Global Entertainment Robots Market is expected to grow at approximately USD 20 Billion by 2023, at 21% of CAGR between 2017 and 2023.
— Market Insights:
Robotics is a branch of science which is used toward the development of machines which can perform a host of function and actions without human intervention. Entertainment robots are one such implementation of robotics. Entertainment robots often do not have any vital function and as the name suggests they are used as an item of leisure and entertainment.
Market Research Future has taken a magnifying glass to the global entertainment robots market during the assessment period from 2017 to 2023. MRFR's findings regarding the growth of the market indicate rapid growth at a CAGR of 21% during the review period. The identified growth pattern of the market is anticipated to lead the market toward a valuation of USD 20 Bn by the end of 2023.
Advancement of technology has changed the world of entertainment for a majority of consumers across the globe. The advent of artificial intelligence has encouraged significant growth of the entertainment robots market. There are various types of entertainment robots, and in addition to the variety available, some have special features like a microphone to recognize voices and cameras for intelligent movement. Entertainment Robots Market can carry simple conversations, dance, sing, and perform other entertaining actions. At present, market players are in the process of developing and launching entertainment robots which enhance knowledge.
There are also robot building kits with parts and simple instructions so that children can build simple robots. Educational robots are in high demand as they offer a fun method of learning complex subjects. Certain entertainment robots can include interactive robots such as robotic pets which mimic the behavior of animals. The ongoing research and development activities with regards to the development of complex robots that can understand and follow complex commands through the use of artificial intelligence. Entertainment robots may also be used as companions in the form of humanoid robots, and robot pets.
Entertainment robots are growing increasingly advanced, and the demand for them is growing. However, the high costs associated with the purchase of a non-utilitarian is somewhat hindering the growth of the market.
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Major Key Players:
MRFR’s analysis of the market covers market players such as Mattel, Inc. (U.S.), Aldebaran Robotics (Japan), Hasbro, Inc. (U.S.), Robo Builder (South Korea), Robotics Inc. (U.S.), WowWee Group Limited. (Hong Kong), Blu Frog Robotics (France), Sphero (Hong Kong), Toshiba Machine Co. Ltd (Japan), Sony Corporation (Japan), Modular Robotics (U.S.) and others. These players have been assessed for their competitive roles in the market.
The global entertainment robots market has been segmented based on key factors such as product, and region. Products available in the entertainment robot market include educational robots, robotic companion pets, and robotics toys.
Regions that MRFR has covered in its latest report include the Asia Pacific, Europe, North America, and the Rest of the World.
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North America is the worlds largest market for entertainment robots due to the high demand for such robots in developed countries with significant disposable incomes. The affinity toward adoption of advanced technology in every sector as well as the presence of several market leaders who are looking into integrating entertainment robots with artificial intelligence.
Educational robots are also increasingly being adopted in schools and college as application based learning becomes more popular. Notably, the Asia Pacific is a significant market due to the presence of a few leading robotics companies in Japan. Rising disposable incomes and the presence of emergent markets is expected to drive the APAC market toward growth. Moreover, the APAC has a large and globally significant electronics sector which also drives the growth of the market in the region.
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