Haptic Technology Market Research Report - Global Forecast till 2027

Global Haptic Technology Market Research Report: By Component (Actuators, Drivers & Controllers, Software, Others), Feedback (Tactile, Force), Application (Consumer Electronics, Automotive & Transportation, Gaming, Education & Research, Healthcare, Engineering, Others), By Region (North America, Europe, Asia-Pacific, Middle East and Africa and Central & South America) - Forecast till 2027

ID: MRFR/SEM/2694-CR | February 2021 | Region: Global | 108 pages

Please note that the assessment period of report has been updated from 2018-2026 to 2020-2027. Cordially fill the sample form for updated data.

Market Snapshot


Global Haptic Technology Market is expected to grow at 13.89% CAGR, witnessing substantial growth during the forecast period. The market was valued at USD 8,995.1 Million in 2019; it is expected to reach USD 21,469.6 Million by 2026.


Haptic Technology Market is growing rapidly across the world. Haptic is a combination of tactile information and kinesthetic information. Tactile information refers to the information acquired by the sensors connected to the body whereas, kinesthetic information refers to the information acquired by the sensors in the joints. Haptic Technology deals with recreating the sense of touch by applying forces to it like vibrations or motions. It helps in creating virtual objects and controlling them in computer simulation.


As per the study, Asia-Pacific accounted for the largest market share of 39.2% in 2018, with a market value of USD 3,230.7 Million; the market is expected to register the highest CAGR of 16.1% during the forecast period. North America was the second-largest market in 2018, valued at USD 2,248.3 million; the market is projected to exhibit a CAGR of 11.1%.  In the North American region, the actuators are largely used in this region followed by drivers & controllers and software. The growing importance of haptics in augmented and virtual reality, as well as in automobiles, gaming, and medical devices are one of the most significant factors boosting the growth of the market in the region. Technological advancements have led to the development of the IT industry in North America. Hence, these factors driving the haptic technology in this region.


Global Haptic Technology Market, By Application (2019 Vs 2026)
Haptic Technology Market


Source: MRFR Analysis


Global Haptic Technology Market is segmented into Component, Feedback, Application, and Region. By component, the market has been segmented into actuators, drivers & controllers, software, and others. Among these, the actuators segment accounted for the largest market share of 41.1% in 2018, with a market value of USD 3,387.6 million; it is expected to register a CAGR of 13.6% during the forecast period. The drivers & controllers segment was the second-largest market in 2018, valued at USD 2,290.6 million; it is projected to register the highest CAGR of 15.8%. Based on feedback, the market has been bifurcated into tactile and force feedback. Among these, the tactile segment accounted for the larger market share of 68.8% in 2018, with a market value of USD 5,665.4 million; it is expected to register a CAGR of 13.5% during the forecast period. The force segment was valued at USD 2,569.4 million; it is projected to register the higher CAGR of 14.8%. By application, the market has been segmented into consumer electronics, automation & transportation, education & research, gaming, healthcare, engineering, and others. Among these, the consumer electronics segment accounted for the largest market share of 30.3% in 2018, with a market value of USD 2,495.0 million; it is expected to register a CAGR of 14.2% during the forecast period. The Automotive & Transportation segment was the second-largest market in 2018, valued at USD 1,851.2 million; it is projected to exhibit a CAGR of 14.3%. However, the gaming segment is expected to register the highest CAGR of 16.4%.


The market growth is mainly driven by increasing adoption of haptics technology into consumer electronics and increasing use of haptics in the medical industry. Moreover, demand for haptic technology in holographic display products has created the opportunity for the market growth. However, high investment cost may slow the growth of the haptic technology market.


Regional Analysis


Global Haptic Technology Market, by Region, has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Central & South America. In 2019, Asia-Pacific accounted for the largest market value of USD 3,596.0 Million in 2019 and registered the highest CAGR of 16.06%.


Companies Covered


The Key Players of the Global Haptic Technology Market are Immersion Corporation (US), Texas Instruments Incorporated (US), Ultrahaptics (Ultraleap) (UK), Haption S.A. (France), ON Semiconductor Corporation (US), Johnson Electric (Hong Kong), SMK Corporation (Japan), Microchip Technologies Incorporated (US), Synaptics Incorporated (US), and Force Dimension (Switzerland) among others.


Segmentation



  • By Component: Actuators, Drivers & Controllers, Software, Others.

  • By Feedback: Tactile, Force.

  • By Application: Consumer Electronics, Automotive & Transportation, Gaming, Education & Research, Healthcare, Engineering, Others.

  • By Region: North America, Asia-Pacific, Europe, and Middle East and Africa and Central & South America.


Key Questions Addressed by the Report



  • What was the historic market size (2019)?

  • Which segmentation (Component/Feedback/Application) is driving the market?

  • What will be the growth rate by 2026?

  • Who are the key players in this market?

  • What are the strategies adopted by key players?



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.