Entertainment Robots Market Forecast 2023 - 2031

Report ID : CBI_1378 |  Category : Semiconductor And Electronics   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Type Robot Toys, Educational Robots, and Robotic Companion Pets
By Application Domestic, Education, Commercial, and Others
By Region Asia-Pacific, Europe, North America, Latin America, Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 24.4%
Forecast Year: 2023 - 2031
Revenue 2022: $7,729.46 Mn
Revenue 2023: $9,439.68 Mn
Revenue 2031: $54,308.26 Mn

Entertainment Robots Market Forecast 2023 - 2031

Market Overview :

Entertainment Robots Market is estimated to reach over USD 54,308.26 Million by 2031 from a value of USD 7,729.46 Million in 2022 and is projected to grow by USD 9,439.68 Million in 2023, growing at a CAGR of 24.4% from 2023 to 2031.

Market Definition :

Entertainment robots refers to a type of robot that is particularly designed to perform various tasks, including singing, playing games, dancing, and others, for the sole purpose of amusing or engaging human audiences. Moreover, entertainment robots are capable of creating engaging and fun experiences for individuals of all ages and interests. Additionally, entertainment robots are primarily used in multiple applications including domestic, education, commercial, and other related applications.

Entertainment Robots Market :

Entertainment Robots Market

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Market Dynamics :

Entertainment Robots Market Dynamics

Drivers :

  • Rising utilization of entertainment robots in education sector is driving the market growth.

    Entertainment robots are often used in educational institutions for providing a fun and interactive approach for teaching. Moreover, the utilization of entertainment robots in educational institutions enables children to develop basic cognitive skills of mathematical thinking at an early age through playing. Additionally, entertainment robots enable students of all ages to deepen the knowledge of programming and robotics, while learning other cognitive skills simultaneously. The aforementioned benefits are key determinants for increasing the utilization of entertainment robots in education sector.

    Factors including rising trend towards adoption of higher education enrolments, growing international student mobility, and increasing government initiatives and funding for the development of educational institutes are major aspects driving the growth of the education sector. For instance, according to the European Union, approximately 93.3 million students enrolled across 6 education levels including pre-primary, primary, lower and upper secondary, post-secondary, non-tertiary, and tertiary levels across the European Union in 2020.

    Therefore, the growth of student enrolments in educational institutions is fostering the utilization of entertainment robots for providing a fun and interactive approach for teaching, in turn driving the growth of the market.

  • Increasing innovations associated with entertainment robots is spurring the market growth.

    Entertainment robot manufacturers are constantly investing in the development of new technologies and robots integrated with new features to ensure its efficient utilization in multiple applications including domestic, commercial, and educational applications among others. Hence, entertainment robot companies are launching new products with updated features and advancements.

    For instance, in January 2023, WowWee Group Limited launched its new robot toy, MINTiD Dog-E. Dog-E is a robot dog integrated with touch sensors on its head, audio sensors for hearing sounds, and a persistence of vision (POV) tail that is capable of displaying messages and icons for communication.

    Additionally, in October 2022, Hanson Robotics Limited partnered with Asia Entertainment Technology Limited for creating, developing, and marketing a new line of merchandise which includes Sophia-themed apparel, posters, artwork, and collectibles. Sophia is a realistic humanoid robot that is designed for education, research, and entertainment purposes. Therefore, the increasing innovations associated with entertainment robots are proliferating the growth of the market.

Restraint :

  • Prevalence of stringent regulations associated with entertainment robots is restraining the market growth.

    The manufacturers of entertainment robots have to compulsorily comply with various stringent standards such as International Organization for Standardization (ISO 13482), UL 3300, and others, which is a prime factor restricting the market growth.

    For instance, ISO 13482:2014 specifies guidelines and requirements for protective measures, safe design, and information for utilization of robots and robotic devices including entertainment robots. Additionally, UL 3300 standard outlines the investigation for service, communication, information, education and entertainment robots. UL 3300 specifies the requirements utilized for evaluating robot operational safety focusing on multidirectional mobility, external manipulation, user classes, fire and shock hazards, and use surroundings to ensure safe operation of robots in a various environments with presence of people.

    Therefore, the prevalence of the aforementioned standards associated with entertainment robots are limiting the growth of the market.

Opportunities :

  • Rising application of entertainment robots in retail outlets is expected to promote potential opportunities for market growth.

    The rising application of entertainment robots in retail outlets is expected to present potential opportunities for the growth of the entertainment robot market. Entertainment robots are often used in retail outlets such as shopping malls for amusing or engaging customers and improving the customer's overall mall experience.

    Factors including rising investments in expansion of retail outlets including shopping malls, and growing deployment of automation by retail enterprises are providing lucrative growth aspects for the market.

    For instance, in 2022, Arabian Centres invested around USD 1.6 billion in the development of two shopping malls in Jawharat Al-Riyadh and Jawharat Jeddah cities of Saudi Arabia, with the motive of offering modern experiences, integrating luxury retail brands, and a wide range of dining and entertainment offerings.

    Therefore, rising development of retail outlets is anticipated to increase the integration of entertainment robots in retail outlets for amusing or engaging customers and improving the customer's overall experience, in turn promoting opportunities for market growth during the forecast period.

 

Entertainment Robots Market Report Coverage :

Report Attributes Report Details
Study Timeline 2017-2031
Market Size in 2031 USD 54,308.26 Million
CAGR (2023-2031) 24.4%
By Type Robot Toys, Educational Robots, and Robotic Companion Pets
By Application Domestic, Education, Commercial, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Sony Corporation, Hasbro, Mattel, KUKA AG, Modular Robotics Incorporated, Sphero Inc., Blue Frog Robotics, LEGO Group, Robobuilder Co. Ltd., Toyota Motor Corporation

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Market Segmentation :

By Type :

Based on the type, the market is divided into robot toys, educational robots, and robotic companion pets. The robot toys segment accounted for the largest revenue share in the year 2022. Robot toys are particularly designed for imitating the behavior and movements of real beings, providing interactive and entertaining experiences for users of all ages. Moreover, robot toys offer a range of benefits including enhanced critical thinking, improved creativity and imagination, introduction to technology and engineering concepts, and others. The above benefits of robot toys are further increasing its utilization in domestic and commercial applications among others.

For instance, Hasbro Inc. is among the manufacturers of entertainment robots that offers a broad range of robot toys in its product portfolio. Therefore, the rising advancements associated with robot toys is a prime factor proliferating the growth of the segment.

The educational robots segment is anticipated to register the fastest CAGR growth during the forecast period. Educational robots are designed to provide an interactive approach for teaching and enable children to develop one of the basic cognitive skills of mathematical thinking at an early age. Moreover, educational robots enable students of all ages to deepen their knowledge of programming and robotics, while learning other cognitive skills simultaneously.

For instance, in April 2023, Elephant Robotics introduced its new desktop educational robots that is specifically designed to meet the evolving educational needs. Thus, the increasing innovation associated with educational robots is a vital factor expected to drive the growth of the market during the forecast period.

By Application :

Based on the application, the market is segregated into domestic, education, commercial, and others. The domestic segment accounted for the largest revenue share of 39.20% in the year 2022. Factors including rising disposable income, advancements in artificial intelligence, and increasing popularity of robotic toys among children are among the key prospects driving the utilization of entertainment robots in domestic application.

For instance, Mattel offers a broad range of toy robots in its product portfolio specifically designed for domestic applications. The company's toy robots are optimized for use by children age 4 years and above to facilitate engaging and imaginative play. Thus, the rising development of entertainment robots for domestic applications is driving the growth of the market.

Education segment is expected to witness fastest CAGR growth during the forecast period. The growth of education segment is attributed to several factors including rising trend towards adoption of higher education enrolments, growing international student mobility, and increasing government initiatives and funding for the development of educational institutes among others.

For instance, according to the India Brand Equity Foundation, the Indian Government has taken multiple initiatives such as the Foreign Educational Institutions Bill and National Accreditation Regulatory Authority Bill for Higher Education to promote the educational sector comprising of schools and colleges in India. Entertainment robots are often used in educational institutions for facilitating a fun and interactive approach for teaching and learning. Thus, rising government initiative to support the growth of education sector is among the key factors anticipated to drive the growth of the market during the forecast period.

Global Entertainment Robots Market, By Application, 2022

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

 
North America Entertainment Robots Market, 2022 (USD Million)

Regional Growth Insights

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North America is estimated to reach over USD 17,492.69 Million by 2031 from a value of USD 2,460.29 Million in 2022 and is projected to grow by USD 3,007.64 Million in 2023.

The market growth for entertainment robots in the North American region is primarily driven by its deployment in education and commercial applications among others. Moreover, rising investment in educational institutions along with increasing demand for engaging and interactive learning approaches are among the significant factors driving the market demand for entertainment robots in the region.

Additionally, factors including the prevalence of several entertainment robot manufacturers in North America such as Hasbro, Mattel, Modular Robotics Incorporated, Sphero Inc., and others lead to significant innovations in entertainment robots in the North American region. The aforementioned factors are projected to drive the market growth in North America during the forecast period.

Asia-Pacific is expected to grow with the highest CAGR growth of 25.0% and is estimated to reach over USD 15,233.47 Million by 2031 from a value of USD 2,089.27 Million in 2022 and is projected to grow by USD 2,559.57 Million in 2023. In addition, in the region, the China accounted for the maximum revenue share of 28.30% in the same year.

The growing pace of industrialization and development is creating lucrative growth aspects for the market in the region. Moreover, the growth of the educational sector including schools, colleges, and others is contributing to the market growth for entertainment robots in the Asia-Pacific region. Additionally, the rising trend towards the adoption of higher education enrolments is further fueling the demand for entertainment robots in the region. Therefore, the growing education sector in the Asia-Pacific region is anticipated to drive the utilization of entertainment robots to enable students to develop basic cognitive skills of mathematical thinking at an early age through play, thereby, proliferating market growth in the region during the forecast period.

North America Entertainment Robots Market, By Countries (2022)

Details Countries Growth Insights

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Entertainment Robots Market Competitive Landscape:

The entertainment robots market is highly competitive with major players providing entertainment robots to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in entertainment robots market. Key players in the entertainment robots market include-

  • Sony Corporation
  • Hasbro
  • Mattel
  • KUKA AG
  • Modular Robotics Incorporated
  • Sphero Inc.
  • Blue Frog Robotics
  • LEGO Group
  • Robobuilder Co. Ltd.
  • Toyota Motor Corporation

Recent Developments :

  • In October 2023, Sony Corporation upgraded its system software for AIBO series of robotic dogs. The upgrade enables AIBO to show richer behaviour while it is on the charging station.
 

Frequently Asked Question

What is entertainment robots?+

Entertainment robots refers to a type of robot that is particularly designed to perform various tasks, including singing, playing games, dancing, and others, for the sole purpose of amusing or engaging human audiences.

What specific segmentation details are covered in the entertainment robots report, and how is the dominating segment impacting the market growth?+

For instance, by type segment has witnessed robot toys as the dominating segment in the year 2022, owing to its increasing utilization in domestic and commercial applications among others.

What specific segmentation details are covered in the entertainment robots market report, and how is the fastest segment anticipated to impact the market growth?+

For instance, by end-user segment has witnessed education as the fastest-growing segment during the forecast period due to rising adoption of entertainment robots in educational institutions to facilitate interactive and engaging teaching/learning.

Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031? +

Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as including education, commercial, and others.