Automotive Industry Drives Haptic Tech Market
By Mat Dirjish
Transparency Market Research (TMR) sees several parameters fueling growth in the global surface haptic technology market, citing the consumer electronics and automobile sectors as major factors propelling fiscal growth. The research firm anticipates the retail sector to rise as one of the most lucrative areas.
In a recent report, TMR claims the global surface haptic technology market is set to grow at a CAGR of 18% from 2019 to 2027. As per the report, growing demand for touchscreen devices is also contributing to market expansion.
Report insights include:
- automotive industry is set emerge as the largest consumer of surface haptic technology.
- automotive segment to account for more than 36% of overall growth.
- hardware and software segment under the component category have an equal share in market growth.
- Technological advancements in automotive and consumer electronics are major factors propelling growth.
- A major challenge to grow is the fact that the devices based on haptic technology require high energy levels to operate.
- Asia Pacific is set to dominate the regional front of the global surface haptic technology market.
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