German robot startup Agile expects humanoid robot market to overtake auto industry

The market for ​humanoid robots could grow to ​10 times the ‌size of ​the global automotive industry within years as every person is expected to have ‌a mechanical companion, the CEO of German startup Agile Robots told Reuters on Wednesday. "Instead of like one family has a car, I ‌think every human being probably will be expected to ‌have something like a humanoid to be accompanied with them," said Zhaopeng Chen, founder and chief executive of the Munich-based company. Consultancy Roland Berger shares ⁠the optimism, ​estimating the humanoid ⁠robot market could reach $4 trillion long-term.

The consultants say AI-powered autonomous robots ⁠could help bring labour-intensive manufacturing back to Europe. Agile Robots, which develops ​humanoid and industrial robots, expects sales to double this year ⁠from €320 million ($370 million) in 2025.

The company has raised about $1.5 billion from investors including Japan's ⁠SoftBank ​and Chinese smartphone maker Xiaomi. Agile Robots competes in a sector that is increasingly dominated by Chinese manufacturers, who, backed ⁠by state support, rapidly expand production capacity.

Bank of America analysts estimate ⁠95% of ⁠the roughly 20,000 humanoid robots delivered worldwide last year came from China. ($1 = 0.8643 euros)