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The global Entertainment Robots Market is estimated to be valued at US$3.12 Bn or Billion 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 companion and toy robots that are designed and developed for recreational and entertainment purposes. Entertainment robots are embedded with interactive artificial intelligence that allows them to engage, educate and entertain end-users. They find wide adoption as companion toys for children and pets. Advancements in cognitive science, computing power and miniaturization have enabled development of humanoid robots that can mimic human emotion, movement and behavior. Entertainment robots that behave and learn like humans are gaining popularity. Their ability to interact naturally and carry engaging two-way conversations with users through voice recognition and natural language processing is a key driver of market growth.
Market key trends:
One of the key trends spurring growth in the entertainment robots market is integration of advanced technologies like artificial intelligence and blockchain. Entertainment robots are increasingly being developed with sophisticated AI that allows emotional intelligence, adaptive learning, problem-solving and autonomous decision making. This makes them more life-like and fosters better interactions with users. Blockchain technology is also being explored to enhance security, streamline digital payments and facilitate traceability of parts in networked robots. Such technological innovations are expanding use cases of entertainment robots beyond toys to applications like digital companion, education, elder care and therapeutic applications. Another major trend is the advent of humanoid robots that exhibit human attributes through dexterous motions, facial expressions and social intelligence. This is fueling adoption of next-gen entertainment robots among users.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the entertainment robots market is low as significant capital investments are required to produce technologically advanced and high quality robots. Additionally, established players have strong brand recognition and control the distribution channels.
Bargaining power of buyers: The bargaining power of buyers in the entertainment robots market is moderate. While there are many options available for buyers, certain buyers may prefer specific features available only from certain established brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many component suppliers, certain technologies and expertise may be concentrated among select suppliers for specific types of robots.
Threat of new substitutes: The threat of substitutes is low as currently there are limited substitutes that can provide versatile entertainment like humanoid robots. However, virtual reality and other digital entertainment continue to emerge as potential substitutes.
Competitive rivalry: The competitive rivalry in the global entertainment robots market is high owing to the presence of major international players offering varied products.
Key Takeaways
The global entertainment robots market is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing demand for advanced humanoid robots among kids and adults.
North America is expected to dominate the global entertainment robots market during the forecast period. This is attributable to high disposable income, increasing demand for advanced technologies, and presence of key players in the region. Additionally, growing adoption of robotics technology for automation across various sectors is further propelling the regional market.
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. Major players arefocused on new product launches and mergers & acquisitions to strengthen their market position. For instance, in 2022, Hasbro acquired DTC brand ThinkFun for $242 million to enhance its puzzle and board game offerings.
