Are the exoskeletons of leading companies valued at billions of dollars just empty promises or a genuine vision?

Author: Ou Xue

Editor: Yuan Silai

A year ago, few investors would have believed that an exoskeleton company with a cumulative shipment of only tens of thousands of units could be valued at billions.

It is an old product that has been around for over half a century, with clear application scenarios. However, due to the long - standing difficulty in breaking through the experience bottleneck, it has never been widely used in the consumer (C - end) market. For a long time, there was little new in this field. There were some sporadic investments, and a number of small and charming companies survived at a slow pace.

Seemingly overnight, it has become a trendy item that many investors would buy. Moreover, it suddenly outlines a grand vision that was hard to imagine in the past.

This transformation is also reasonable. Investors have already explored the fields of embodied robots and AI Agents. Now, with a large amount of repatriated US dollars in hand, they need something new, something with a sense of technology and coolness. The exoskeleton, which has a sense of the future and technical barriers, has naturally caught their attention.

It carries the consumer - oriented (To C) story of "technology empowering life". The market once even expected the exoskeleton to become the next big hit in wearable smart hardware. The narrative of "everyone being Iron Man" is so fashionable and thought - provoking.

However, in real life, are there really so many people willing to pay for this seemingly cool "Iron Man suit"?

"We are willing to look at exoskeleton products and try them, but when it comes to making a decision, there are quite a few things to consider," said an investor.

This statement may reveal the real situation of the current consumer - grade exoskeleton market. It is a field that seems to be at the forefront of technology and human - machine interaction. After several ups and downs, it has not exploded as expected. Instead, it has entered a more rational and patience - testing precipitation period.

Capital on the Sidelines: The To C Story is Attractive, but the Decision - making Threshold is High

Looking at the financing history, the exoskeleton field has gone through several stages: the technology germination stage more than a decade ago, the exploration stage about five years ago mainly focused on rehabilitation medicine, and the recent wave of attention represented by consumer - grade outdoor products.

It is worth noting that affected by the progress of medical insurance payment and policy implementation, some early exoskeleton companies focusing on medical rehabilitation and elderly care are also extending to consumer - grade outdoor scenarios, trying to achieve a strategic layout of "medical + consumer" dual - track development.

In 2025, the consumer - grade exoskeleton market showed an explosion in terms of financing and product verification.

On overseas crowdfunding platforms, two products, Dnsys Z1 and Ascentiz, which mainly focus on outdoor sports and fitness scenarios, both received significant support, raising approximately $2.46 million (supported by 2,061 people, with an average price of $1,194) and $2.5 million (supported by 2,179 people, with an average price of $1,148) respectively. This shows that overseas users have a strong willingness to try new exoskeleton products and the ability to pay for them.

Meanwhile, domestic brand Hypershell completed two rounds of financing, Pre - B and B, within a few months in 2025, with a cumulative amount of $70 million. Aoshai Intelligence, whose founder is from Shanghai Jiao Tong University, also completed a Series B financing of tens of millions of RMB in 2025.

However, compared with the previous frenzy in the hard - tech fields such as robotics, capital investment in exoskeletons is still much more cautious.

"I think there is currently some heat in the exoskeleton capital market, but there are not as many investment targets as expected. It's just okay, not extremely hot." When interviewed by Yingke, an investor from an early - stage investment institution described the market temperature in his eyes.

Behind this are multiple real - world challenges: the contradiction between the product's self - weight and battery life, wearing comfort, the mismatch between the high price and the frequency of use, and most importantly - what irreplaceable pain points does it actually solve?

Currently, the most obvious application scenario for consumer - grade exoskeletons is still mountain climbing in scenic areas with fixed paths and steps. In this scenario, it can indeed help save effort. Especially for those who feel pressure on their knees when going downhill, its value is real. However, for more general daily scenarios, the demand becomes blurred.

Some companies are starting to try intermediate approaches, such as cooperating with scenic areas to provide rental services or penetrating into business - to - business (B - end) scenarios such as police patrols, firefighting, and industrial handling, in order to generate cash flow before the consumer market is fully mature. "These are all scenarios where products can be sold before the B - end market explodes," said an investor.

"We internally believe that there is indeed an opportunity for it to enter the consumer market, but none of the currently available products on the market have reached the level of a hit." An investor admitted that after his team bought and actually experienced the products, although they could feel the assistance when climbing mountains or stairs, "this improvement is not enough to make me feel that I can't live without it and have to buy it."

Demand Dilemma: The Leap from "Novelty Toy" to "Practical Tool"

The fundamental challenge currently facing consumer - grade exoskeletons is that they have not truly tapped into the high - frequency daily needs of the general public.

Price is the first hurdle. The mainstream products are generally priced over 5,000 yuan, which is a relatively high decision - making cost for non - essential products. Many users said that they may only use something that costs 5,000 yuan a few times, so ordinary people won't easily buy it.

This mismatch between pricing and usage frequency keeps the product in the "try - new" stage. Whether it is for assisting in outdoor hiking or the potential elderly mobility scenario, it is difficult to support high - frequency and essential consumption. Even in the seemingly essential elderly mobility assistance market, progress is slow due to the imperfect payment system and limited medical insurance coverage.

After price, more importantly, the user experience of exoskeletons is insufficient, and there are technical bottlenecks that need to be broken through.

Online, almost all exoskeleton users mention the "foreign body sensation". The exoskeleton needs to fit tightly to the body to provide effective assistance, but this also causes discomfort when wearing. Especially in summer, the feeling of restraint is strong, and the experience is poor.

The core problem lies in the drive system. The motors and batteries of exoskeletons are not light enough at present, which makes it difficult for the product to achieve a perfect balance between weight, battery life, and assistance strength. Currently, the battery life is mostly between 2 - 4 hours, which is still insufficient for long - distance hikes.

The control strategy is another challenge. Ideally, the exoskeleton should adapt intelligently to the user's gait and intentions, but the reality often falls short. Some people hope it will lead them with every step, while others hope it will follow completely. However, in actual use, it is difficult for the exoskeleton to adjust in real - time according to human movements.

Especially in unstructured and complex road conditions, such as dirt slopes or rocky roads without clear paths, the device's prediction and assistance capabilities still need to be improved. This actually puts pressure on the machine's AI learning and requires continuous upgrading and iteration.

Despite the numerous challenges, the industry has not stopped exploring. For example, replacing traditional motors with "artificial muscles" may significantly reduce weight and improve the naturalness of movements. At the same time, companies are also trying to increase public awareness through IP cooperation and variety show appearances.

In the long run, whether the exoskeleton can break through its positioning as a "niche cool toy" depends on two key factors: first, making breakthroughs in underlying technologies such as drive, energy, and materials to truly achieve a "weightless" and intelligently fitting wearing experience; second, finding higher - frequency and more universal core scenarios to make the product go from being "only remembered when climbing mountains" to being "indispensable in daily life".

Some industry insiders also emphasized to Yingke that there is indeed a clear gap in the exoskeleton market - a consumer - grade exoskeleton product truly targeting daily light - activity scenarios, which combines portability, comfort, and reasonable pricing. So far, no mature product has been launched.

"We are constantly looking and waiting for something new to emerge and become a hit," said an investor.

This may represent the voices of many investors who are concerned about this field. The story of the exoskeleton is still appealing, but to move forward, it needs more solid technological breakthroughs and more precise demand matching as a foundation.