Haptic Technology Market

Market Insights

The haptic technology market is estimated to grow from USD 3.07 billion in 2022 to USD 6.07 billion by 2028 at a CAGR of 11.89% during the forecast period from 2023 to 2028.

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What is haptic technology?

Haptic Technology refers to the science and technology of transmitting and understanding information via touch. The main aim of haptic technology is to simulate the sensation of touch with different mechanisms.

Key Players

Some of the key players in the market are-

• 3D Systems
• Force Dimension
• Haption S.A.
• Aito B.V.
• Haptx Inc.
• Immersion Corporation
• On Semiconductors
• SENSEG OY
• Texas Instruments Inc.
• Ultrahaptics (Ultraleap).

Market Dynamics

These factors are expected to boost the demand for the market in the coming years:

• Major factors contributing to the growth of the market are the growing utilization of haptic technology in mobiles, cars and IoT appliances to achieve improved product design.
• And operating accuracy along with several benefits offered by it, such as greater sound, touch, and visual effects in touchscreen devices.

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Segments Analysis

By Feedback Type

The market is segmented as tactile and force. Tactile is expected to witness a significant growth rate in the market during the assessment period owing to changing consumers leaning towards a simulating experience in smartphone experience. In addition, tactile feedback offers features such as the personalization of text alerts and other notifications. This is further expected to drive market growth during the assessment period. 

By Component Type

The market is segmented as actuators, drivers & controllers, and software. The software component type is anticipated to register a high growth rate in the market owing to the increasing application of haptic technology in electronic devices. Furthermore, factors such as the ease of application of haptic software in several other applications, such as gaming, wearable devices, and surgical equipment is expected to boost the product demand in the market during the following period.

By Application Type

The market is segmented as consumer electronics, gaming, automotive, healthcare, and robotics. The gaming segment is estimated to account for the major share of the market during the assessment period on account of factors, such as enhanced real-life experience in gaming consoles and mobile gaming interfaces combined with haptic technology. In addition, haptic-empowered gaming controllers deliver a sense of physicality to several events in a video game, further driving the market growth during the assessment period.

Regional Analysis

Europe is estimated to be the leading region in the market owing to increasing consumer spending on technologically-progressive consumer electronic devices. The continuously rising consumer expenditure on current infotainment systems, offering simulated touchscreen displays for enhanced safety and driving experience in passenger cars and commercial vehicles is further expected to drive the market growth over the following period. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the assessment period.

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Segmentation

The report provides detailed insights into the dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The haptic technology market is segmented into the following categories.

By Feedback Type:

• Tactile
• Force

By Component Type:

• Actuators
• Drivers & Controllers
• Software

By Application Type:

• Consumer Electronics
• Gaming
• Automotive
• Healthcare
• Robotics

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Report Environment analysis: Growth drivers and constraints, Porter’s five forces and SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current segmentation of any one of the component types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.