According to a market report, published by Sheer Analytics and Insights, the total humanoid robots market was valued at $600 million in 2021 and it is expected to reach $7491 million at a CAGR of 25.20% through the forecast period 2022-2032. During the COVID-19 pandemic governments of various countries imposed complete lockdowns which further stopped the supply chain of manufacturing companies to build and provide technological products. Thus, there was a major decline in the demand for humanoid robot products. Issues such as shortage of raw materials decreased production; therefore, the market growth of humanoid robots has shattered for a while. The exports rate was reduced during the lockdown period and supply chains were also disrupted. These major factors were contributing to a certain decline in producing humanoid robot products. However, during this COVID-19 crisis, the main focus of the manufacturing companies was to continue their business by looking for safer ways to continue their manufacturing tasks to get revenue share flowing.
Robotic toys such as services robots, educational robots, industrial robots, and others that are produced by mass-market components are easily available in the market. However, in the case of humanoid robots, the level of tasks increases in complexity. Therefore, demand for expensive humanoid robots is rising and it is expected to make a growth in the upcoming years. For the advanced development of the humanoid robot, it requires component costs, maintenance and repair costs, and development costs, among other costs. Thus, it occurs as a huge investment for various sizes of enterprises. These robots are adopted for personal assistance and they can be used as caregiving to provide personal care at home or in hospitals.
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After the Asia-Pacific region, North America is expected to hold the maximum share in the humanoid robot market across the globe. Additionally, due to rising costs of labor, the demand for humanoid robots is increasing in the industries such as health sectors, manufacturing, retail sectors, and construction sectors, among others. Thus, it is estimated to drive market growth over the upcoming periods. Europe is also expected to witness profitable growth during the forecast period from 2022 to 2032. In addition, the rising demand for automobiles and electronics is positively impacting the adoption of humanoid robots in the Europe region.
The key players in the global humanoid robots market are ROBOTICS (South Korea), PAL Robotics (Spain), TOYOTA Motor Corporation (Japan), SoftBank Robotics (Japan), Hanson Robotics Limited (Hong Kong), UBTECH Robotics (China), Toshiba Corporation (Japan), Trossen Robotics (U.S), Willow Garage (U.S), Honda (Japan) and other companies. These major companies are leading the humanoid robot market across the globe. Key players are enhancing their business by implementing advanced technologies and producing new innovative products.
The Global Humanoid Robots Market Has Been Segmented Into:
The Global Humanoid Robots Market – by Component
The Global Humanoid Robots Market – by Product
The Global Humanoid Robots Market – by Application
The Global Human Microbiome Market – by Region
North America
Europe
Asia-Pacific
LAMEA
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