China Humanoid Robot Industry On Track for Consolidation, Investor Says

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A new humanoid robot plays a musical instrument at the 2024 World Robot Conference in Beijing on Aug. 22. Photo: VCG

China’s humanoid robot industry is on track for a spate of consolidation as many developers are struggling to commercialize products, a venture capital investor said at a recent industry event.

The situation is compounded by the fact that there are no unified technical and design standards in the industry, Cao Wei, a partner at Lanchi Ventures, said during a group interview on Friday at the World Robot Conference in Beijing.

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Many developers in China's humanoid robot industry struggle to commercialize products, leading to anticipated industry consolidation within 3-5 years.
The humanoid robots market could reach between $21.3 billion to $47.3 billion globally by 2030, with China aiming for mass production by 2025.
Companies require strong fundraising and ecosystem development to attract investment, with early adoption expected in simpler enterprise settings.

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Who’s Who

UBTech Robotics Corp. Ltd.: Shenzhen-based UBTech Robotics Corp. Ltd. launched its first humanoid robot, Walker X, in 2021, manufactured on a small scale. The company became the first humanoid robot manufacturer in China to be publicly traded, listing on the Hong Kong Stock Exchange in December.

Xiaomi Corp.: Xiaomi Corp. developed and launched its humanoid robot, CyberOne, in 2022. However, CyberOne has not yet reached mass production. The company is one of the main competitors in China's rapidly developing humanoid robot industry.

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What Happened When

October 2023：: The Ministry of Industry and Information Technology released a guideline hoping to achieve mass production of humanoid robots by 2025.

December 2023：: Shenzhen-based UBTech Robotics Corp. Ltd. became the first humanoid robot manufacturer in China to be publicly traded when it listed on the Hong Kong Stock Exchange.

August 23, 2024：: Cao Wei, a partner at Lanchi Ventures, discussed the state of the humanoid robot industry and its future at the World Robot Conference in Beijing.

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