Humanoid Robot Pulse: US activities stepping up; China scaling fast; Supportive policies (2Q edition)

Research evidence excerpt

Humanoid Robot Pulse: US activities stepping up; China scaling fast; Supportive policies (2Q edition)

Deutsche Bank

Research

Asia Industry Date

Japan 16 July 2026

North America Humanoid Robot

Industry Update

Industrials Pulse

Manufacturing

US activities stepping up; China scaling

fast; Supportive policies (2Q edition)

Iris Zheng, CFA

Amid the heavy newsflow around humanoid robots, we summarise the key themes

Research Analyst

and developments in the market globally in this quarterly series. +852-2203-5884

DB views: The humanoid robot market is accelerating globally. China is leading Edison Yu

in production, with government officials estimating 100,000 units of humanoid

+1-212-250-7263

robot production in 2026, significantly higher than our expectation of ~40,000

units. In the US, Agility Robotics utilises a 75% locally-sourced supply chain and Laura Li

aims to reduce the bill of materials (BOM) cost from US$125k currently to US$30k. Research Associate

AGIBOT and Figure AI have livestreamed their humanoid robots working in +1-212-250-2266

factories and warehouses, demonstrating commercial viability. This rapidly Winnie Dong

developing market indicates growing component demand, which bodes well for Research Analyst

component manufacturers. Within our APAC Industrials coverage, we prefer +1-212-250-5121

Hengli (Buy, closing price RMB110.58), Shuanghuan (Buy, closing price

RMB42.39), Harmonic Drive (Buy, closing price ¥7,430), and Yaskawa (Buy, Companies featured

closing price ¥5,490). We also highlight Tesla (Buy, closing price US$394.46) and Hengli Hydraulic Buy

Mobileye (Buy, closing price US$9.43) (through Mentee Robotics) as humanoid (601100.SS),CNY110.58

robotic OEMs in the US. Shuanghuan Driveline Buy

(002472.SZ),CNY42.39