Haptic Technology Market Size Expected to Grow at a CAGR over 13.9% from 2022 to 2030

Pune, India, March 2021, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Haptic Technology Market.

Haptic Technology Market Overview

Global Haptic Technology Market is expected to reach USD 26.3 Billion by 2030 at a CAGR of 13.9% during the forecast period. Market Research Future (MRFR), in its report envelops segmentation and drivers to provide a better glimpse of the market in the coming years.

Competitive Analysis

The Key Players of the Global Haptic Technology Market are Yokogawa Electric Corp (Japan), Mettler Toledo (US), Toptica Photonics (Germany), Hubner GmbH & Co KG (Germany), Agilent Technologies Inc. (US), Focused Photonics Inc. (China), Luna (US), NEC Corporation (Japan), NeoPhotonics Corporation (US), and Santec Corporation (Japan) among others.

Segmental Analysis

Global Haptic Technology market has been segmented based on frequency, application, vertical, and region. Haptic technology is increasingly used in consumer electronics such as smartphones and tablets as it provides tactile feedback to its users. Several benefits provided by haptic, such as enhanced sound, touch, and visual effects in touchscreen devices are contributing to its wide adoption in the electronics sector. The vibration feedback provided by haptic technology aids users to improve touchscreen accuracy. The amplifying trend of incorporating haptic technology in gaming applications and augmented reality enabled devices is providing a positive outlook for the haptic technology market.

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 13.9% 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 13.9%. Haptic sensations are created by actuators or motors which generate vibrations to the users and are controlled by embedded software which is integrated into the device. It takes the advantage of a combination of somatosensory pattern of skin and proprioception of hand position. Haptic technology uses a vibrating component like a vibration motor or linear resonant actuator.

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 13.9% during the forecast period. The force segment was valued at USD 2,569.4 million; it is projected to register the higher CAGR of 13.9%. Tactile feedback is a physical response on a device from userinput. This technology is used in smartphones, tablets, major appliances, and car navigation systems, among others. Haptic technology offers users an immersive experience when using touchscreens interfaces: direct information transfer between display and the fingertip. Tactile haptic feedback recreates the sense of touch, detecting forces, and tactile stimuli in the form of vibrations, texture rendering, simulated clicks, pulses, and buzzes.

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 13.9% 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 13.9%. Haptic technology has become a common feature in several consumer electronic devices including smart phones and tablets. It is also used in laptops and gaming consoles. Modern haptic technology utilizes sensors to measure the amount of force exerted by the user on the user interface and then sends haptic feedback. Haptics has been a major part of both future virtual reality experiences and everyday consumer electronics. Wearable technology, since it is in contact with human skins, will be the most likely place to deploy these solutions.

The global haptic technology market, by region, has been segmented into North America, Europe, Asia-Pacific, Rest of The World. 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%.