The Haptic Technology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Haptic Technology Global Market Report 2024, The haptic technology market size has grown rapidly in recent years. It will grow from $9.68 billion in 2023 to $10.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to gaming and entertainment, mobile devices adoption, medical and rehabilitation use, automotive industry integration, increased focus on user experience.
The haptic technology market size is expected to see rapid growth in the next few years. It will grow to $16.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to expansion in ar and vr applications, internet of things (iot) integration, rise in remote work and collaboration, growth in automotive hmi, advancements in tactile sensors. Major trends in the forecast period include advancements in wearable tech, haptic feedback customization, widespread haptic adoption in wearables, advanced tactile displays, sustainable haptic technology.
The rising penetration of consumer electronics is expected to propel the growth of the haptic technology market going forward. Consumer electronics refers to electronic devices and gadgets designed for personal use and consumption by individuals. Haptic technology enhances the user experience in consumer electronics by adding tactile feedback, making interactions more intuitive, immersive, and engaging for its users. For instance, in June 2023, according to the data released by Invest India, an India-based national investment promotion and facilitation agency, the domestic production of electronics was valued at $87 billion in FY22 and is expected to reach $300 billion by FY26. Furthermore, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. Therefore, the rising penetration of consumer electronics will drive the future haptic technology market forward.
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The haptic technology market covered in this report is segmented –
1) By Component: Solution, Software
2) By Device Type: Active Haptics, Passive Haptics
3) By Feedback Type: Tactile, Force
4) By Touch Screen Technology Type: Capacitive, Resistive, Other Technologies
5) By Application: Consumer Electronics, Gaming, Healthcare, Robotics, Education, Research, Other Applications
Technological advancements are a key trend gaining popularity in the haptic technology market. Major companies operating in the haptic technology market are focused on technological advancements to meet specific demands and sustain their position in the market. For instance, in August 2021, TITAN Haptics Inc, a Canada-based computers and electronics manufacturing company, launched haptic motor technology for smartphones, combining Linear Magnetic Ram (LMR) technology. LMRs provide 20x dynamic range and 2x reliability at competitive prices, making them ideal for smartphones, wearables, and handheld game consoles. TITAN Haptics’ miniature motors provide the features and benefits of LMR technology in a portable form factor.
The haptic technology market report table of contents includes:
1. Executive Summary
2. Haptic Technology Market Characteristics
3. Haptic Technology Market Trends And Strategies
4. Haptic Technology Market – Macro Economic Scenario
5. Global Haptic Technology Market Size and Growth
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26. South America Haptic Technology Market
27. Brazil Haptic Technology Market
28. Middle East Haptic Technology Market
29. Africa Haptic Technology Market
30. Haptic Technology Market Competitive Landscape And Company Profiles
Top Major Players:
- Samsung Electronics Co. Ltd
- Meta Platforms Inc
- Texas Instruments Incorporated
- TDK Corporation
- ON Semiconductor Corporation
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