The haptic technology market had a value of $8.995 million in 2019, and since then, it has been rising rapidly. The market is estimated to attain a value of $21.469.6 million by the year 2026, and the CAGR is presumed to be 13.89%.
Haptic technology refers to understanding and transmitting information with touch. The technology creates an enriched experience with the user’s motions, vibrations, or touch. Mostly the technology is used in electronics devices, virtual objects, control machines, etc. In smartphones, wearables, game controllers, automotive, VR, industries, and much more. The elevated requirement for advanced technology in devices is propelling the market growth.
Touch screen usage in electronics like home appliances, media players, etc., provides an excellent sensory experience to users, which drives the Haptic Technology Market Size demands. This technology’s prominence in virtual reality and augmented reality boosts the market growth. Moreover, the increased use of technology in the aircraft industry for knowing any sensor error is also leading the market potential to greater heights. There is a rapid elevation in IoT devices that uses haptic technologies. Several institutions and research centers are adopting haptic solutions, which will upsurge the market value in the upcoming years.
The report depicts the haptic technology market valuation and overall growth. It sheds light on various segments of the market and discusses the regional analysis. In the report, industry-related news is also mentioned. The increasing usage of the haptic technology system will push the market potential to a whole new level during the forecast period.
Players leading the haptic technology market are Texas Instruments Incorporated (US), Immersion Corporation (US), Ultrahaptics (Ultraleap – UK), ON Semiconductor Corporation (US), Haption S.A. (France), SMK Corporation (Japan), Johnson Electric (Hong Kong), Microchip Technologies Incorporated (US), Force Dimension (Switzerland), and Synaptics Incorporated (US), among others.
The global haptic technology market is fragmented into different segments based on feedback, application, components, and region.
By feedback, the market is bifurcated into force and tactile. As per the market analysis, the tactile section had the most share and will have a CAGR of 13.5% during the assessment period.
Based on application, the market is sub-segmented into gaming, consumer electronics, education, transportation and automotive, engineering, healthcare, and others. Among all these, the electronics segment registered major market share in 2018.
The haptic technology market by type components includes actuators, controllers, drivers, software, and others. Out of all these, the actuator section has the highest market share and is expected to register a 13.6% CAGR in the forecast years.
By region, the market is classified into North America, Asia-Pacific, Europe, and other parts of the world.
Different geographies, including North America, Asia-Pacific, Europe, and the remaining parts of the world, are analyzed to understand the haptic technology market. The Asia-Pacific market is expected to have the highest market share with a CAGR of 16.1% during the forecast period. The rising adoption of devices ad smartphone usage will boost the market in the region. North America will have the second-largest share due to the rapid adoption of new technologies. In Europe, the market growth will increase due to the automotive sector and the rising demand for touch screens, climate control, navigation systems, and windows control.
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