The global haptic technology market size is expected to grow from USD 2.6 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 12.0%. The market has a promising growth potential due to several factors, including growing adoption of haptic technology in medical industry, rising adoption of haptics in consumer devices, and growing adoption of haptic technology in automotive safety applications. The major factor restraining the growth of the haptic technology market is the high cost of force feedback technology.Although the integration of haptics (tactile haptics) into mobiles and tablets does not involve high costs, force feedback haptic devices are costlier compared with tactile feedback haptic devices.
Force feedback haptic requires efficient devices that are available in 3 degrees of freedom (DoF), 6 DoF, and 7 DoF, which allow users to experience real-time virtual haptics in several applications.Force feedback-based haptic devices are used in simulation applications in the medical, automotive, aerospace, and manufacturing industries, as well as in several ergonomic studies.
These haptic devices are typically bulky, which becomes is a major issue in the case of wearable haptic devices. This is expected to impact the haptic technology market negatively in the coming years. The market is expected to decline in 2020, mainly due to the impact of COVID-19.The consumer electronics and automotive supply chains was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the haptic technology market.
Though the market is expected to be impacted in 2020, it is expected to fully recover by 2021.
Tactile feedback type: The fastest-growing segment of the haptic technology market, by feedback type Tactile feedback technology is the fastest-growing segment of the haptic technology market by feedback type.This is mainly because tactile feedback-based haptic components are used in many devices such as smartphones, tablets, other consumer devices, car navigation systems, and several appliances.
Increasing use of touchscreen displays in various devices, including smart and portable devices, is the major driving factor for the market.Tactile haptic technology enhances user experience along with offering benefit to the manufacturer as it is a low-cost solution compared to mechanical control panels.
This is expected to drive the market for tactile feedback technology during the forecast period.
Consumer devices: The largest segment of the haptic technology market, by application The haptic technology market for the consumer devices application is expected to hold the largest market share from 2020 to 2026.The consumer devices application includes various devices in which haptic effects are embedded, such as smartphones, tablets, gaming devices, smartwatches, cameras, media players, handheld devices, and haptics-enabled touch-based phones.
Consumer devices with haptics provide easier, intuitive access to music, multimedia, and photography.Almost all smartphones today are equipped with haptic devices.
Smartphone companies are using advanced haptic components from leading players to integrate into their smartphones. These developments are expected to drive the market for consumer devices application during the forecast period.
Asia Pacific: The fastest-growing region in the haptic technology market The APAC region is expected to dominate the haptic technology market and is projected to grow at the highest CAGR during the forecast period.APAC is home to most top players in the haptic technology market, including AAC Technologies, TDK, Johnson Electric, SMK Corporation, Alps Alpine, Jinlong Machinery & Electronics, and Imagis.
Also, the region has countries like China, which is a leader in terms of production of consumer devices like smartphones.Moreover, the region is the largest producer and consumer of haptic devices and related components.
These factors are expected to propel the haptic technology market in APAC.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies. The break-up of the primaries is as follows: • By Company Type: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25% • By Designation: C-level Executives – 40%, Directors – 35%, and Others – 25% • By Region: North America – 35%, Europe – 25%, APAC – 30%, and RoW – 10%
The report profiles key players in the global haptic technology market with their respective market share analysis. Prominent players profiled in this report are Texas Instruments (US), Johnson Electric (Hong Kong), AAC Technologies (China), TDK (Japan), Microchip Technology (US), Immersion (US), ON Semiconductor (US), Precision Microdrives (UK), Synaptics (US), Ultraleap (UK), Aito BV (Netherlands), Alps Alpine (Japan), Cirrus Logic (US), Dialog Semiconductor (UK), Hap2U (France), Imagis (South Korea), Infineon (Germany), Jinlong Machinery & Electronics (China), Nidec (Japan), and SMK Corporation (Japan).
Research Coverage: The report segments the haptic technology market and forecasts its size, by value and volume, based on region (North America, Europe, APAC, and RoW), by component (hardware, software), feedback type (tactile, force), and application (consumer devices, automotive & transportation, commercial & industrial, education & research, healthcare, and others). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the haptic technology market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the haptic technology market and provides them information on key market drivers, restraints, challenges, and opportunities.
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