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

Huatai Securities points out that domestic and international robot manufacturers have now entered a critical stage of mass production breakthrough. It is estimated that by 2030, the global market for humanoid robot motors 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 a perfect balance of multiple performance indicators. 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 have strong R&D and technical capabilities, and are on 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 pay attention to manufacturers of dexterous hand motors and joint motors.

Full Text

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 9.176 billion yuan. We believe that the barriers to mass production of robot motors are high, and leading companies will have advantages in the industry. Humanoid robots demand motors with an optimal balance of multiple performance indicators. Mass production will test companies’ stable delivery capabilities. Leading companies, with their R&D and supply chain strengths, will form significant advantages. The market believes foreign motor companies have a clear first-mover advantage, but we emphasize that domestic motor companies possess strong R&D and technical capabilities, and 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. It is recommended to focus on manufacturers of dexterous hand motors and joint motors.

Core Viewpoints

Humanoid Robot Motors: Focus on General Needs, Follow Overall Market Growth

Today, embodied intelligence is moving from laboratory experiments to large-scale applications. The humanoid robot industry is evolving toward a general-purpose direction that can adapt to human environments, driving motors to develop rapidly toward high torque density, quick response, compactness, lightweight design, and intelligent integration. The industrialization goals of the robot industry are becoming clearer, and as core components, motors are expected to benefit fully from breakthroughs in overall mass production, leading to another leap in industry scale.

Divergence in Technical Routes for Joint and Dexterous Hand Motors

Compared to traditional motors, humanoid robot motors now diverge 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 dexterous hands; 4) Hollow cup motors: eliminate iron core design, offering high power density and high efficiency, suitable for dexterous hands; 5) Brushless slotless motors: simpler structure with cost advantages; 6) Miniature frameless motors: stator and rotor embedded in dexterous hand screw mechanisms, highly integrated custom designs. 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 9.176 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 advantages. Humanoid robots require motors with an extreme balance of multiple performance indicators. Mass production will test companies’ stable delivery capabilities. Leading companies, with their R&D and supply chain strengths, will gain significant advantages. The market sees foreign motor companies as having a clear first-mover advantage, but we emphasize that domestic motor companies have strong R&D and technical capabilities, and are on an equal footing in the humanoid robot field. Domestic 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 Recommendations: Focus on Dexterous Hand and Joint Motor Manufacturers

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

Risk Tips: Slower-than-expected progress in humanoid robot mass production; slower-than-expected deployment of robot scenarios; slower-than-expected technological iteration of motors; market size estimates falling short; and all unlisted or uncovered stocks mentioned in this report are based on objective information compilation and do not constitute recommendations or coverage by the team.

(Source: First Financial)