and policy development, reinforcing the relevance of neuroscience and video technologies in educational settings. Overall, these diverse fields intersect in the pursuit of innovation, impacting social relations and economic policies worldwide.
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Humanoid Robot Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 45.57% |
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Market Growth 2024-2028 |
USD 16.99 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
44.15 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 36% |
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Key countries |
US, Japan, China, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Engineered Arts Ltd., EZRobot Inc., Figure AI Inc., HAHN Group GmbH, HANSON ROBOTICS Ltd., Hasbro Inc., Honda Motor Co. Ltd., Hyundai Motor Co., Invento Research Inc., Kawada Robotics Co. Ltd., Macco Robotics, PAL Robotics, Promobot LLC, ROBO GARAGE CO. LTD., Robosen Technologies Ltd, ROBOTIS Co. Ltd, Toyota Motor Corp., Trossen Robotics, UBTECH Robotics Inc., and United Robotics Group GmbH |
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Market dynamics |
Parent market analysis and reports, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our market 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. Get in touch
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 Vendor Landscape
12 Vendor Analysis
13 Appendix
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