Tactile VR Market Size & Share, by Component (Hardware, Software); End-user (Automotive, Consumer Electronics, Healthcare, Transportation, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2929
  • Published Date: Sep 24, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Tactile VR Market size was over USD 483.71 billion in 2023 and is set to reach USD 6.14 trillion by the end of 2036, growing at around 21.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of tactile VR is assessed at USD 567.3 billion.

The growth of the market can be attributed to upsurge demand and usage of robotics across various end use industries. Moreover, natural exploration along with continuous research and development activities in the field of virtual reality is expected to have a positive impact on the market. Tactile VR involves the combination of tactile material and virtual reality to explore the concept of tangible data. According to a recent data published by The International Federation of Robotics, almost 2 million new units of industrial robots are expected to be installed in factories across the globe from the year 2020 to 2022.


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Tactile VR Sector: Growth Drivers and Challenges

Growth Drivers

  • Upsurge Demand and Usage of Robotics
  • Growing Advancements in Virtual Reality Products
  • Increasing Integration of Virtual Reality with Automotive and Consumer Electronics

Challenges

  • Technical Issues Related to Product Design
  • High Cost Associated with Tactile VR Prod

Tactile VR Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

21.6%

Base Year Market Size (2023)

USD 483.71 billion

Forecast Year Market Size (2036)

USD 6.14 trillion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
 
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Tactile VR Segmentation

The market is segmented based on component into hardware and software. The hardware segment accounts for the maximum share in the component segment during the forecast period owing to usage of high sensitive sensors and cameras in various products. However, the software segment is expected to grow at a high CAGR over the forecast period owing to recent development and changes involved in software of virtual reality.

On the basis of end use industry, the market is further segmented as automotive, healthcare, consumer electronic, transportation, industrial and others. The automotive and consumer electronic segment is expected to occupy the largest market share in the forecast period owing to recent advancement in the field of automotive industry and growth of virtual operated consumer electronics across the globe. Also, there is an increase in adoption of tactile VR products in the automobile sector to control various components of the vehicle such as steering wheels, acceleration & brake paddle and other dashboard controls.

Our in-depth analysis of the global market includes the following segments:

           By Component

  • Hardware
  • Software

             By End Use Industry

  • Automotive
  • Consumer Electronics
  • Healthcare
  • Transportation
  • Industrial
  • Others
 

 

 


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Tactile VR Industry - Regional Synopsis

Geographically, the tactile VR market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific industry is expected to dominate majority revenue share by 2036, owing to rising disposable income, along with increased adoption rate of consumer devices, which is one of the major driving factors for market growth. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing importance of haptics in augmented and virtual reality, as well as in automobiles, healthcare, and medical industry in the region. Along with this, the North America also leads in terms of technological advancement in the field of IT, which is also expected to contribute to the market growth in the region. As per the analysis of Cyberstates, United States is the largest tech market in the world, representing 33% of the total, or approximately $1.6 trillion for 2021. Alternatively, the market in Europe is also anticipated to occupy a significant share in the tactile VR market on account of its large smartphone users and rapid development & launch of various advanced virtual reality products such as gloves, shoes and headsets in the region.

Research Nester
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Companies Dominating the Tactile VR Landscape

    • Hapton S.A
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Force Dimension
    • Geomagic, Inc
    • Immersion Corporation
    • MK Electronics
    • HaptX Inc
    • Texas Instruments Inc
    • Johnson Electric
    • Microchip Technology
    • TDK

Author Credits:  Abhishek Verma


  • Report ID: 2929
  • Published Date: Sep 24, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing Integration of Virtual Reality with Automotive and Consumer Electronics.

The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.

Technical issues related to product design and high cost associated with Tactile VR products in lower economic regions are estimated to hamper market growth.

The market in Asia Pacific region will provide ample growth opportunities owing to rising disposable income, along with increased adoption of consumer devices.

Increasing Integration of Virtual Reality with Automotive and Consumer Electronics.
Tactile VR Market Report Scope
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