Morgan Stanley expects China’s humanoid robot sales to grow 133 per cent to 28,000 units this year, while noting that falling production costs will gradually make owning robots more accessible.

The US investment bank revised its forecast from the 14,000 units previously on the back of the rapid growth of the industry in the world’s second largest economy.

The cost of materials to produce robots in China, home to most of the industry’s supply chain, was set to drop 16 per cent this year, the bank said. The consulting firm Bain & Co, meanwhile, expects parts prices to decrease by roughly 70 per cent globally by 2035.

This would lead to lower prices for humanoid robots – to around US$21,000 by 2050 from US$50,000 in 2024 – in middle and low-income countries, including China, according to Morgan Stanley.

In rich nations like the US, the average price would decrease to US$75,000 from US$200,000 in the same period, it added.

The US investment bank predicted humanoid installations would eventually become more pervasive. By 2036, some 25.4 million human-shaped machines would be in use, accounting for 2 per cent of the market that includes robotic arms and wheeled robots.