Humanoid Robot Market is projected to witness a CAGR of 46.05% during the forecast period to reach a total market size of US$4.143 billion by 2023, increasing from US$0.624 billion in 2018.
The expanding applications of humanoids are the major factor driving this market growth. For instance, there is a growing demand for humanoid robots in the retail industry for personal assistants. Likewise, there is a going trend of using humanoids for medical training; such initiatives augment the market growth. In addition to this, the rapidly aging population, as well as the increasing number of rehabilitation centers, drive the demand for humanoid as it can provide a helping hand to elderly people. Other drivers include rising spending power, high-speed innovations, and the rising trend of autonomous rescue operations. However, high initial cost restraints its adoption and thereby hampers its market growth.
By Application
By Application, the education segment is expecting considerable growth over the projected period. The rapid modernisation of the educational system across the world and a growing number of educational institute drives the segment growth. Likewise, the medical sector is also expected to grow at a good rate owing to rising healthcare expenditure. Research and space exploration accounted for a high market share in 2016.
By Geography
Geographically, North America accounted for the highest market share in 2016 and is also expected to hold a notable position by the end of the forecasted period. The large-scale adoption of humanoid robots for various applications is a major factor driving this market growth. The presence of many major players in the United States further contributes to the high market share. APAC region is expected to grow at a high rate over the projected period. The demand generated by the rapidly ageing population in China and Japan drives the regional market growth. Continuous R&D and innovation further contribute to regional growth.
Competitive Insight
The global Humanoid robot market is considerably competitive; however, the market is dominated by a few major players owing to their prior experience. The major players discussed in the report include Engineered Arts Limited, National Aeronautics and Space Administration, Samsung Electronics, Istituto Italiano di Tecnologia, Honda Robots, Robotics Lab, and Robo Garage Co. Ltd.
| Report Metric | Details |
| Market size value in 2018 | US$0.624 billion |
| Market size value in 2023 | US$4.143 billion |
| Growth Rate | CAGR of 46.05% from 2018 to 2023 |
| Base year | 2018 |
| Forecast period | 2019–2024 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Component, Type, Application, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Engineered Arts Limited, National Aeronautics and Space Administration, Samsung Electronics, Istituto Italiano di Tecnologia, Honda Robots, Robotics Lab, Robo Garage Co. Ltd. |
| Customization scope | Free report customization with purchase |
Segmentation
Thirdly, the Humanoid robot market has been segmented by component, type, application, and geography.
By Component
Software
Hardware
Sensor
Control System
Actuator
Others
By Type
Wheel Drive
Biped
By Application
Education
Entertainment
Research and Space exploration
Medical
Others
By Geography
North America
South America
Europe
MEA
Asia Pacific
Frequently Asked Questions (FAQs)
Q1. What will be the humanoid robot market size by 2023?
A1. The humanoid robot market is projected to reach a total market size of US$4.143 billion by 2023.
Q2. What is the size of the global humanoid robot market?
A2. Humanoid Robot Market was valued at US$0.624 billion in 2018.
Q3. What are the growth prospects for the humanoid robot market?
A3. The global humanoid robot market is projected to witness a CAGR of 46.05% during the forecast period.
Q4. What factors are anticipated to drive the humanoid robot market growth?
A4. The expanding applications of humanoids are the major factor driving the humanoid robot market growth.
Q5. Which region holds the largest market share in the humanoid robot market?
A5. Geographically, North America is expected to hold a notable share in the humanoid robot market.
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