Press release
Haptic Technology Market Size, Share, Global Trends And Forecast 2033
Haptic Technology Market
The Business Research Company presents an extensive market research report on the Haptic Technology Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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.
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Key Market Players:
Major companies operating in the haptic technology market report are Samsung Electronics Co. Ltd., Meta Platforms Inc., Texas Instruments Incorporated, TDK Corporation, ON Semiconductor Corporation, Microchip Technology Inc., Zebra Technologies Corporation, The Johnson Electric Limited, AAC Technologies Holdings Inc., Synaptics Incorporated, SMK Corporation, Ultrahaptic, Immersion Corporation, Quanser Consulting Inc, HaptX Inc., Novasentis Inc, Hap2u, Boréas Technologies Inc., Sensel Telematics Private Limited, Precision Microdrives Ltd., FundamentalVR, HAPTION SA, Actronika, Force Dimension, bHaptics Inc, Dot Incorporation, VRgluv LLC, FLAIM Systems Pty Ltd, 3D Systems, Camar ApS.
Market Drivers:
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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https://www.thebusinessresearchcompany.com/report/haptic-technology-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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