ID: MRFR/SEM/2694-CR | February 2021 | Region: Global | 108 pages
The Global Haptic Technology Market was valued at $8.995 million CAGR in the year 2019, and it is expected to reach $21.469.6 million by 2026 with a CAGR rate of 13.89%. Haptic is a method of transmitting and understanding information with touch. It can create an experience with the touch, motions, or vibrations of the user. This technology is used in many electronics, and it can be used in virtual objects, enhance the control machines, and more. Haptic Technology is largely used in phones and game controllers, wearables, VR, automotive, industries, and many more. Haptic technology offers an improved multi-modal experience to the users by giving engaging sounds, touch, and sight. This technology has so many applications in electronics, and the growing need for advanced technology in devices is boosting the demand for haptic technology companies.
Increasing demand for. Touch screen in electronics such as media players, home appliances to give a great experience to the users is driving the Haptic Technology Market Growth. Also, increasing demand for gaming devices for a better gaming experience is expected to boost the Haptic Technology Market. The meaning of haptic is able to contact, and thus technology helped to create a Sense of touch. Haptic Technology was used in large aircraft, and it used to provide negative feedback when it sensed error. The error or danger was detected by the Haptic Technology. With a wide range of applications, the Haptic Technology Market is growing at a faster rate.
The Increasing number of loT devices all over the world has boosted the market demand for smartphones, laptops, and tablets. And it had a great positive impact on the Haptic Technology Market Size. Apart from that, haptic technology has a huge contribution to the automotive sector, and the demand for highly advanced vehicles has increased over the years. These vehicles are with high safety features, and advanced technology and Haptic Technology have used these vehicles. Owing to the high demand of the automotive industry, the market is showing a growth in the Haptic Technology Market Trend. Also, various institutions and research centers are upgrading haptic solutions and considering these positive impacts, and the Haptic Technology Market Demand will grow in the coming years.
The Haptic Technology saw a decline in demand in 2029, and it was due to the Covid-19 Outbreak. Many government and private sectors were shut down worldwide due to the Covid-19 Pandemic. Lockdown and social distancing guidelines were imposed all over the countries. Due to the lockdown, the production and supply chain of haptic technology decreased. The lockdown drastically affected the manufacturing process of many companies, and it resulted in disruptions in the supply chain. Labor storages in the automotive sectors and other sectors have affected the haptic technology market. Companies we’re not able to find required labor for their operations due to the covid-19 pandemic. And all these reasons affected the haptic technology market growth in the year 2020. The haptic technology market players tried their best to increase the market demand in this situation. The market is expected to show rapid growth after the post-covid-19 situation.
There are many factors influencing the Haptic Technology Market Growth, and these are called market drivers. One of the major drivers of the Haptic Technology Market is the growing demand for loT devices. The Increasing number of smartphones, tablets, and other wearable devices is increasing the demand for the Haptic Technology Market. The Haptic Technology in smartphones and tablets to give a good touch experience is driving the Haptic Technology Market Demand. The Increasing demand for the smartwatch, Wristbands and other wearable devices is also contributing to the growth of the market. Another major market driver is the growing need for advanced technology in the automotive industry. Automotive sectors widely use Haptic Technology, and with the expansion of haptic technology in the automotive industry, the Haptic Technology Market Size is also increasing.
Before, the application of Haptic Technology was only limited to smartphones, tablets, and other consumer devices. But now, haptic technology applications can be found in other sectors of education and robotics. In robotics, haptic technology such as gloves is used by the robots to manipulate a robotic hand and other things with complete control. With the help of haptic technology, the robots can easily control robotic arms. A wide range of applications of haptic technology in Robotics can bring great opportunities for the Haptic Technology Market.
There are many things that can impact the growth of the market in a negative way, and these are called market restraints. Haptic Technology has gained so much popularity due to the huge applications in smartphones and tablets. Many businesses are accessing the integration of haptic technology and measuring the risk. The application of haptic technology doesn’t involve high cost, but the force feedback haptic needs high cost in comparison to tactile feedback haptic devices, and it has become a major restraint in the haptic technology market. Force haptic feedback technology can be found in 3 degrees of freedom, 7 DoF, 6 DoF, that offers the users a real-time virtual haptic experience in various applications. Force feedback haptic devices are used in many areas such as automotive, medical, aerospace, and other manufacturing companies. These devices are bulky, so that it becomes a problem for wearable devices.
The Haptic Technology Market faces challenges just like other markets. One of the major challenges in the haptic technology market is the technical challenge faced by product manufacturers. These technical challenges faced by the manufacturers while using haptic technology in various devices such as smartphones, tablets, and automobile, gaming controllers. Haptic Technology can surely increase the user’s experience and add user-friendliness to any device. It becomes a challenge for the manufacturers to choose which component would fit the best into a particular system.
Cumulative Growth Analysis:
Due to the wide adoption of haptic technology in wide areas, the Haptic Technology Market is growing at a faster rate. With the advancement of technology, the Haptic Technology Market will grow more in the coming years. The market key players and the major drivers will drive the market growth in the forecast period. The Haptic Technology Market was valued at $8.995.1 million in the year 2019. The Global Haptic Technology Market is expected to reach $21.469.6 million with a CAGR rate of 13.89% due to the rapid growth of the market in the forecast period.
The Haptic Technology Market Segments are on the basis of Components, Feedback, Application, and Region.
The major regions of the Haptic Technology Market are North America, Europe, Asia Pacific, and other regions in the world. The Asia Pacific was responsible for the highest Haptic Technology Market Share in the market in 2018 with a market value of $2,230.7 million, and the market is expected to grow with a CAGR rate of 16.1% in the Haptic Technology Market Forecast Period. With increased adoption of consumer devices is one of the major drivers of the market. Many major smartphone companies are available in the market, and it is boosting the growth of the Haptic Technology Market in this region. North America holds the second-highest share in the market due to the adoption of advanced technology and a good economy in this region. The European region expected to grow more in the forecast period due to the presence of major automotive companies in this region. The Increasing demand for touched screens, navigation systems, climate control, windows controls is expected to boost the haptic technology Industry in the market.
The Major Haptic Technology Market Key Players are:
Frequently Asked Questions (FAQ) :
The earning value of USD 22 Billion by 2023 is predicted to define the market.
The North American region is at the top of the market due to technological improvements.
Johnson Electric (Hong Kong), ON Semiconductor Corporation (U.S.), Microchip Technologies Incorporated (U.S.), SMK Corporation (Japan), Synaptics Incorporated (U.S.) are the competitors in the market.
The market is expected to be restrained by the limited application of the technology.
The development of haptic technology is expected to reinforce market progress.