Humanoid Robot Market: Current Analysis and Forecast (2022-2028)

Humanoid robots are perplexing human fake machines. Over the course of the past ten years, the development of humanoid robots has been accelerated by engineers' recent and ever-increasing technological advancements in the fields of robotics, locomotion, and artificial intelligence (AI). These robots are more suited to be used as a building platform for the actual implementation of the "Digital Twin" because they are human-like in shape and can operate in the same environment and equipment as humans.

The Humanoid Robot Market is expected to grow at a strong CAGR of around 50% during the forecast period owing to the growing need for personal assistance humanoid robots in the retail business and the rising elderly population in Europe, North America, and East Asia-Pacific. The market is also being driven by the growing use of humanoids in the medical field, the continued development of advanced humanoid robots, and the adoption of humanoids as educational robots. Additionally, the launch of some super advanced humanoid robots in the market is another factor contributing to the growth of the market. For instance, in August 2022, Xiaomi launched a humanoid robot named CyberOne. The company claims it can detect human emotions and even create 3D visual representations of the world.

Based on the motion type, the market is classified into biped and wheel drive. Amongst these, the wheel drive segment dominated the market in 2021 and is expected to grow at a substantial CAGR during the forecast period. The demand for wheel drive robots in the military and defense sectors, as well as in amusement parks, science fairs, and theme parks, are among the primary drivers of the market's expansion. Wheel drive robots are excellent tools for doing simple things like moving things from one location to another or more difficult things like increasing a robotic arm's range. Wheeled robots are typically inexpensive and easy to build

By application, the market is divided into education, research & space exploration, personal assistance, entertainment & hospitality, and others. The personal assistance segment held a significant share of the market in 2021 owing to their adoption in personal assistance and caregiving to provide patients with personal care at hospitals and homes. Hospitals across the globe are highly implementing biped humanoid robots, which is fueling the growth of this market

For a better understanding of the market adoption of the humanoid robot industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. For a better understanding of the market adoption of the telecom billing software industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is expected to grow at a strong CAGR during the forecast period mainly due to the growing elderly population in countries such as China and Japan. The region is expected to employ humanoids for personal assistance and caregiving application. Moreover, the increasing number of product launches in the humanoid market is further contributing to the growth of the humanoid robot market in APAC. For instance, in June 2021, Hanson Robotics, the Hong Kong team behind the celebrity humanoid robot Sophia launched a new prototype, Grace, targeted at the healthcare market and designed to interact with the elderly and those isolated by the COVID-19 pandemic

Some of the major players operating in the market include: Honda Motor Co., Ltd.; TOYOTA MOTOR CORPORATION; SoftBank Robotics Group; UBTECH ROBOTICS CORP LTD.; PAL Robotics; KAWADA ROBOTICS CORPORATION; Hajime Research Institute, Ltd.; HANSON ROBOTICS LTD.; Boston Dynamics; and Engineered Arts Ltd.