Haptic Interface Market Forecasts | Projected Growth at 30.7% CAGR, With USD 18,349.94 Million By 2030

New York, July 17, 2023 (GLOBE NEWSWIRE) -- According to the recent research report “Global Haptic Interface Market” by Consegic Business Intelligence, stated that the market was worth USD 2,227.39 million in 2022 and is anticipated to reach over USD 18,349.94 million by the year 2030, growing at a CAGR of 30.7%.

Haptics interfaces are the devices that allow individuals to interact with a computer by generating tactile or force feedback sensations. Haptics technology creates an experience of touch by applying forces, vibrations, or motions to the user. Thus, haptics technology is employed for tasks that are usually performed using hands in the real world, such as manual exploration and manipulation of objects.

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The increasing reliance on consumer electronics devices including smartphones, smart wearables, and gaming consoles is driving the growth of the market. Haptic technology is widely deployed in consumer electronics to provide vibration-based notifications and typing effect to the users. For instance, in April 2023, ASUS launched new ROG Phone 7 series of gaming smartphones featuring haptic controls to produce vibrations for virtual on-screen buttons.

The adoption of haptics technology in the field of medicine during surgical procedures is expected to present potential opportunities for market growth during the forecast period. Haptic technology is expected to play a vital role in robot-assisted surgery allowing surgeons to receive real-time feedback on body organs. However, the high power requirements of haptics technology is hindering the growth of the market.

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Haptic Interface Market Growth Drivers:

• The application of haptic interface in consumer electronics to provide a sense of touch and responsiveness is accelerating the growth of the market.
• The integration of haptics technology in automotive safety applications to improve drivers’ awareness is proliferating the growth of the market.
• The increasing adoption of advanced technologies such as augmented reality (AR) and virtual reality (VR) in gaming consoles is driving the growth of the market.

Restraints

• The high implementation cost of haptic technology is restraining the growth of the market.
• The high power requirements of haptics technology is hindering the growth of the market.

Opportunities

• The adoption of haptic technology in the field of medicine during surgical procedures is expected to present potential opportunities for market growth during the forecast period.

Global Haptic Interface Market Segmentation Details:

Based on Component, the hardware segment contributed the largest shares to the market growth in 2022. The ability of hardware-based haptic interface to gather data about users’ interaction with the device or the environment is driving the growth of the market. Consequently, the application of hardware components including actuators, sensors, and controllers for the generation of haptic effect is accelerating the growth of the market.

Based on Technology, the tactile feedback segment accounted for the maximum revenue share in the year 2022. Tactile feedback refers to the generation of vibrations or other sensations related to the sense of touch. Consequently, the application of tactile feedback to enhance user experience by providing a sense of interactivity with the device is propelling the growth of the market.

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Based on the Operating System, the mobile OS segment contributed the largest shares to the market growth in 2022. The application of haptic technology in Android and iOS to enhance user experience on smartphones and tablets is driving the growth of the market. Consequently, the ability of haptics technology to produce vibratory effects on notifications, texts, and other applications is propelling the growth of the market.

Based on Application, the gaming console segment accounted for the maximum revenue share in the year 2022. Haptic feedback including vibrations, force feedback, or touch-based feedback in gaming consoles allows users to feel and interact with the gaming environment. Moreover, the incorporation of Virtual Reality (VR) and Augmented Reality (AR) experiences in gaming consoles provides more realistic and immersive experience to the gamers, resulting in the market growth.

Based on region, North America accounted for the largest revenue share in the year 2022. The increasing adoption of consumer electronics devices such as smartphones, laptops, and tablets in the region is driving the growth of the market. Moreover, the incorporation of the aforementioned technologies in gaming consoles improves the users’ experience. Thus, the rising culture of gaming in North America is propelling the growth of the market.

Recent Developments

• In May 2021, Opera Limited launched first mobile browser called Opera GX Mobile featuring Fast Action Button (FAB) using vibration and haptic feedback specifically designed for gamers.
• In September 2020, ALPS ALPINE CO., LTD. shipped approximately 200 million units of electromagnetic vibration actuator called HAPTIC Reactor Hybrid that produces tactile feedback in gaming applications.

Key Market Highlights

• The global haptic interface market size is estimated to reach USD 18,349.94 million by 2030 and grow at a CAGR of 30.7% during the forecast period (2023-2030).
• Globally, haptic interface market is bifurcated based on the component into hardware and software.
• In the context of technology, the market is separated into tactile feedback and force feedback.
• Based on the operating system, the market is segregated into windows and mobile OS.
• Based on application, the market is separated into gaming console, automotive industry, education & training, military & defense, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in haptic interface market.

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List of Major Global Haptic Interface Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Texas Instruments Incorporated

• Immersion

• Precision Microdrives

• Microchip Technology Inc.

• Synaptics Incorporated

• SMK Corporation

• HAPTION

• TDK Corporation

• Johnson Electric Holdings Limited.

• Bluecom Co., Ltd.

• Infineon Technologies AG

• Qualcomm Technologies, Inc.

Global Haptic Interface Market Segmentation: 

• By Component

• Hardware
  • Driver & Controller
  • Sensor
  • Actuator
• Software

• By Technology

• Tactile Feedback
• Force Feedback

• By Operating System
  • Windows
  • Mobile OS
• By Application
  • Gaming Console
  • Automotive Industry
  • Education & Training
  • Military & Defense
  • Others

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Key Questions Covered in the Haptic Interface Market Report

• What is Haptics interface?

- Haptic interfaces are mechatronic systems that modulate the physical interaction between a human and surroundings to feel a virtual or remote environment. 

• What are some of the most important applications of Haptic Interface and how do they impact the industry's growth potential?

- Haptic interface is used in consumer electronics devices such as smartphones, laptops, and gaming console to enhance user experience. Moreover, haptics interface are used in vehicles to enhance safety on roads. 

• Based on current market trends and future predictions, which geographical region will have the largest impact on the Haptic Interface growth in the coming years?

- North America accounted for the largest revenue share in the year 2022. The increasing adoption of consumer electronics devices is driving the growth of haptic interface market. Moreover, the increasing adoption of advanced technologies such as AR and VR is accelerating the market growth. 

• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- Asia Pacific is anticipated to register fastest CAGR growth during the forecast period. The large manufacturing base of consumer electronics in Asia-Pacific region is driving the growth of the market.

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