Humanoid Robot Market (By Component: Hardware, Software; By Motion Type: Biped, Wheel-drive; By Application: Personal Assistance & Caregiving, Hospitality) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global humanoid robot market was valued at USD 1.35 billion in 2023 and it is predicted to surpass around USD 9.19 billion by 2033 with a CAGR of 21.14% from 2024 to 2033.

Key Pointers

• Asia Pacific held the biggest revenue share of 54% in 2023.
• North America is expected to register at a CAGR of 21.74% over the forecast period. 
• The hardware segment held the biggest revenue share of 72% in 2023. 
• The software segment is expected to expand at a notable CAGR of 22.37% between 2024 and 2033.
• The personal assistance and caregiving segment held the biggest revenue share of 33% in 2023.    
• The education and entertainment segment is expected to register at a CAGR of 23.96% over the forecast period. 
• The wheel drive segment has contributed more than 68% of revenue share in 2023. 

Humanoid Robot Market Overview

The humanoid robot market is a captivating and rapidly growing sector within the broader field of robotics. These human-like machines, designed to replicate human form and function, have garnered significant attention and investment due to their potential to revolutionize industries and human interactions. This overview provides a comprehensive insight into the humanoid robot market, including its current state, key players, emerging trends, and future prospects.

Humanoid Robot Market Growth 

The growth of the humanoid robot market is propelled by several key factors. Firstly, continuous advancements in artificial intelligence (AI) and robotics technologies have empowered these machines with enhanced cognitive abilities and the capacity to interact more seamlessly with humans. Additionally, the expansion of automation across industries, particularly in manufacturing, is driving demand for humanoid robots to perform complex and precision-driven tasks, thereby increasing operational efficiency.

Furthermore, the rising aging population worldwide has created a burgeoning need for humanoid robots in healthcare and elderly care, where they can provide assistance and companionship. These factors, coupled with the increasing collaboration between humans and robots in various work environments, position the humanoid robot market for robust and sustained growth in the foreseeable future.

Report Scope of the Humanoid Robot Market

Humanoid Robot Market Dynamics

Drivers

• Advancements in Artificial Intelligence (AI): The relentless progress in AI technology is a primary driver behind the growth of the humanoid robot market. AI has equipped these robots with sophisticated cognitive capabilities, enabling them to process vast amounts of data, recognize patterns, and respond to human interactions with increasing naturalness. This has expanded their utility across industries and applications, from healthcare to manufacturing, and has fueled demand for humanoid robots that can perform complex tasks autonomously.
• Automation Across Industries: The widespread adoption of automation in various industries, particularly manufacturing, has created a compelling need for humanoid robots. These robots are versatile and adaptable, capable of performing intricate and repetitive tasks with precision. They have become instrumental in enhancing productivity, reducing errors, and streamlining operations in sectors where automation is essential for remaining competitive in the global market.

Restraints

• High Development Costs: Designing and manufacturing humanoid robots with advanced artificial intelligence and human-like capabilities requires substantial financial investments. These costs are often passed on to consumers, making humanoid robots prohibitively expensive for many potential applications and markets.
• Safety and Ethical Concerns: As humanoid robots become more integrated into society and work alongside humans, concerns related to safety and ethics have grown. Ensuring that these robots operate without causing harm or ethical dilemmas is a complex challenge. Instances of malfunction or misuse can lead to accidents and legal complications.

Opportunities

• Research and Development: Humanoid robots are crucial in research fields such as artificial intelligence, human-robot interaction, and robotics itself. They serve as testbeds for developing and testing new technologies, algorithms, and human-machine interfaces.
• Healthcare and Elderly Care: The healthcare sector presents substantial opportunities for humanoid robots. These robots can assist with patient care, conduct tasks like medication reminders, and provide companionship to the elderly population. With the aging global demographic, the demand for robots that can enhance the quality of life for seniors is poised to grow significantly.

Component Insights

The hardware segment held the biggest revenue share of 72% in 2023. The hardware component of humanoid robots encompasses the physical elements and mechanisms that enable them to mimic human-like movements and interactions. This includes the robot's body structure, sensors, actuators, and power sources. The body structure of humanoid robots is designed to replicate the human form, featuring a head, torso, arms, legs, and joints that facilitate a wide range of motions. To perceive and interact with their surroundings, these robots are equipped with an array of sensors, such as cameras, microphones, touch sensors, and even 3D depth sensors like LiDAR. These sensors allow them to recognize objects, detect obstacles, hear and respond to voice commands, and engage in touch-based interactions. Actuators, such as motors and servos, are vital for controlling the robot's movements, enabling it to walk, gesture, and perform tasks with precision. Power sources, typically batteries, provide the necessary energy to drive the hardware components, ensuring uninterrupted operation.

• For instance, in March 2023, through its collaboration with Canadian Tire Corp., Sanctuary AI revealed that it accomplished its goal of the very first installation of a special system created to provide the first human-like cognitive ability in broad-application robots at a client commercial site.

The software segment is anticipated to expand at a noteworthy CAGR of 22.37% over the forecast period. The software component of humanoid robots is the brain behind their intelligence and functionality. It includes complex algorithms, programming languages, and artificial intelligence (AI) technologies. AI plays a central role in enabling these robots to interpret data from their sensors, process information, and make decisions in real-time. Machine learning algorithms are employed for tasks like speech recognition, object detection, and navigation. Natural language processing (NLP) is utilized for understanding and responding to human speech, while computer vision enables robots to recognize and interact with their environment. Furthermore, control algorithms govern the robot's movements, allowing it to walk, balance, and manipulate objects with precision. The software component is essential for achieving human-robot interaction, enabling these machines to understand and respond to human commands, recognize emotions, and adapt to different situations.

Application Insights

The personal assistance and caregiving segment held the largest revenue share of 33% in 2023. Humanoid robots are increasingly employed as personal assistants and caregivers, offering valuable support to individuals, especially in healthcare and elderly care settings. These robots can assist with daily tasks, such as medication reminders, monitoring vital signs, and helping with mobility. In healthcare facilities, they serve as reliable companions for patients, providing emotional support and reducing feelings of loneliness. For the elderly population, humanoid robots offer assistance and enhance the quality of life by enabling independent living while ensuring safety and security. The ability of these robots to interact naturally with humans and provide companionship makes them invaluable assets in personal assistance and caregiving.

The education and entertainment segment is anticipated to expand at a noteworthy CAGR of 23.96% over the forecast period. The educational and entertainment sectors have witnessed a transformation with the integration of humanoid robots. In educational settings, these robots serve as interactive tutors, teaching assistants, and language learning companions. Their human-like appearance and ability to adapt to individual learning styles make them engaging tools for students of all ages. Moreover, in the entertainment industry, humanoid robots are deployed in theme parks, exhibitions, and interactive shows. They can entertain and educate visitors with lifelike movements, speech, and expressions, enhancing the overall visitor experience. From educational institutions to entertainment venues, humanoid robots are redefining engagement and learning paradigms.

• For instance, the AI for Good Global Summit organized by the International Telecommunication Union was held in July 2023.

Motion Type Insights

The wheel drive segment held the largest revenue share of 68% in 2023. Wheel-drive humanoid robots, on the other hand, utilize wheels or a combination of wheels and tracks for locomotion. This motion type offers stability and efficiency in controlled environments such as factories and warehouses, where smooth and precise movements are critical for tasks like material handling and assembly. Wheel-drive robots are often employed in manufacturing, as they can seamlessly move along assembly lines, increasing productivity and reducing production costs. They are also used in logistics and delivery services, where their speed and reliability are advantageous.

Bipedal humanoid robots are designed to move on two legs, much like humans. This motion type allows them to navigate in environments that are typically designed for human accessibility. Bipedal robots can walk, run, climb stairs, and mimic human-like movements, which makes them well-suited for applications where human interaction and navigation are essential. These robots excel in settings such as healthcare, where they can assist patients by moving around in hospital rooms, and in research, where they are used to study human locomotion and test new control algorithms. Bipedal motion enhances their adaptability to unstructured environments, making them valuable in disaster response and search-and-rescue operations.

Regional Insights

Asia Pacific held the biggest revenue share of 54% in 2023. Asia-Pacific stands as a prominent hub for humanoid robot manufacturing and innovation. Countries like Japan and South Korea have been at the forefront of humanoid robot development for decades. Japan, in particular, is known for its pioneering work in creating lifelike humanoid robots designed to assist in healthcare, eldercare, and research. The region's strong emphasis on technological advancements and robotics research has positioned it as a key player in the global market.

North America is anticipated to register the fastest CAGR of 21.74% over the forecast period. North America, led by the United States and Canada, is a major contributor to the humanoid robot market. The region boasts a thriving ecosystem of robotics startups and tech companies that are pushing the boundaries of AI and humanoid robotics. Applications span from manufacturing and healthcare to education and entertainment. The region's robust research and development activities, coupled with a focus on AI, have propelled its influence in the global market.

Humanoid Robot Market Key Companies

• HYULIM Robot Co., Ltd.
• Hanson Robotics Ltd.
• Engineered Arts Ltd.
• Honda
• KAWADA Robotics Corp.
• SoftBank Robotics
• Sanbot Co.
• ROBOTIS Co. Ltd.
• Willow Garage
• Toshiba Corp.

Humanoid Robot Market Report Segmentation

By Component

• Hardware
• Software

By Application

• Research & Space Exploration
• Education & Entertainment
• Personal Assistance & Caregiving
• Hospitality
• Search & Rescue
• Others

By Motion Type

• Biped
• Wheel-drive

By Region

• North America
• Europe
• Asia Pacific
• Latin America   
• Middle East & Africa