Haptic Technology Market Size to Reach USD 25240 Million by 2027 at CAGR 14.5% - Valuates Reports

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BANGALORE, India, Sept. 21, 2021 /PRNewswire/ -- The Haptic Technology Market is Segmented by Type (Tactile Feedback, Force Feedback), by Application (Automotive & Transportation, Consumer Electronics, Healthcare, Gaming, Engineering). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under  Consumer Electronics Category.

The global Haptic Technology market size is projected to reach USD 25240 Million by 2027, from USD 9487 Million in 2020, at a CAGR of 14.5% during 2021-2027. Haptic Technology allows users to reproduce the Tactile touch through a series of actions, including force and vibration. 

Major factors driving the growth of the Haptic Technology market are:

The key element driving Haptic Technology's market expansion is the increasing integration of haptics into consumer products. Furthermore, the expanding use of haptic technology in automotive safety applications will increase demand in the near future.

Various academic institutes and corporate research and development (R&D) divisions have been concentrating on enhancing haptic systems as well as developing innovative haptic applications.

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TRENDS INFLUENCING THE GROWTH OF HAPTIC TECHNOLOGY MARKET

Increasing integration of haptics into consumer devices is expected to drive the growth of the hepatic technology market. One of the key causes driving up demand for haptic technology is the expanding use of consumer electronic devices such as smartphones, tablets, and other wearable gadgets. Haptic Touch is a type of haptic feedback that employs vibrations to simulate experiences such as clicking a button or scrolling through a list on a screen. For example, if you press your finger on an app icon, for example, you'll get a vibration as a menu appears. Haptics is now found in almost all smartphones and tablets, and the trend is moving toward their inclusion into smartwatches and wristbands. Wearable gadgets, such as smartwatches, wristbands, and fitness trackers, benefit from haptic feedback because it allows for faster controls, longer battery life, and more user-friendly interactions. 

The haptic technology market is also growing due to the increasing use of haptic technology in gaming applications. Gaming input devices, such as operating consoles and joysticks, employ the technology to deliver varying intensities of vibrations and mechanical impulses, resulting in a more immersive user experience. Furthermore, Virtual reality systems use haptic feedback to improve immersion, engagement, and imagination. Haptic feedback can improve interaction by allowing users to manipulate virtual objects directly and receive a rapid haptic response in the game environment. This in turn is expected to further increase in the haptic technology market. 

The technological advancements in haptics are expected to drive the growth of the haptic technology market. Haptic technology, which was previously limited to smartphones, tablets, and other consumer gadgets, is now being used in new fields such as education and robotics. Robot operators employ haptic devices like gloves to move a robotic hand or other end effectors with precision in robotics. Robot operators can precisely control the robot arms using haptic gloves while sitting kilometers away from the production floor. 

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HAPTIC TECHNOLOGY MARKET SHARE ANALYSIS

Based on application, the consumer electronics sector is expected to be the most lucrative segment during the forecast period. This is due to the rising demand for consumer devices including smartphones, tablets, and other wearable gadgets. Haptics is now embedded into almost all smartphones and tablets, and the trend is migrating to smartwatches and wristbands.

Based on region, APAC is projected to be the most lucrative segment during the forecast period. One of the primary driving factors for market expansion is rising disposable income, which has increased the use of consumer products. China is the most powerful country in the area, as it is home to many of the world's biggest smartphone manufacturers, including Huawei, Oppo, Vivo, Xiaomi, and OnePlus.

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Major Players in the Haptic Technology Market

• Immersion
• Texas Instruments
• Precision Microdrives
• Johnson Electric Holdings
• Ultrahaptics
• Microchip Technologies
• Synaptics
• SMK
• Haption
• Senseg
• Geomagic
• Force Dimension

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