The Humanoid Robot Market Overview Report

 The humanoid robot market was valued at USD 1.5 billion in 2022 and is estimated to reach USD 17.3 billion by 2027, registering a CAGR of 63.5% between 2022 and 2027. The growth of the market is attributed to the growing development of humanoid robots with advanced features, increasing use of humanoids as educational robots, surging demand for humanoid robots from retail industry for personal assistance, and rising demand for humanoid robot from medical sector.

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Hardware segment to hold the largest share of humanoid robot market in 2021

The market for the hardware segment held the largest share in 2021 and is estimated to remain the same during the forecast period. The hardware components add major value to the humanoid robots, making them look like humans. The control system is the major sub-component of a humanoid as it processes the data received by the sensor system and sends commands to the actuators to act accordingly based on the output of the decision process.

Personal assistance and caregiving application segment to hold the largest market share in 2021

Humanoid robots are highly adopted for personal assistance and caregiving to provide patients with personal care at hospitals and homes. Hospitals across the globe are highly implementing biped humanoid robots in COVID-19 wards, which is fueling the growth of this market. In hospitals and homes, humanoids take care of patients and older people and assist them in their daily routine, e.g., providing them medicines on time. They are programmed to handle the routine tasks that caregivers are usually responsible for, such as checking vital signs, administering medication, assisting with feedings, and alerting healthcare professionals in case of an emergency.The humanoid robot market based on region has been segmented into North America, Europe, APAC, and Rest of the World (RoW). North America accounted for the largest share of the global humanoid robot market in 2021. The region is the early adopter of humanoids for all the major applications, such as public relations, personal assistance and caregiving, and education and entertainment, resulting in the maximum demand for robots from this region. Besides, verticals such as retail, healthcare, and education and entertainment have witnessed exponential growth in the last few years in the Europen region. They are the major contributors to the increasing humanoid robotics sale in Europe.

Major players operating in the humanoid robot market are SoftBank Robotics (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS CORPORATION (Japan), Honda Motor Co., Ltd. (Japan), UBTECH Robotics Corp. Ltd. (China), HANSON ROBOTICS LTD. (Hong Kong), PAL Robotics (Spain), and TOYOTA MOTOR CORPORATION (Japan).

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