The global Entertainment Robots Market is estimated to be valued at US$ 3.12 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The entertainment robots market comprises of robots that are utilized for recreational and entertainment purposes. These robots find widespread adoption in theme parks, arcades, malls, restaurants, and more. Key advantages include enhancing user experience, generating excitement, and providing interactive engagement for users of all ages.
Market key trends:
One of the key trends in the entertainment robots market is the growing adoption of artificial intelligence. Leading players are focusing on integrating advanced AI capabilities in robots to offer elevated interactive and personalized experiences to users. For instance, AI-powered robots can recognize users, understand spoken commands, answer questions, and customize responses. This has the potential to take entertainment robots to the next level and fuel greater demand across application areas.
Segment Analysis
The global entertainment robots market is segmented on the basis of type, end-user, and geography. By type, the market is divided into robot toys, educational robots, and robotic companion pets. The robot toys segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is due to the increasing popularity of robot toys among kids and their declining prices. By end-user, the market is bifurcated into media, education, retail and others. The media segment accounted for the largest share in 2023 owing to the usage of entertainment robots in films, television and digital media.
Key Takeaways
The global entertainment robots market size was valued at US$ 3.12 billion in 2023. It is expected to witness high growth, exhibiting a CAGR of 24% over the forecast period, due to increasing adoption of robots in education and for personal assistance.
From a regional perspective, Asia Pacific dominated the global market in 2023 and is projected to maintain its leading position till 2030. This is attributed to growing disposable income, rapid digitization and increasing number of startups developing robotics solutions in emerging economies such as China, India and South Korea.
North America is anticipated to exhibit lucrative growth during the forecast period. This growth can be ascribed to the presence of major entertainment robots providers such as Hasbro, Mattel, Sphero and Anthropic in the region.
Key players operating in the entertainment robots market are Hasbro, Mattel, Lego, WowWee, Sphero, Bluefrog Robotics, Aldebaran, Robotis, Modular Robotics, Robobuilder, Abyss Creations, and Toshiba Machines. Hasbro and Mattel captured over 40% share of the global market in 2023 due to their innovative range of toys including robot pets, dinosaurs and more.