Humanoid Robot Market Size, Share & Industry Analysis, By Motion Type (Biped and Wheel Drive), By Component (Hardware and Software), By Application (Industrial, Household, and Services), and Regional Forecast, 2024-2032

The global humanoid robot market size was valued at USD 2.43 billion in 2023 and is projected to grow from USD 3.28 billion in 2024 to USD 66.0 billion by 2032, exhibiting a CAGR of 45.5% during the forecast period. Asia Pacific dominated the humanoid robot market with a share of 41.97% in 2023. 

A humanoid robot is a type of robot whose shape resembles to human body. Presently, humanoid robot is in the early stages of development, however, a few have progressed from research and development stage in the last few years, entering into the real world for various applications, such as research, space exploration, personal assistance caregiving, education, and entertainment, among others.    

Building a humanoid robot requires a combination of various engineering disciplines, including electrical engineering, mechanical engineering, and software engineering. The market growth is mainly driven by rapid technological advancements, reduction in hardware cost, labor shortages in developed countries, and robust government support for robotics. For instance,

• In August 2023, the Beijing Municipal Bureau of Economy and Information Technology announced a USD 1.4 billion robotics fund to advance robotics development in the city. This fund is planned to be used to augment the latest innovations in robotics technology, develop commercial breakthroughs, and finance mergers and acquisition activities within the robotics industry.


• In December 2022, The Government of Canada announced a USD 30 Billion investment in Sanctuary Cognitive Systems Corporation, a Vancouver-based company that builds general-purpose humanoid robot.

The COVID-19 pandemic had a positive impact on the global humanoid robot market. The outbreak acted as a catalyst for the robotics industry, further strengthening their widespread adoption and integration across various industries, including the healthcare industry. Various healthcare facilities deployed humanoid robots to monitor patients, sanitize hospitals, and help frontline workers minimize their exposure to the virus. In addition, increased automation due to labor shortages and the need for social distancing further augmented the demand for humanoid robots. 

LATEST TRENDS IN HUMANOID ROBOT MARKET

Global Labor Shortage to Augment the Market Growth

According to the European Commission press release in March 2024, EU member states are struggling to find skilled workers. Around 63% of SMEs in the EU noted that they cannot find the talent they require. In addition, as per the Heidelberger Druckmaschinen AG 2023 report based on skilled and workforce shortages among German SMEs, 92% of respondents noted that they are affected by the skills and workforce shortage and see digital transformation as a means of reducing staff shortages.

Labor shortages are a significant driver of the humanoid robots market, influencing demand across various industries. Humanoid robot offer the opportunity to address manual labor shortages by increasing and assisting the prevailing labor force. Manufacturing companies are increasingly opting for robotics solutions to address the labor shortages. For instance,

• In 2024, luxury vehicle automotive companies Mercedes-Benz and BMW announced plans to deploy humanoid robots in their production plants to help with workforce shortages, improve productivity, and control quality.   

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HUMANOID ROBOT MARKET DRIVING FACTORS

Rapid Technological Advancements to Drive the Market Growth

Advanced technologies, such as Artificial intelligence (AI), High-Performance Computing (HPC), Next-generation sensors, and battery technologies are rapidly maturing and converging to accelerate the development of humanoid robot. AI and HPC enable robots to understand and interact in complex and unstructured real-world environments. The use of AI in robotics helps to better manage risk, improve accuracy, and boost productivity. AI-equipped humanoids can pick and pack objects, utilize vision to transport items autonomously around the factory, and perform maintenance tasks in less time compared to human workers.

In addition, the next-generation sensors, such as 3D/depth cameras, LiDAR, radar, and voice sensors enable a better understanding of the environment around the robot and allow secure human robot interaction. These advanced sensors closely imitate the sensory abilities of humans, enabling robots to perform sophisticated tasks. All these factors are anticipated to increase the adoption and drive humanoid robot market growth during the forecast period.       

RESTRAINING FACTORS

Market Acceptance Coupled with Regulatory and Ethical Concerns to Limit the Market Growth

Market acceptance is influenced by lack of infrastructure and high initial investment which is expected to limit the humanoid robots market growth in a short-term period. Moreover, negative public perception and ethical concerns, also pose significant challenges. As robots become capable of performing complex tasks, they may take over jobs that were once done by humans. This may result in significant job displacement, particularly in the manufacturing industry. According to SEO.ai, around 14% of workers have claimed to have already lost jobs due to robots. Hence, addressing these restraints is crucial to increase trust in humanoid robots and improve their societal acceptance.

SEGMENTATION ANALYSIS OF HUMANOID ROBOT MARKET

By Motion Type Analysis

Diverse Business Applications of Biped Humanoid Robots to Fuel the Market Growth

Based on the motion type, the market is segmented into biped and wheel drive.

The biped segment is predicted to hold the highest humanoid robots market share during the forecast period due to its utilization in a variety of fields, such as healthcare, entertainment, education & research, and manufacturing & maintenance. Robots offer numerous advantages in the healthcare industry as they can help doctors perform various tasks without worrying about their patients during surgery or treatment sessions. Patient care assistants (PCAs) are another typical use case for humanoids. Robots can perform tasks such as taking vital signs and giving medication while also giving emotional support through conversation or touch-based interactions with patients. In the manufacturing industry, humanoid robot is capable of performing repetitive assembly line work with precision and consistency.

The wheel drive segment to grow with the highest CAGR during the forecast period owing to its enhanced mobility, lower development costs, and user-friendly interaction compared to biped robots. Wheel drive robots are less complex than biped ones, resulting in lower maintenance and repair costs. 

By Component Analysis

Rapid Advancements in Software Technologies to Augment the Segment Growth

Based on component, the market is divided into hardware and software.

The software segment to grow with the highest CAGR during the forecast period on account of the advancements in software technologies. These advancements enable robots to perform complex tasks and operate remotely. Over the past few years, software development for humanoid robot has produced valuable insights into handling complexity and developing research projects. In humanoid robot, the layer software plays a crucial role in the processing of massive amounts of data collected from multiple sensors.      

The hardware segment is predicted to hold the highest market share during the forecast period as hardware components are important for performance and functionality of humanoid robot. The robot needs sensorimotor skills to function in human mode and engage in human-to-human interactions. To regulate its motions, monitor its condition, and prevent collisions with people or objects in its environment, the humanoid robot needs to be equipped with actuators and a variety of sensors.  

By Application Analysis

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Advanced Capabilities of Humanoid Robot to Increase their Adoption in Industrial Setting

Based on the application, the market is divided into industrial, household, and services.

The industrial application is predicted to grow with the highest CAGR during the forecast period. These robots are increasingly being adopted into industrial applications owing to their ability to perform complete tasks with precision and efficiency. Robots can be used to inspect products for any irregularities and ensure quality standards as they are equipped with advanced vision systems. They can work continuously without breaks, increasing factory productivity and quality. In addition, humanoid robot can handle hazardous materials and perform dangerous tasks. Owing to all these capabilities, their use is anticipated to increase over the forecast period. 

The services segment is predicted to hold the highest market share during the forecast period. Humanoid robots are increasingly being adopted in various service applications due to their human-like appearance and ability to interact naturally with people.

REGIONAL ANALYSIS OF THE HUMANOID ROBOT MARKET

Geographically, the market is studied across five major regions, including North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further categorized into countries.

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Asia Pacific accounted for the largest market share in 2023 owing to the presence of major players, supportive government initiatives and investments, an aging population, and a robust robotics culture. China, Japan, and South Korea represent the world's leading industrial robotics markets. According to the International Federation of Robotics (IFR), China recorded 290,300 units of annual installations of industrial robots in 2022 with a 52% market share followed by Japan recording 50,400 units. There are high number of start-ups working on robotics technologies in these countries. In 2023, the Government of China set an ambitious goal to develop humanoid robots by 2025, nurturing companies to focus on humanoid robots, strengthen international cooperation on robotics, and develop a reliable industry supply chain. All these factors are anticipated to augment the market growth in this region.                    

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North America is expected to show the highest CAGR during the forecast period, driven by rapid technological advancements in AI and increased automation. The U.S. leads this region due to the robust academic research and industry innovation. In addition, significant investment in Research & Development (R&D) by government agencies, private companies, and academic institutions further fuels the market growth.    

The European market is primarily driven by labor shortages, increasing labor costs, rising automation in manufacturing sector, innovation in robotics hardware, such as sensors, actuators, and materials, supportive government policies, and aging population.   

In the Middle East & Africa region, the gradual shift towards automation is predicted to offer opportunities for market growth.

In South America, the growing awareness regarding robotics and interest from various sectors to increase the adoption.

COMPETITIVE LANDSCAPE

Key Players Focused on Strengthening their Market Position with Continuous Developments

The global market for humanoid robot is consolidated by leading players such as PAL Robotics, Figure, Agility Robotics, Honda Motor Co., Ltd., Toyota, Boston Dynamics, Hanson Robotics, Sanctuary Cognitive Systems Corporation, NVIDIA Corporation, and Tokyo Robotics Inc., among others. These companies are expanding their operations by adopting strategies such as mergers, acquisitions, product launches, collaborations, and partnerships.

List of Top Humanoid Robots Companies:

• PAL Robotics (Spain)


• Figure (U.S.)


• Agility Robotics (U.S.)


• Honda Motor Co., Ltd. (Japan)


• Toyota (Japan)


• Boston Dynamics (U.S.)


• Hanson Robotics (China)


• Sanctuary Cognitive Systems Corporation (Canada)


• NVIDIA Corporation (U.S.)


• Tokyo Robotics Inc. (Japan)

KEY INDUSTRY DEVELOPMENTS IN THE HUMANOID ROBOT MARKET:

• June 2024: Elon Musk, CEO of Tesla Motors confirmed that Tesla could sell its humanoid robot “Optimus” by the end of 2025 and predicted that it could drive Tesla’s valuation to USD 25 trillion.   


• June 2024: Institute of Electrical and Electronics Engineers (IEEE), a technical professional organization announced the launch of a study group to explore current humanoid landscape and develop robot standards that organizations can follow. This group is open to others across academia, government agencies, and industry.  


• April 2024: Boston Dynamics, an American robotics design company unveiled the latest version of the Atlas humanoid robot in a new video. This robot is fully electric, stronger, and agile compared to its retired predecessor.


• April 2024: Sanctuary Cognitive Systems Corporation, a humanoid robots developer and Magna International, a mobility technology firm announced the partnership to advance the development of humanoid robots for automotive manufacturing. This partnership includes a thorough review aimed at enhancing the cost and scalability of humanoid robots using Magna's automotive product portfolio, engineering, and manufacturing capabilities.   


• April 2024: Agility Robotics, a manufacturer of mobile manipulation robots partnered with Manhattan Associates, a supply chain commerce company to integrate biped humanoid robots into warehouse workflows.


• March 2024: Figure, a humanoid robot maker partnered with OpenAI, an AI research and deployment organization to integrate OpenAi’s AI systems into humanoid robots developed by Figure. 

REPORT COVERAGE

The report offers qualitative and quantitative insights into the market and a detailed analysis of the size & growth rate for all possible segments in the market. It also provides an elaborative analysis of market dynamics, emerging trends, and the competitive landscape. The report offers key insights, such as the implementation of automation in specific market segments, recent industry developments, such as partnerships, mergers, funding, acquisitions, consolidated SWOT analysis of key players, business strategies of leading market players, macro & micro economic indicators, and major industry trends. This detailed analysis provides a comprehensive view of the market and its potential for growth and development.

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