Global Market for Haptic Technology is Anticipated to grow at a Significant Pace i.e., USD 8.5 Billion during the Forecast Period 2022-2028

Published Date: Jun, 2022

During the forecast period, it's expected that the global haptic technology market will expand at a 12.5 percent CAGR. Information can be transmitted and understood through touch using the haptic method. With the user's touch, movements, or vibrations, it can recreate an experience. By providing users with engaging audio, touch, and sight, haptic technology offers an enhanced multi-modal experience. The increased adoption of haptics in consumer devices and automobile safety applications will proliferate the market growth of the haptic technology industry.  This technology has been widely deployed to improve the effectiveness of remote-controlled machines and telerobots as well as to create and control virtual objects, gaming consoles, medical equipment, and wearable devices.  The increased adoption of IoT devices i.e., tablets, smartphones, wristbands, wearable devices, and others to enhance product design and operational accuracy will drive the market growth for the haptic technology market. Nevertheless, the technology has so many uses in electronics, and the demand for haptic technology firms is rising as a result of the increased desire for cutting-edge technology in products.

In February 2022, A licence deal for the use of its technology in automobile interfaces was signed between Duck-il, a Korean automotive supplier, and Immersion Corporation, the industry's leading licensor of haptic technologies.

The market for haptic technology has experienced a significant reduction as a result of the COVID-19 pandemic. Lockdown restrictions caused the supply chain to be constantly disrupted, which decreased manufacturing and sales volume. It is anticipated that the functioning of production facilities for the product's manufacture will resume as lockout norms are lifted in several regions. The product is anticipated to exhibit significant growth once things return to normal because more people are buying electronic devices.

Browse 53 market data Tables and 35 Figures spread through 195 Pages and in-depth TOC on " Haptic Technology Market by Component (Hardware and Software), by Feedback Type (Tactile Feedback and Force Feedback), by Application (Healthcare, Consumer Devices, Automotive & Transportation, Commercial & Industrial, Education & Research, and Others), and Region - Global Forecast to 2028"

By application, the automotive & transportation category is anticipated to have a high CAGR during the forecast period.

Based on application, the global haptic technology market is segregated into healthcare, consumer devices, automotive & transportation, commercial & industrial, education & research, and others. Automotive & transportation are expected to have a high CAGR during the forecast period owing to the continuous demand for high-performance electronic systems in high-end vehicles and hybrid electric vehicles. Additionally, haptic in-car infotainment systems and touchscreen GPS devices are becoming more widely used. Accelerator pedals, climate control screens, dashboards, and steering wheels all employ haptic technology. Many automakers, including BMW, Audi, Mercedes-Benz, Toyota, Tesla, Volkswagen, and Honda, have added haptics to their vehicles.

Global Haptic Technology Market Segmentation Analysis

Segment

Categorization

Leading Category

Component

Hardware and Software

Software (High CAGR)

Feedback Type

Tactile Feedback and Force Feedback

Tactile Feedback (Largest)

Application

Healthcare, Consumer Devices, Automotive & Transportation, Commercial & Industrial, Education & Research, and Others

Consumer Devices (Largest)

Automotive & Transportation

 (High CAGR)

 

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific

(Largest)

North America

(Significant Growth)

 

Discover More About This Report, Download A Free Sample Copy of the Global Haptic Technology Market

“North America is anticipated to have a significant growth in the Haptic Technology Market during the forecast period.”

North America is expected to have a significant share in the haptic technology market owing to increased adoption of smartphones in the region. For improved safety and driving experience in passenger cars and commercial vehicles, consumers are spending more money on sophisticated infotainment systems with virtual touchscreen displays. The market in North America will rise as a result of an increase in the use of haptic technology in applications for simulated training.

Some of the major players in the global Haptic Technology industry include Texas Instruments Incorporated, Immersion, Johnson Electric Holdings Limited, Precision Microdrives, Microchip Technology Inc., AAC Technologies, TDK Corporation, Synaptics Incorporated, Ultraleap, and SMK CORPORATION.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2016–2028

Historical Period

2016–2021

Base Year

2021

Forecast Period

2022–2028

Segments Covered in the Study

Component, Feedback Type, Application, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Texas Instruments Incorporated, Immersion, Johnson Electric Holdings Limited, Precision Microdrives, Microchip Technology Inc., AAC Technologies, TDK Corporation, Synaptics Incorporated, Ultraleap, and SMK CORPORATION

Global Haptic Technology Market Coverage

Component Insight and Forecast 2016-2028

  • Hardware
  • Software

Feedback Type Insight and Forecast 2016-2028

  • Tactile Feedback
  • Force Feedback

Application Insight and Forecast 2016-2028

  • Healthcare
  • Consumer Devices
  • Automotive & Transportation
  • Commercial & Industrial
  • Education & Research
  • Others

Geographical Segmentation

Haptic Technology Market by Region

North America

  • By Component
  • By Feedback Type
  • By Application
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By Feedback Type
  • By Application
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By Feedback Type
  • By Application
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By Feedback Type
  • By Application
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries