Haptic Technology Market Analysis | 2023-2028

Market Insights

"The haptic technology market was estimated at USD 3.07 billion in 2022 and is likely to grow at a CAGR of 11.89% during 2023-2028 to reach USD 6.07 billion in 2028".

Wish to get a free sample? Click Here.

Market Dynamics

Introduction

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.

Market Drivers

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

• Major factors contributing to the growth of the global haptic technology 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.

Restraint: Higher costs of force feedback technology

Haptics, primarily tactile interfaces, are integrated into consumer devices and are not more expensive than force-feedback haptic devices. However, the high cost of force feedback haptic devices used in the medical, automotive, aerospace, and manufacturing industries hinders their market share. These devices require efficient devices with suitable features, and their high costs stem from development, material, and patent costs.

Opportunity: Surge in applications of haptic technology in the aerospace & defense industry

Mid-air haptics is being utilized in the aerospace and defense industries to enhance pilot training and flight experience. This technology, based on immersion and intuition, allows pilots to focus on tasks, enhances situational awareness, and improves weapon accuracy and control.

Challenge: Elevated power usage in haptic feedback

High-power consumption of haptic feedback in phones drains battery power, hindering growth. Designing solutions with haptic drivers can reduce power dissipation and maximize battery life on portable devices.

Future Prospects for Haptic Technologies

Haptic technology is a rapidly growing field with numerous potential applications. It could be used to create realistic virtual reality experiences, develop new medical treatments, and create educational tools. As it matures, haptic technology has the potential to revolutionize our interactions with computers and the world around us.

Segments Analysis

By Feedback Type

"Tactile is expected to witness a significant growth rate in the market during the assessment period".

• The haptic technology 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 software component type is anticipated to register a high growth rate in the market".

• The market is segmented into 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 haptic technology market during the following period.

By Application Type

"The gaming segment is estimated to account for the major share of the market during the assessment period".

• 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 in the global haptic technology market during the assessment period.

To know the high-growth countries in this report, Click Here.

Key Players

The following are the key players in the Haptic Technology Market (arranged alphabetically).

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

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

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 global haptic technology market.

What Deliverables Will You Get in this Report?

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.

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 to sales@stratviewresearch.com.