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Haptic Technology Global Market Report 2024 - By Growth, Size, Share, Demand, Forecast To 2033
Haptic Technology Market
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.
Market Overview -
Haptic technology refers to a technology that involves the experience of touch-based sensations. It allows users to receive physical sensations and feedback from virtual or remote environments through the sense of touch.
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The Impact Of Consumer Electronics On The Haptic Technology Market
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.
Competitive Landscape -
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.
Revolutionizing Haptic Technology Through Cutting-Edge Advancements In Smartphone And Wearable Devices
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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