The global haptic technology market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing integration of the technology in consumer electronics, such as tablets and smartphones.
Haptic technology delivers an enhanced multi modal experience to the user by engaging touch, sound, and sight by various mechanism. The technology is used to engage more of the user’s senses to provide more immersive and deeper experience. One of the mechanism used in haptic technology is using touch as a feedback system to communicate information to and from the user. Haptic technology creates haptic feedback through the application of motion, vibration, and force. It offers benefits in cars, IoT devices, smartphones, gaming, robotics, and Augmented Reality and Virtual Reality enabled devices.
The COVID-19 pandemic outbreak had negative impact on the market. During the pandemic, emergency lockdown imposed by government bodies across many regions resulted in supply chain disruption of hardware and labor shortage in automobile and consumer electronics industry. The market is expected to recover soon as emergency lockdown is lifted by the government gradually and manufacturing plants are resuming their operation with limited workforce.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for touchscreen in consumer electronics is one of the key factors driving the market growth.
- Rising use of haptics in gaming consoles for immersive experience is projected to boost the market during the forecast period.
- Growing concern about high power consumption of devices using haptic technology acts as a major challenge that can restrict the market growth in the coming years.
- High cost and lack of awareness associated with the technology is expected to hamper the market growth during the projected timeline.
- Escalating use of haptics in home appliances and education sector is anticipated to create significant growth opportunities for the market.
Scope of Haptic Technology Market Report
The report on the global haptic technology market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Haptic Technology Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Technologies (Surface Acoustic Wave, Resistive, Optical Imaging, and Capacitive) and Applications (POS & Kiosks, Consumer Electronics, Healthcare, Gaming, Automotive, Industrial, and Defense)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Texas Instruments, Inc.; 3D systems Corp.; AAC Technologies Holdings, Inc.; Haption SA; Maxim Integrated Products, Inc.; Precision Microdrives Ltd.; Immersion Corp.; Densitron Technologies Plc; Johnson Electric Group; Tactus Technology Inc.; and Microchip Technology, Inc.
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Haptic Technology Market Segment Insights
Multi-touch functionality drives the capacitive segment
Based on technologies, the global haptic technology market is segmented into surface acoustic wave, resistive, optical imaging, and capacitive. The capacitive segment is estimated to expand at robust growth rate during the forecast period due to the benefits it offers, such as less touch pressure, multi-touch functionality, and extreme durability. However, resistive segment is anticipated to expand at a substantial CAGR during the forecast period owing to the minimal production cost and flexibility in terms of touch capabilities.
Automotive segment to register a high CAGR
On the basis of applications, the market is segregated into POS & kiosks, consumer electronics, healthcare, gaming, automotive, industrial, and defense. The automotive segment is projected to register at high CAGR in the projected timeline attributed to the rising demand for high-performance electronic systems in hybrid electric vehicles and other high-end automobiles. Furthermore, surging adoption of haptics for touchscreens in GPS and car infotainment systems is major driver of the segment.
On the other hand, the healthcare segment is anticipated to register a substantial CAGR during the forecast period due to the increasing use of haptic technology in the medical sector by training doctors in various surgical procedures.
Asia Pacific to constitute a key market share
In terms of region, the global haptic technology market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute a key share of the market during the projected period owing to increase in adoption of consumer devices in the region and rise is use of advanced technologies in vehicles, such as infotainment systems and touch screen enabled dashboards, window controls, and navigation systems.
However, the market of North America is anticipated to grow at a rapid pace during the forecast period due to the increasing demand of haptic technology from end-users, such as automobile, healthcare, and defense.
Segments
The global haptic technology market has been segmented on the basis of
Technologies
- Surface Acoustic Wave
- Resistive
- Optical Imaging
- Capacitive
Applications
- POS & Kiosks
- Consumer Electronics
- Healthcare
- Gaming
- Automotive
- Industrial
- Defense
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global haptic technology market are Texas Instruments, Inc.; 3D systems Corp.; AAC Technologies Holdings, Inc.; Haption SA; Maxim Integrated Products, Inc.; Precision Microdrives Ltd.; Immersion Corp.; Densitron Technologies Plc; Johnson Electric Group; Tactus Technology Inc.; and Microchip Technology,Inc. Companies are investing for integration of haptic technology into their products to maintain their competitive positions in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, In July 2019, Microchip Technology inaugurated their new R&D center in Chennai, India. The R&D center is aimed at the development of the native ecosystem for design of specialized embedded systems and integrated circuit. Additionally, the R&D center is aiming to employ around 1,200 employees. In September 2020, LG Electronics signed a multi-year license renewal with Immersion Corp. for continued use of haptic technologies and TouchSense software in its smartphones. LG is anticipated to continue the use of Immersion haptic software in its entire range of mobile devices.
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