Humanoid Robot Market Growth Trajectory Through 2024-2033

The Humanoid Robot Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Humanoid Robot Global Market Report 2024, The humanoid robot market size has grown exponentially in recent years. It will grow from $2.44 billion in 2023 to $3.7 billion in 2024 at a compound annual growth rate (CAGR) of 51.6%. The growth in the historic period can be attributed to increasing labor costs, rising interest in automation, demand for efficiency, growth in the manufacturing industry, globalization of supply chains.

The humanoid robot market size is expected to see exponential growth in the next few years. It will grow to $19.69 billion in 2028 at a compound annual growth rate (CAGR) of 51.9%. The growth in the forecast period can be attributed to expanding applications in healthcare, rising demand for personal assistance robots, evolving consumer preferences, increased funding in robotics research, demand for collaborative robots. Major trends in the forecast period include customization and personalization, focus on safety features, adoption of cloud robotics, emergence of socially intelligent robots, sustainability initiatives.

Rising demand for humanoid robots in the medical sector is driving the humanoid robot market. The medical sector refers to a broad range of organizations and professionals involved in providing medical services, treatments, and products to promote and maintain human health. Humanoid robots are being increasingly used in the medical industry, owing to the benefits offered by humanoid robots such as efficiency, personal care management, and increased accuracy of diagnosis. For instance, in October 2022, according to the International Federation of Robotics (IFR), a Germany-based non-profit organization promoting the robotics industry worldwide, the medical sector employed 14,800 service robots in 2021, an increase of 23% as compared to 2020. As a result, the rising demand for humanoid robots in the medical sector is driving the humanoid robot market going forward.

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The humanoid robot market covered in this report is segmented –

1) By Component: Hardware, Software, Services
2) By Motion Type: Biped, Wheel Drive
3) By Application: Education And Entertainment, Research And Space Exploration, Personal Assistance And Caregiving, Search And Rescue, Public Relations, Other Applications

Technological improvements are a key trend gaining popularity in the humanoid robot market. Major companies in the humanoid robot market are focused on developing technologically advanced robots to sustain their position in the market. For instance, in August 2022, Xiaomi, a China-based technology company, introduced the CyberOne humanoid robot. The new bipedal robot has technologically advanced features, such as an AI-based full-sized humanoid frame that generates peak torque of 300 nm and supports 21 degrees of freedom in motion. It leverages Mi-Sense depth vision technology to visually process the individual gestures, expressions, and reactions of the person in front of it.

The humanoid robot market report table of contents includes:

1. Executive Summary
2.Humanoid Robot Market Characteristics
3.Humanoid Robot Market Trends And Strategies
4.Humanoid Robot Market analysis
5.Humanoid Robot Market Size And Growth
6.Humanoid Robot Segmentation
7.Humanoid Robot Regional And Country Analysis
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27.Humanoid Robot Competitive Landscape And Company Profiles
28.Humanoid Robot Key Mergers And Acquisitions
29.Humanoid Robot Future Outlook and Potential Analysis

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