German Robot startup Agile sees humanoid market surpassing 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 9434.T and Chinese smartphone maker Xiaomi 1810.HK.

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.

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-Reporting by Harkan Ersen, Writing by Cian Muenster; Editing by Kirsti Knolle/Reuters