Foreign visitors at BYD’s exhibition hall in BYD’s headquarters in Pingshan District. Photo by Xinhua

Pingshan-headquartered BYD has been included in Morgan Stanley’s “Humanoid 100: Mapping the Humanoid Robot Value Chain,” a comprehensive list of global companies poised to benefit from the growth of humanoid robots.

The list categorizes companies into three segments: “Brain,” “Body,” and “Integrators.” The “Brain”category features AI and semiconductor leaders like NVIDIA, Alphabet, and Microsoft, which develop computing power and AI models essential for robotic intelligence. 

The “Body” segment includes hardware suppliers such as Tesla, ABB, and LG Energy Solution, which provide sensors, actuators, and battery technology crucial for humanoid function. 

The “Integrators” category highlights companies actively building humanoid robots or possessing the capability to do so, with Tesla, BYD, UBTECH, Tencent, and Xiaomi leading development efforts.

A total of 37 Chinese enterprises are on the list, including seven from Shenzhen. Morgan Stanley's analysis of the global humanoid robotics industrial chain reveals that 73% of participating enterprises are based in Asia, with China accounting for 56% of this contingent. 

The report forecasts that as supply chains mature and production scales up, the average selling price (ASP) of humanoid robots will decline by an annual rate of 8%, while the bill of materials (BOM) will drop by 11%. 

Buoyed by these trends, the report is optimistic about the Chinese humanoid robot market, predicting it will swell to 12 billion yuan by 2030 and surpass 6 trillion yuan by 2050, boasting an annual compound growth rate of over 30%.