Market Size of Humanoids Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 47.90 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Humanoids Market Analysis
The humanoids market was valued at USD 1.49 billion in the previous year and is expected to register a CAGR of 47.9 % during the forecast period to become USD 11.89 billion by the next five years. Furthermore, Humanoid robots have gained increased interest in recent years, with Honda and Hyundai developing iterations for commercialization, and Tesla unveiled the prototype of its Optimus robot in September 2022. NASA has also announced its hat into the ring with its collaboration with Apptronik to launch the humanoid robot Apollo into commercial markets.
- With the rapid rate of technological developments and the rise of the emergence of players in the market, there has been growth in the field of Robotics. For instance, in January 2022, according to a top official of Addverb, Reliance Retail purchased a 54 percent share in the domestic robotics startup for USD 132 million (INR 983 crore). The company planned to develop its business worldwide and build one of Noida's most extensive robotic production facilities. Such initiatives by the market players in robotics may further drive the studied market growth.
- Over the past two years, the market for humanoids has witnessed significant launches. Several projects have been developing other robots designed to work closely with people. In August 2022, Tesla planned to disclose the humanoid robot prototype this year, aiming to improve the robot's intelligence and provide a solution for large-scale production.
- Governments worldwide have also taken initiatives to foster the development of advanced technologies in robotics markets, with a view to promoting its adoption. For example, in order to strengthen the ability of the country to build its own robots and to encourage research in this area, the US Federal Government has launched a program called the National Robotics Initiative. Further, the US government plans a budget of 35 billion USD from 2020 to 2024.
- Furthermore, UBTECH Robotics, a designer of intelligent humanoid robotics and AI technologies, has recently announced Walker X, the latest version of humanoid robot I. Walker X has been updated to perform a broader range of household tasks, including serving tea, pouring liquids, watering flowers, wiping surfaces, and operating the vacuum cleaner.
- A major impediment to the adoption of humanoid robots has been their expensive cost, with suitable financing and leasing options being as essential for them as they are for a robot. As these robots are driven and deployed, the brick-and-mortar sector calls for a careful balancing of concerns about people's jobs.
- Moreover, opportunities for the market to be explored were enhanced due to a large outbreak of COVID-19. Indian robotics startup Invento built humanoids equipped to do more than hand out sanitizers. They were involved in visiting patients and gathering information about them, e.g., possible exposure to the SARSCv2 virus, which caused COVID-19. They are equipped with a thermal imaging system to measure the patient's temperature without putting any thermometer in his mouth.