Haptic Technology Market Size, Share & Industry Analysis, By Component (Solution (Actuators, Drivers & Controllers, Others) Software), By Application (Consumer Electronics, Robotics, nEducation, Research, Gaming, Healthcare, Automotive & Transportation, Others) And Regional Forecast 2023-2030

Haptic technology is a type of three dimensional communication technology that can generate an experience of touch by applying forces, motions, or vibrations.

Tablets and smartphones are equipped with haptics technology. Besides, several vendors have started integrating haptic technology into other wearable devices such as fitness trackers, wristbands, and smartwatches. The technology offers faster controls, user-friendly interactions, and improved battery life. Thus, the growing integration of haptic technology into consumer electronics devices is the key factor driving the market growth. The growing usage of haptic technology in automotive safety appliations and consumer electronic devices would be likely to propel the market growth. Moreover, the rising adoption of haptic technology in vehicle-safety applications would likely drive the haptic technology demand in near future

Haptic technology is now discovering applications in novel areas such as robotics and education. For instance, robot operators have started using haptic devices such as gloves to control a robotic hand precisely. The haptic technology's numerous benefits, such as enhanced touch, sound, and visual effects in screen touch applications, are likely to contribute to the rising electronics industry's rising adoption. The growing use of technology in mobiles, cars, and internet of things (IoT) appliances to attain better operating accuracy and product design will boost the overall market growth. The growing trend of integrating haptic technology in augmented reality-enabled devices and gaming applications provides a positive outlook for market growth. These offer innovative device functionalities like contextual and dynamic user interfaces. Thus, the rising demand for interactive audio feedback in gaming applications will also considerably support the market growth for haptic technology.  

Key Market Driver -

• The rising adoption of haptics in gaming consoles would be likely to drive the haptic technology market • Rising use of haptic technology in the medical and robotics industry

Key Market Restraint -

• The higher implementation cost would limit the adoption

Key Players Covered:

Numerous large and small key players in the global haptic technology market apply various organic and inorganic strategies for sustaining their market competence. Many providers in the virtual gaming industry focus on developing innovative products embedded with haptic technology for enabling advanced consoles. For instance, in April 2020, Sony Corporation launched a gaming controller called DualSense with haptic feedback. DualSense is implemented with adaptive triggers, which provide improved communication and powerful sensations. Prominent market players are implementing several strategies such as partnerships and collaborations to elevate their global marketplace position. For instance, in August 2019, Immersion Corporation partnered with China-based Awinic Technology to integrate haptic technology in Awinic’s driver ICs.

The key players operating the global haptic technology market includes Citizen Electronics Co. Ltd., Immersion Corporation, Cree Inc., Everlight Americas Inc., LG INNOTEK, Merck KGaA, Lumileds Holding B.V., Nichia Corporation, OSRAM GmbH, Seoul Semiconductor Co. Ltd., Stanley Electric Co., Toyoda Gosei Co. Ltd., and among others.

Regional Analysis:

North America would be likely to emerge as dominating region in the global haptic technology market due to the presence of a prominent market player like Immersion Corporation in the United States. Haptic technology can create true-to-feel pushes, distinctive texture, and realistic clicks for each button, slider, surface, and dial in the car. Thus, manufacturers are progressively implementing haptic technology in the vehicles. Thus, the growing implementation of haptic technology in the automotive sector would be likely to propel market growth.

The Europe haptic technology market is propelled by growing customer spending on technically advanced consumer electronics appliances. Europe is showcasing tremendous demand for touchscreen technology specifically for vehicle, automobile, and consumer electronics industry applications. Thus, Europe will likely drive the substantial growth of the haptic technology market. Cumulative adoption of the technology in computer-generated training applications will be expected to drive the region's market growth. For instance, in April 2020, the United Kingdom-based medical training company named FundamentalVR Limited launched a HomeVR platform built on haptic technology for medical specialists' surgical training. Large consumer electronics and automotive industries are also one of the prominent factors responsible for driving market growth across European nations.

The Asia-Pacific would be likely to emerge as one of the potential markets for haptic technology. A large consumer base for consumer electronics applications has augmented smartphone and internet penetration in the region. The rising usage of internet-enabled appliances is principally responsible for the market growth of the region. Also, China, Japan, India, and South Korea show snowballing demand for mobile and wearables devices that will be probable to drive the significant adoption of haptic technology.

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Segmentation

Key Industry Developments:

• February 2021 – Faurecia and Immersion Corporation signed a multi-year license agreement that enables Faurecia to access Immersion's haptic technology solutions. The agreement allows Faurecia to develop an interactive, advanced haptic user interface enriched with Immersion Corporation's modern innovations.


• November 2020: UAE-based Hawas Group’s subsidiary ‘IPlan Ideas Technologies’ partnered with Ultraleap Limited to bring Ultraleap’s mid-air haptics technologies and hand tracking solutions to UAE customers