What Has Been The Historical And Current Growth Of The Haptic Technology Market?
The haptic technology market has seen considerable growth due to a variety of factors.
•In recent times, there has been a considerable expansion in the size of the haptic technology market. We anticipate it to expand from $9.72 billion in 2024 to $10.37 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.7%.
The increase experienced in the historical period can be traced back to related factors such as gaming and entertainment, utilization of mobile devices, the application in the medical and rehabilitation scene, integration with the automotive sector, and a heightened emphasis on enhancing the user experience.
What Is The Forecast For The Haptic Technology Market By 2029?
The haptic technology market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, significant expansion is predicted for the haptic technology market, as it is expected to reach a value of $15.25 billion by 2029, with a compound annual growth rate (CAGR) of 10.1%.
This projected growth during the estimated period can be credited to advancements in AR and VR applications, the integration of the Internet of Things (IoT), the rise of remote working and collaboration, growth in the HMI of vehicles, and the development in tactile sensors. The market trends for the projected period include progress in wearable technology, customization of haptic feedback, comprehensive haptic integration in wearables, sophisticated tactile displays, and sustainable haptic technology.
Which Key Drivers Are Propelling The Haptic Technology Market's Growth?
The growth of the haptic technology market is anticipated to be driven by the increasing prevalence of consumer electronics. These are electronic devices specifically designed for personal use by individuals. Haptic technology enhances the user's experience in consumer electronics by including tactile feedback, making user interactions intuitive, immersive, and engaging. For example, in June 2023, data from Invest India, a national investment promotion and facilitation agency based in India, revealed that the domestic electronics production value was $87 billion in FY22, and it is projected to hit $300 billion by FY26. Additionally, Uswitch Limited, a UK-based financial conduct authority, stated in February 2023 that starting in 2022, there was a 3.8% (or approximately 2.6 million) increase over 2021 in mobile connections in the UK, totaling 71.8 million. The UK population is predicted to increase to 68.3 million by 2025, and around 95% (or nearly 65 million people) will possess a smartphone. Consequently, the increased prevalence of consumer electronics fuels the haptic technology market's growth.
What Are The Key Segments Within The Global Haptic Technology Market?
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
Subsegments:
1) By Solution: Haptic Feedback Devices, Wearable Haptic Devices, Haptic Actuators
2) By Software: Haptic Software Development Kits (SDKs), Haptic Rendering Software, Application-Specific Software
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How Are New Trends Impacting The Size Of The Haptic Technology Market?
In the haptic technology industry, leading companies are making strides in the creation of haptic gloves designed to amplify user experiences in both virtual reality (VR) and augmented reality (AR) settings. These gloves, through the provision of tangible feedback and intuitive interaction with digital content, enable a more immersive experience. Haptic gloves are wearable gadgets fitted with technology that gives tangible responses to the user, conveyed via different sensations such as vibrations, force or motion. For example, Weart S.r.l., headquartered in Italy, introduced the TouchDIVER Pro haptic glove in June 2024. This glove incorporates three types of haptic feedback. The Force Feedback provides genuine tactile sensations by exerting pressure on the fingertips, replicating the sense of touch. Texture Rendering makes use of sophisticated algorithms to recreate various textures, dynamically adjusting based on the speed and movement of the hand, thereby enhancing realism. Thermal Cues provides temperature sensations between 15°C to 42°C, enabling users to experience warmth or coldness during virtual interactions. The glove supports multiple connectivity options, including WiFi, Bluetooth Low Energy (BLE), and wired connections.
Who Are the Key Players in the Haptic Technology Market?
Major companies operating in the haptic technology market include:
• 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.
What are the Regional Insights into the Haptic Technology Market?
North America was the largest region in the haptic technology market in 2024. The regions covered in the haptic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
