The surface haptics technology market has surged from $4.38 billion in 2023 to $5.01 billion in 2024, with a remarkable compound annual growth rate (CAGR) of 14.2%. This surge is attributed to the increased adoption of industrial automation, growing use of virtual and augmented reality, and expanding applications across various sectors. Forecasts suggest continued rapid growth, with the market expected to reach $8.54 billion by 2028, maintaining a CAGR of 14.3%. Drivers of this growth include the demand for enhanced user experiences, greater smartphone penetration, booming gaming market, and advancements in consumer electronics. Prominent trends include technological advancements, integration into smartphones and tablets, the rise of immersive technologies, and innovations in tactile feedback design.
Major Driver In The Surface Haptics Technology Market
The surface haptics technology market is set to benefit from the increasing adoption of virtual reality (VR) and augmented reality (AR). VR provides immersive digital environments, while AR overlays digital elements onto the real world, enhancing interaction and perception. The adoption of VR and AR is bolstered by advancements in affordable hardware and software, which improve training, entertainment, and visualization. Surface haptics technology adds to these experiences by offering tactile feedback. According to the Department for Business and Trade, spending on AR and VR in the UK is projected to surge by 78.3%, reaching £62.5 billion by 2030. Thus, the growing adoption of VR and AR is driving the surface haptics technology market.
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Surface Haptics Technology Market Competitive Landscape
Apple Inc., Samsung Electronics Co Ltd., Texas Instruments Incorporated, TDK Corporation, Infineon Technologies AG, On Semiconductor Corporation, Microchip Technology Incorporated, Johnson Electric, Cirrus Logic Inc., Synaptics Incorporated, SMK Corporation, 3D Systems Corporation, Elo Touch Solutions Inc., Actronika SAS, Ultraleap Limited, Immersion Corporation, Aito BV, Hap2u, Teslasuit, Alpine Electronics Inc., Boréas Technologies, Precision Microdrives Limited, Force Dimension, Novasentis, Tanvas Inc.
Key Surface Haptics Technology Market Trend
The surface haptics technology market is innovating with advanced solutions like haptics control surfaces that enhance user interaction. Densitron Technologies Limited introduced a 2RU haptics control surface in September 2023, designed for various applications including broadcast and live events. This control surface combines tactile feedback with an ergonomic design, providing users with a seamless and intuitive interaction experience.
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Surface Haptics Technology Market Segmentation
The surface haptics technology market covered in this report is segmented –
1) By Component: Actuators, Sensors, Electronics, Other Components
2) By Feedback Type: Tactile Feedback, Force Feedback, Haptic Feedback
3) By Application: Consumer Devices, Automotive And Transportation, Education And Research, Commercial And Industrial, Healthcare, Other Applications
By Geography:The regions covered in the surface haptics technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the surface haptics technology market in 2023.
The Surface Haptics Technology Global Market Report 2024 furnishes information about the global surface haptics technology market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
