A New Market Study, titled “Haptic Technology Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
The haptic technology market is garnering significant traction, witnessing the wide adoption of haptic solutions across industries. High-definition haptic feedback significantly enhances the sensory experience of human-machine interfaces by engaging the full range of human tactile sensitivity. Therefore, haptic actuators are extensively used for robust operating purposes in hostile, low-visibility and noise-filled environments.
The vast uptake of haptic technology in some of the burgeoning sectors such as automotive and healthcare increases the market size, escalating the market further on the global platform. The market is witnessing substantial investments in R&D activities, which boost the size of the market. The haptic technology market is projected to demonstrate outstanding growth in the years to come.
In this regard, Market Research Future (MRFR) states that the global haptic technology market would account for exponential gains by 2027, registering a staggering CAGR during the review period (2020 – 2027). Additional factors bolstering the market growth include the proliferation of smartphones, smart electronic devices, and wearables.
Haptics is garnering huge prominence in augmented reality (AR) and virtual reality (VR). This, as a result, increases haptics uses in automobiles, gaming, and medical devices, boosting the growth of the market. The burgeoning IT sectors worldwide foster the market share for haptic technology.
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Haptic Technology Market – Segmentation
The market is segmented into components, feedback, application, and regions. The component segment is sub-segmented into actuators, drivers & controllers, software, and others. The feedback segment is sub-segmented into tactile and force.
The application segment is sub-segmented into automotive & transportation, consumer electronics, gaming, education & research, healthcare, engineering, and others. By regions, the market is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Global Haptic Technology Market – Regional Analysis
The Asia Pacific region dominates the global haptic technology market. The largest market share attributes to the wide adoption of these technologies in some of the burgeoning sectors in the region. Moreover, rapidly growing haptic technology markets in India, China, and Japan place the region in the leading position. Spurring rise in consumer electronics, automotive & transportation, gaming, education & research, healthcare, and engineering, creates substantial market demand.
North America stands second in the global haptic technology market. Heavy R&D investment by the private sector towards developing haptic technologies is a key driving force behind the market growth. The augmented demand and availability of quality haptic devices boost the market size in the region. Besides, factors such as vast technological advances and the presence of prominent players substantiate the market growth in this region.
Europe is emerging as the fastest-growing market for haptic technologies. The region is witnessing a rapid expansion stage of haptic technologies. Additionally, the market is driven by the increasing adoption of haptic technologies by the increasing number of businesses in the region. The European haptic technology market is estimated to witness fabulous market growth during the review period.
Haptic Technology Market – Competitive Landscape
Well-established market players gain a competitive advantage in the market, maintaining their market position. These Players also invest substantially in the R&D to develop a technology with unique features entirely on a different level than their competition. They focus on improving their market performance and are expanding by acquiring promising companies in the fast-growing markets.
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.
February 03, 2021 —- Faurecia, a leading global automotive technology company and Immersion Corporation, a leading developer and provider of haptics, announced a multi-year license agreement. Under the agreement, Immersion would provide Faurecia with access to its haptic technologies & solutions. Further, the agreement would enable Faurecia to develop advanced, interactive haptic user interfaces with the latest innovations from Immersion.
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