Goldman Sachs · China · Nation Thailand
Humanoids reshape global business as China and US race to scale
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Humanoid robots are entering a decisive phase, with competition shifting away from demonstrations of whether they can walk, pick up objects or work alongside people towards more commercially important questions: how much real work they can perform, how many can be produced and whether costs can fall far enough for widespread business use.
Key facts
- Data from Barclays show that the number of humanoid robots deployed worldwide rose from about 2,000 in 2024 to 15,000 in 2025 and is expected to reach 60,000 in 2026
- TrendForce forecasts that China’s humanoid robot output will grow by as much as 94% in 2026, with Unitree Robotics and AgiBot potentially accounting for nearly 80% of total shipments.
- Barclays reported that 70% of robotics inventions worldwide since 2000 originated in China
- Unitree’s prospectus showed that revenue from humanoids exceeded that generated by its quadruped robots for the first time in 2025, accounting for more than 51% of total revenue.
- Barclays estimates that the humanoid robot market could be worth about US$40 billion by 2035
- Barclays estimates that about 33% of jobs worldwide involve lifting, while 53% require precise handling and manipulation
Summary
Data from Barclays show that the number of humanoid robots deployed worldwide rose from about 2,000 in 2024 to 15,000 in 2025 and is expected to reach 60,000 in 2026. China accounted for approximately 85% of new humanoid deployments worldwide in 2025.
TrendForce forecasts that China’s humanoid robot output will grow by as much as 94% in 2026, with Unitree Robotics and AgiBot potentially accounting for nearly 80% of total shipments.