Entertainment Robots Global Market Report 2024

The entertainment robots market has grown exponentially in recent years. It will grow from $28.78 billion in 2023 to $36 billion in 2024 at a compound annual growth rate (CAGR) of 25.1%. The expansion observed in the historical period can be ascribed to the increasing fascination of consumers with robotics, the incorporation of augmented reality (AR) and virtual reality (VR), the worldwide appeal of robotics competitions, the surge in AI and machine learning, and the global proliferation of Robot-as-a-Service (RaaS).

The entertainment robots market is expected to see exponential growth in the next few years. It will grow to $89.42 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The anticipated growth in the forecast period can be attributed to the swift progress in human-robot interaction, the rise of social robots, the expansion of theme parks and entertainment venues, trends in customization and personalization, and a focus on educational and edutainment robots. Major trends expected in the forecast period include the integration of 5G technology, collaborative efforts between entertainment and technology companies, the increasing affordability of robotics technology, technological advancements in robotics, and improvements in human-robot interaction (HRI).

The increasing adoption of robots is anticipated to drive the growth of the entertainment robots market in the foreseeable future. The utilization of robots among both children and senior adults serves various purposes, including education, therapy, and caregiving. This involves instructing children in diverse subjects such as mathematics, science, and programming, while aiding older adults in staying active and engaged. The development of robotic assistance for older individuals aims to assist with daily tasks such as housekeeping, fetching objects, getting in and out of bed, mealtime, and locomotion. For example, data published by 'The Association for Advancing Automation,' a U.S.-based non-profit automation trade association, revealed that in Q3 2021, North American businesses placed 9,928 robot orders, totaling $513 million. This represented a 32% increase in units and a 35% increase in value over the same period in 2020. Despite a surge in units sold and value, the figures exceeded the previous high benchmark from 2017 by 5.8% and 0.5%, respectively. Hence, the growing adoption of robots is a key driver for the future growth of the entertainment robots market.

The increasing number of children is poised to contribute to the expansion of the entertainment robots market. Children, defined as young human beings in the early stage of life, from birth to adolescence or until reaching maturity, are showing a growing interest in entertainment robots. These robots offer interactive experiences, educational engagement, playtime activities, and more. According to The Federal Interagency Forum on Child and Family Statistics (Forum), a U.S.-based federal government agency, the number of children in the United States was approximately 72.5 million in 2022. In the same year, the number of children aged 0-5 was 22.4 million, slightly lower than those in the 6-11 age group (24.2 million) and the 12-17 age group (25.8 million). The projected total count of children is expected to rise to 78.2 million by the year 2050. Thus, the increasing population of children is a driving force for the future growth of the entertainment robots market.

Advancements in artificial intelligence technology are emerging as key trends gaining traction in the entertainment robots market. Companies within this market are strategically adopting new technologies to maintain their competitive positions. For example, in February 2022, Miko, an India-based consumer electronics company specializing in artificial intelligence and machine learning, introduced Miko 3, an AI-integrated educational robot. Miko 3 boasts features such as a wide-angle HD camera, a speed range sensor, and odometric detectors, enabling dynamic mapping of distances and the ability to navigate surfaces and obstacles. The Mikonnect video calling feature ensures a secure and continuous connection between children and parents.

Major players in the entertainment robots market are channeling their efforts into the development of innovative products, including robot dogs, to establish a robust market presence. A robot dog is a mechanical device designed to mimic the appearance and behavior of a real dog. For instance, in January 2023, WowWee Group Limited, a China-based manufacturer of entertainment robots, launched the 'MINTiD Dog-E' robot. Dog-E stands out as an innovative robot dog with over a million potential combinations of vibrant lights, sounds, and personality traits, rendering it truly unique. This app-connected smart dog features real-life movements, touch sensors, audio sensors, and persistence of vision (PV) for displaying icons and communicating messages.

In February 2021, Verizon, a US-based wireless network operator company, completed the acquisition of incubed IT for an undisclosed amount. This strategic move is aimed at bolstering Verizon's robotic technologies and reinforcing the company's commitment to pioneering cutting-edge businesses, leveraging 5G use cases. The acquisition of incubed IT, an Australia-based company specializing in developing software and autonomous fleet management servers crucial for terrestrial robotics, positions Verizon to drive the future of robotic technology for enterprise clients.

Major companies operating in the entertainment robots market report are KUKA AG, Hasbro Inc., Modular Robotics Inc., Mattel Inc., Sphero Inc., Blue Frog Robotics, Robobuilder Co Ltd., Sony Corporation, LEGO System A/S, Hanson Robotics Limited, SoftBank Robotics Group, Anybots Inc., Abyss Creation LLC, WowWee Group Limited, UBTECH Robotics Corp Ltd., Boston Dynamics Inc., ABB Group., FANUC Robotics America Corporation, Yaskawa Electric Corporation, Omron Adept Technologies, Epson America Inc., Kawasaki Robotics Ltd., Universal Robots A/s, Rethink Robotics Inc., GreyOrange Pte. Ltd., Fetch Robotics Inc., Locus Robotics Corporation, IAM Robotics, Brain Corp, Savioke Inc., Knightscope Inc., Simbe Robotics Inc.

Asia-Pacific was the largest region in the entertainment robots market in 2023. North America is expected to be the fastest-growing region in the global entertainment robots market report during the forecast period. The regions covered in the entertainment robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the entertainment robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product categories of entertainment robots encompass robot toys, educational robots, and robotic companion pets. Robot toys are playthings intricately designed to resemble robots, exhibiting features that emulate the appearance and behaviors of real robots. These toys often incorporate movable limbs, sound effects, and lights to create a lifesuch as and engaging experience. The various components, including software and hardware, find applications across different sectors such as media, education, retail, and others.

The entertainment robots market research report provides entertainment robots market statistics, including entertainment robots industry global market size, regional shares, competitors with an entertainment robots market share, detailed entertainment robots market segments, market trends and opportunities, and any further data you may need to thrive in the entertainment robots industry. This entertainment robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The entertainment robots market consists of sales of residential, domestic, and research robots. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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