The entertainment robot market is projected to grow at a CAGR of 21.78% to reach US$9.732 billion by 2026, from US$2.450 billion in 2019. Entertainment Robots are machines created for the sole goal of amusing people rather than for any practical function. Sensors, microphones for speech recognition, and cameras for facial recognition are all included in these robots, allowing them to communicate with people. It may be programmed to perform a dance routine, sing, participate in a trade show or perform multimedia jobs, among other things. It's commonly utilized in the construction of narrative worlds as well as in the sphere of cultural entertainment. The development of entertainment robots with artificial intelligence is a significant driver propelling the entertainment robot industry forward. Furthermore, increased R&D spending leads to constant technological innovation, which will boost the market growth in the next years. Other key drivers of the entertainment robot industry are shifting consumer lifestyles as a result of increased urbanization and people's increasing disposable money.
The market for entertainment robots is expected to expand as artificial intelligence technology advances, the senior population grows, and the demand for animatronics rises. Robot vision, machine learning, and cognitive computing are all included in the entertainment robots, which aid in learning and communicating with one another, as well as decision-making. This is an excellent component for propelling the sector forward. On the 9th of January 2018, Sony Corporation launched an entertainment robot that used artificial intelligence and analytics to control the robots' motions. The development of humanoid robots is one of the most important developments in the entertainment robotics market. Sarcos Corp., located in the United States, has created smart and successful humanoid robots as well as virtual reality platforms. The firm creates entertainment robots that are both sturdy and hypersensitive.
Geographically, the European entertainment robot industry is driven by high disposable income and the presence of a developed market. Also, as a result of the arrival of a number of well-known worldwide suppliers, the market in this region will continue to develop steadily. Similarly, the geographical market share of the North American Entertainment Robot market is influenced by the early acceptance of technology and fast-speed developments, as well as substantial R&D expenditure in robotics. Due to rising consumer purchasing power, the APAC market is predicted to develop at a high CAGR throughout the forecast period. The expansion of the APAC Entertainment Robot market is aided by the increasing number of players in Japan and South Korea.
Growth Factors
One of the major reasons for the growth of the entertainment robot market is growing technological advancements coupled with the increasing investments in the research and development of artificial intelligence technology and its use in children's toys, as well as increased demand for animatronics in the coming years. For instance, Amazon debuted Astro, its first home robot, in 2021. Astro is a three-wheeled robot that can transport items from room to room, video chat, play music, keep a watch on your house while you're gone, and more. Astro is a mash-up of a number of Amazon's other devices mounted on wheels. Astro also provides information regarding sports scores or the weather and enables the users to see movies or other entertainment shows.
With increasing automation across several industry verticals, the entertainment industry has been increasingly adapting entertainment robots for better efficiency and lower risk to lives. Furthermore, the growing adoption of these robots in the household sector is expected to support the market. Data from the International Federation of Robotics shows that the number of entertainment robots in 2019 was 4.6 million units which increased to around 5 million in 2020. This number is further projected to reach 6.7 million units by 2023.
Restraints
A major restraint in the growth of the entertainment robot market is the high initial investment in the production of entertainment robots and the lack of skilled labor. The requirement of skilled labor for the production of entrainment robots and the high initial investments has deprived new entrants in the entertainment robot market limiting its market growth during the forecast period.
Recent Developments
February 2021, Product Launch. Engineer’s art, a global leader in the entertainment robot industry, launched its latest humanoid entertainment robot, Cleo. Cleo has the capability to entertain people through its gesticulates, impressions, and signs. The product is amid to entertain and make people laugh.
The COVID-19 impact on the entertainment robot market has been resilient. The production halt by industries due to the temporary lockdown implemented by several governments to break the cycle of the virus did impact the market. The unfavorable conditions risen due to the COVID-19 virus have had a negative impact on the entertainment robot market.
| Report Metric | Details |
| Market size value in 2019 | US$2.450 billion |
| Market size value in 2026 | US$9.732 billion |
| Growth Rate | CAGR of 21.78% from 2019 to 2026 |
| Base year | 2019 |
| Forecast period | 2021–2026 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Type, Component, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Lego, WowWee Group Limited, Sony Corporation, Hasbro, Inc., Softbank Robotics, Mattel, Inc., Sphero, Florida Robotics, Bluefrog Robotics, Robobuilder |
| Customization scope | Free report customization with purchase |
Segmentation:
Frequently Asked Questions (FAQs)
Q1. What will be the entertainment robot market size by 2026?
A1. The entertainment robot market is projected to reach a market size of US$9.732 billion in 2026.
Q2. What are the growth prospects for the entertainment robot market?
A2. The global entertainment robot market is projected to grow at a CAGR of 21.78% over the forecast period.
Q3. What is the size of the global entertainment robot market?
A3. Entertainment Robot Market was valued at US$2.450 billion in 2019.
Q4. What factors are anticipated to drive the entertainment robot market growth?
A4. One of the major reasons for the entertainment robot market growth is growing technological advancements coupled with increasing investments in the research and development of artificial intelligence technology.
Q5. Which region holds the largest market share in the entertainment robot market?
A5. Geographically, the European region is expected to hold a significant share in the entertainment robot market owing to high disposable income and the presence of a developed market.
Lego
WowWee Group Limited
Sony Corporation
Hasbro, Inc.
Softbank Robotics
Mattel, Inc.
Sphero
Florida Robotics
Bluefrog Robotics
Robobuilder
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