Entertainment Robot Market - Forecasts from 2024 to 2029

The entertainment robot market is estimated to be around US$5.933 billion in 2024 and is anticipated to grow to US$14.976 billion by 2029 at a CAGR of 20.34%.

An entertainment robot is a type of robot specially designed for domestic and production use. It can be developed either as a robotic substitute for pets or as a humanoid robot used for presentations, exhibitions, and entertainment purposes. These robots consist of various sensor systems embedded in them, like motion sensor systems and vision sensor systems.

The industry will witness a significant increase in the coming years, driven by the continuous adoption of autonomous toys and increased governmental policies. Globally, multiple countries have introduced various policies and programs to grow their robotic industry. These policies, like subsidy programs, help the new start-ups with new research and developments. We can witness in India that through Invest India and PLI schemes, various new startups are being introduced to the market, developing new technologies and collaborating with international manufacturers.

The major challenge for the entertainment robot market is the rising price and dependency on technologies in some specific countries. For the development and manufacturing of an entertainment robot, various parts and products are required by the companies, like software, chipsets, joints, skin material, and others. A manufacturer can not produce all its parts by itself and has to become dependent on other companies and countries. With the constantly changing global scenario, the supply chain of these raw materials can get disrupted, delaying the manufacturing process and increasing the cost of the robots.

The risks related to the technologies of the robots, like software and hardware, can act as a major barrier to the global entertainment robot market’s expansion. The risks, like increasing cases of cyber-attacks, privacy breaches, and others, add a negative side to the products in the consumer's mind, decreasing the demand for entertainment robots in the market. Similarly, the increasing or higher cost of the robots' software and hardware is also estimated to slow down the demand for entertainment robots in countries with lower individual incomes, like India and Bangladesh.

Entertainment Robot Market Drivers:

An increase in the global autonomous industry.

One of the major driving factors for the expanding demand for entertainment robots in the global market can be the constant expansion of autonomous technologies and autonomy in the industry. The global autonomous industry has witnessed major growth. According to the TPCI, North America is the market leader in the autonomous toy industry, with about 43% of the market share, followed by Europe. This high market share can be credited to the high adoption rate in countries like the USA, Canada, Mexico, the UK, and Germany. The International Federation of Robotics (IFR), about 526,000 units of industrial robots were installed in the global market, which increased to 553,000 units in 2022.

The increasing governmental investments in the robotics industry.

In recent years, various initiatives and policies have been witnessed related to investment in the robotics and technology industry by various countries globally. Countries like China, Japan, the USA, and Germany also invested and curated a policy dedicated to developing the robotics industry and its supply chain. Japan aims to become a global center for innovation in the robotics industry. In July, the Japan External Trade Organization stated that JAKA Robotics, a Chinese company and developer of robots, established a Japanese subsidiary. Similarly, the governments of Vietnam and India have also introduced multiple policies and subsidies to boost the robotics landscape of the countries.

Entertainment Robot Market Restraint:

An increasing risk related to the technologies.

One of the major challenges for the entertainment robot industry is technology-related threats. Various risks, such as cyberattacks, privacy breaches, and software lag, are expected to slow the growth of entertainment robots in the global market. Companies manufacturing and selling their products in this industry need to ensure that their products are equipped with the latest technology to prevent cyber attacks and data leakage.

Similarly, the high cost of the products is also estimated to act as a barrier to market growth. The high cost of software and hardware is one of the major reasons that prevents or blocks the entertainment robots industry’s expansion in developing countries like India, Bangladesh, Vietnam, and South Africa. The prices of entertainment robots are high because of the limited supply of raw materials, like semiconductors, moving components, and others.

Entertainment Robot Market Geographical Outlook

North America is anticipated to hold a significant share of the Entertainment Robot market.

The Asia Pacific market is estimated to attain a greater market share in the global entertainment robot market. The Asia Pacific region offers a few leading innovations and technological software and hardware developing nations, like Japan, South Korea, Singapore, and China. These countries offer an increasing landscape of robotics developments and use robots extensively. Countries like Japan, China, and South Korea have embedded various categories of robots into their daily lives, such as entertainment, commercial, and organizational robots.

Similarly, the governments of multiple countries like India, Vietnam, and Taiwan have also introduced various policies and subsidy plans to boost and develop their nation's robotics and autonomous infrastructure. These initiatives are expected to boost the regional market share for entertainment robots.

The Entertainment Robot Market Products Offered by Key Companies:

• Sony: Sony unveiled the world’s first entertainment robot, Aibo. Aibo is still available for sale today, with various upgrades. It has a battery that can run for 2 hours and an internal SIM for continuous connectivity.
• Hanson Robotic: Hanson Robotic's humanoid robot, Sophia, is a result of unique innovation and technology that came together. This robot has AI features and a human-like face.

The Entertainment Robot Market Key Developments:

• In January 2023, WowWee, a company that develops, designs, and distributes innovative robotic toys, launched Mintid Dog-E, a robotic toy at the CES 2023. The Dog-E has multiple features, such as an audio sensor, touch sensor, and persistence of visions built into it.
• In March 2022, IISC Bangalore and the Karnataka Government of India launched ARTPARK and aimed to invest about US$100 million in the development of AI and robotics.

The Entertainment Robot market is segmented and analyzed as follows:

By Type

• Robotic Toys
• Robotic Companion Pets
• Others

By Component

• Software
• Hardware

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others