Huatai Securities: Recommends Paying Attention to Dexterous Hand Motor and Joint Motor Manufacturers

Huatai Securities points out that domestic and international robot manufacturers have entered a critical stage of mass production breakthrough. It is estimated that by 2030, the global humanoid robot motor market could reach 91.76 billion yuan. The barriers to mass production of robot motors are high, giving leading companies an advantage in the industry. Humanoid robots require motors with highly balanced performance indicators, and mass production will test companies’ stable delivery capabilities. Leading companies, leveraging R&D and supply chain strengths, will gain significant advantages. The market believes foreign motor companies have a clear first-mover advantage, but Huatai Securities emphasizes that domestic motor companies possess strong R&D and technical capabilities, placing both on an equal footing in the humanoid robot field. Domestic motor companies have faster response times and cost control advantages; some have already delivered samples to top global robot manufacturers, with core parameters matching overseas products. It is recommended to focus on agile hand motors and joint motor manufacturers.

Full Text Below

Huatai | Robot Motors: Benefiting from Technological Iteration and Industrialization

Currently, domestic and international robot manufacturers have entered a critical stage of mass production breakthrough. We estimate that by 2030, the global humanoid robot motor market could reach 91.76 billion yuan. We believe that barriers to mass production of robot motors are high, and leading companies will have an industry advantage. Humanoid robots demand motors with highly balanced performance metrics, and mass production will test companies’ stable delivery capabilities. Leading companies, with their R&D and supply chain strengths, will form significant advantages. The market perceives that foreign motor companies have a clear first-mover advantage, but we emphasize that domestic motor companies have strong R&D and technical capabilities, and both are on an equal footing in the humanoid robot field. Domestic motor companies have faster response times and cost management advantages; some have already delivered samples to top global robot manufacturers, with core parameters matching overseas products. Focus on agile hand motors and joint motor manufacturers.

Core Viewpoints

Humanoid Robot Motors: Focus on General Needs, Follow Whole Machine Growth

Today, embodied intelligence is moving from laboratory experiments to large-scale applications. The humanoid robot industry is evolving toward general-purpose solutions that can adapt to human environments, driving motors toward high torque density, rapid response, miniaturization, lightweight design, and intelligent integration. The industry’s commercialization goals are becoming clearer, and as core components, motors are expected to benefit fully from breakthroughs in whole machine mass production, leading to another industry scale leap.

Differentiation in Joint and Agile Hand Motor Technologies

Compared to traditional motors, humanoid robot motors are now diverging into several main types: 1) Frameless torque motors: currently the mainstream for humanoid robot joint drives; 2) Axial flux motors: suitable for large rotation joints (hips, shoulders) requiring explosive power; 3) Harmonic magnetic field motors: based on magnetic field modulation, applicable to joints and agile hands; 4) Hollow cup motors: eliminate iron core structures, offering high power density and high efficiency, suitable for agile hands; 5) Brushless slotless motors: simpler structure with cost advantages; 6) Miniature frameless motors: stator and rotor embedded in the agile hand’s screw, highly integrated custom design. We believe the robot motor market will benefit from both the mass production breakthroughs of humanoid robots and the increase in degrees of freedom.

By 2030, the global humanoid robot motor market could reach 91.76 billion yuan

Currently, domestic and international robot manufacturers are in a critical phase of mass production breakthrough. We forecast that from 2026 to 2030, the global annual production of humanoid robots will be 2.38 million, 10.53 million, 27.78 million, 58.82 million, and 117.65 million units respectively. In this context, motors, as essential core components, are likely to grow alongside each capacity leap, with high visibility of growth. Our estimates for the global humanoid robot motor market from 2026 to 2030 are 3.92 billion, 16.29 billion, 35.89 billion, 60.94 billion, and 91.76 billion yuan.

Differences from Market Opinions

The market generally believes that robot motors do not have strong technological barriers, but we believe that the barriers to mass production are high, and leading companies will have an industry advantage. Humanoid robots require motors with highly balanced performance metrics, and mass production will test companies’ stable delivery capabilities. Leading companies, with their R&D and supply chain strengths, will form significant advantages. The market perceives that foreign motor companies have a clear first-mover advantage, but we emphasize that domestic motor companies have strong R&D and technical capabilities, and both are on an equal footing in the humanoid robot field. Domestic motor companies have faster response times and cost control advantages; some have already delivered samples to top global robot manufacturers, with core parameters matching overseas products.

Investment Advice: Focus on Agile Hand and Joint Motor Manufacturers

Recommend companies with complete humanoid robot motor product matrices, deep industry chain cooperation, transfer of industrial-grade high-precision control technology to robotics, annual capacities exceeding 100,000 units, and strategic partnerships with multiple firms on frameless motors.

Risk Tips: Slower-than-expected progress in humanoid robot mass production; slower-than-expected implementation of robot scenarios; slower-than-expected technological iteration of motors; market size estimates falling short; and the fact that this report covers unlisted or not yet covered stocks, which are based on objective information compilation and do not constitute recommendations or coverage by the team.