Entertainment Robots Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2031)

Based on the 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.

Based on the 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.

Based on the Region :

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

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.