Market Analysis
The Entertainment Robots Market will touch USD 3715.29 million at a whopping 23.06% CAGR between the forecast period 2017- 2023, states the recent Market Research Future (MRFR) analysis. Entertainment robots have been designed to amuse people in various ways in various places to give people happy times. Its main purpose is to keep people of all age groups entertained. Entertainment robots have microphones to listen as well as interact with cameras and people to adapt their habits and actions carried out daily. These robots, at times, are also capable of singing, interacting with people, moving, conversing, and dancing. Robotic companion pets, educational robots, and robot toys are the different types of entertainment robots. Owing to its alluring features and perks, these robots have wide applications in different end use industries, including retail, education, media, and others.
Key Players
Key contenders profiled in the global entertainment robot market report include Sony Corporation (Japan), Toshiba Machine Co. Ltd (Japan), Robotics Inc. (U.S.), Robo Builder (South Korea), Modular Robotics (U.S.), Blu Frog Robotics (France), Aldebaran Robotics (Japan), WowWee Group Limited. (Hong Kong), Sphero (Hong Kong), Mattel, Inc. (US), and Hasbro, Inc.(US). Industry players have incorporated different strategies to stay at the forefront and also cater to the burgeoning needs of customers, such as acquisitions and mergers, extensive R&D activities, joint ventures and collaborations, contracts, new product launches, geographic expansions, and others.
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Various factors are propelling the global entertainment robots market share. According to the recent MRFR report, such factors include the development of humanoid robots, demand for animatronics, increasing geriatric population, developing artificial intelligence technology, modernization in production techniques, technological advances, high research and development investments in robotic technology, and rising adoption of robots for utilitarian use. Additional factors adding market growth include the use of cameras and microphones to recognize voices, identify faces, and navigate around obstacles, growing demand to interact with people on live events, changing consumer lifestyle, growing disposable income, and rapid urbanization.
On the contrary, high initial investment, lack of skilled labor, and the current COVID-19 impact may limit the global entertainment robots market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global entertainment robots market based on end user and type.
By product, the global entertainment robots market is segmented into robotic companion pets, educational robots, and robot toys.
By end user, the global entertainment robots market is segmented into retail, education, media, and others.
Regional Analysis
By region, the entertainment robots industry covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. Advances in camera & sensor technology are adding to the global entertainment robots market growth in the region. India, Taiwan, Japan, and China have the utmost share in the market. It is predicted to reach USD 1821.78 million by 2023.
In North America, the entertainment robots market is predicted to have healthy growth over the forecast period. Increasing adoption of robots in colleges and schools, implementation of artificial intelligence in developing robots, and advances in technology are adding to the global entertainment robots market growth in the region.
In Europe, the entertainment robots market is predicted to have sound growth over the forecast period. The presence of developed market coupled with high disposable income is adding to the global entertainment robots market growth in the region.
In the Rest of the World, the entertainment robots market is predicted to have favorable growth over the forecast period.
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