Press release
Entertainment Robots Market Set to Reach $114.17 Billion by 2029 with 27% Yearly Growth
Entertainment Robots Market Size
The upward trend in robot adoption is predicted to boost the expansion of the entertainment robots market. Robots are gaining popularity amongst kids and older adults for educational, therapeutic, and caregiving uses, such as teaching children various subjects like mathematics, science, and coding as well as keeping seniors active and engaged. Robots are being designed to aid the elderly in daily chores like housekeeping, retrieving objects, getting in and out of bed, during meals, and movement. For example, the International Federation of Robotics (IFR), a Germany-based organization dedicated to the robotics industry, reported in September 2023 that global industrial robot installations saw a 5% increase in 2022, led by Asia with 73%. The market is forecasted to expand by 7% in 2023, exceeding 590,000 units. Therefore, the rise in robot use is bolstering the expansion of the entertainment robots market.
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What growth opportunities are expected to drive the entertainment robots market's CAGR through 2034?
In the recent years, there has been a remarkable growth in the market size of entertainment robots. It is projected that the market, which is valued at $35.6 billion in 2024, will increase to $44.33 billion in 2025, reflecting a compound annual growth rate (CAGR) of 24.5%. This substantial growth during the historic period can be credited to the mounting interest of consumers in robotics, the integration of augmented and virtual reality technologies, the worldwide popularity of robotics competitions, the emergence and rise of artificial intelligence (AI) and machine learning, as well as the global proliferation of robot-as-a-service (RaaS).
Expectations are high for the entertainment robots market, anticipating extensive expansion in the upcoming years. The predictions place the market value at "$114.17 billion by 2029, showcasing a compound annual growth rate (CAGR) of 26.7%. Factors contributing to this forecasted growth include progressive developments in human-robot interaction, the inclusion of social robots, growth of theme parks and entertainment venues, trends of personalization and customization, and an emphasis on educational and edutainment robots. Foreseen trends contributing to this growth during the forecast period comprise the incorporation of 5g technology, strategic alliances between entertainment and technology firms, rising accessibility of robotics technology, technological enhancements in robotics, and improvements in human-robot interaction (HRI).
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What are the emerging trends shaping the future of the entertainment robots market?
The emergence and progress of artificial intelligence technology stand as the major trends influencing the entertainment robots market. To maintain their stronghold in the market, companies associated with the entertainment robot industry are turning towards innovative technologies. Take for example Miko, a consumer electronics firm based in India that focuses on artificial intelligence and machine learning. In February 2022, they introduced Miko 3, an educational robot equipped with AI technology. Miko 3 boasts several features including a wide-angle HD camera, a speed range sensor, and odometric detectors, all catering to the robot's ability to map distances in real time and navigate obstacles. Moreover, the Mikonnect video calling function provides a secure and consistent link between children and parents.
Which growth-oriented segments of the entertainment robots market are leading the industry's development?
The entertainment robots market covered in this report is segmented -
1) By Product: Robot Toys, Educational Robots, Robotic Companion Pets
2) By Component: Software, Hardware
3) By End-User: Media, Education, Retail, Other End Users
Subsegments:
1) By Robot Toys: Remote-Controlled Robots, Interactive Robot Toys, Building And Construction Robot Kits
2) By Educational Robots: Coding And Programming Robots, STEM Learning Robots, Robotics Kits For Schools
3) By Robotic Companion Pets: Robotic Dogs And Cats, Interactive Pet Robots, Emotional Support Robotic Pets
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What regions are leading the charge in the entertainment robots market?
Asia-Pacific was the largest region in the entertainment robots market in 2024.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
What companies are at the forefront of innovation in the entertainment robots market?
Major companies operating in the entertainment robots market include Sony Corporation, Hasbro Inc., Lego Group, Honda Motor Co. Ltd., Mattel Inc., WowWee Group Limited, Blue Frog Robotics, SoftBank Robotics Group Corp., UBTECH Robotics Corp., Robosen Robotics Co. Ltd., Anki Inc., Spin Master Ltd., Sphero Inc., Fischertechnik GmbH, iRobot Corporation, Tomy Company Ltd., Parrot SA, Boston Dynamics Inc., AIBrain Inc., Robotis Inc., Segway Robotics Inc., Ozobot & Evollve Inc., KUKA AG, Aldebaran Robotics SAS, Hanson Robotics Ltd., VTech Holdings Limited, ROBOLOCO Inc., Neato Robotics Inc., DJI Technology Co. Ltd., Furhat Robotics
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What Is Covered In The Entertainment Robots Global Market Report?
• Market Size Forecast: Examine the entertainment robots market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the entertainment robots market for a structured understanding.
• Key Players Overview: Analyze major players in the entertainment robots market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the entertainment robots market.
• Segment Contributions: Evaluate how different segments drive overall growth in the entertainment robots market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the entertainment robots market.
• Industry Challenges: Identify potential risks and obstacles affecting the entertainment robots market.
• Competitive Landscape: Review strategic developments in the entertainment robots market, including expansions, agreements, and new product launches.
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