Humanoids Market Size (2024 - 2029)

Humanoids Market Analysis

The Humanoids Market size is estimated at USD 3.26 billion in 2024, and is expected to reach USD 23.07 billion by 2029, growing at a CAGR of 47.90% during the forecast period (2024-2029).

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.

Humanoids Industry Segmentation

A humanoid is a robot with a body shape built to resemble the human body. The design may be for functional purposes, such as interacting with human tools and environments, experimental, or other goals.

The studied market is segmented by different applications such as education, research and space exploration, personal assistance, entertainment, and hospitality among various geographies (North America, Europe, Asia-Pacific, and the Rest of the World). The impact of COVID-19 on the market and impacted segments is also covered under the scope of the study. Further, the disruption of the factors affecting the market's expansion in the near future has been covered in the study regarding drivers and restraints.

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.