CHICAGO, May 4, 2023 /PRNewswire/ -- The Haptic Technology Market is expected to reach USD 5.0 billion by 2028 from USD 4.2 billion in 2023, at a CAGR of 3.7% during the 2023-2028 period according to a new report by MarketsandMarkets. The major factors driving the market growth of the haptic technology market include the rising integration of haptic technology into consumer devices, the growing use of haptic technology in automotive industry, and increasing use of haptic technology in healthcare industry.
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Browse in-depth TOC on "Haptic Technology Market"
199 - Tables
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223 - Pages
Haptic Technology Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $4.2 billion |
Estimated Value by 2028 | $5.0 billion |
Growth Rate | Poised to grow at a CAGR of 3.7% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Feedback Type, Component, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | High power consumption in haptic feedback |
Key Market Opportunities | Rising applications of haptic technology in aerospace & defense industry |
Key Market Drivers | Rising integration of haptic technology into consumer devices |
Hardware is expected to account for the largest share of the haptic technology market during the forecast period.
The hardware segment is expected to lead the haptic technology industry. Increased adoption of haptic technology in various devices has been observed due to increased accuracy, increased input command speed, and improved user satisfaction. Technological advancements in devices are one of the driving factors for the market. For instance, manufacturers of mobile devices, vehicles, and IoT appliances are inclined toward adopting touch surfaces with haptic feedback instead of physical buttons. Haptic enables devices to become more compact, sleek, easy to update, and durable, which end users prefer.
The automotive & transportation is projected to register the highest CAGR during the forecast period.
Haptics is required for in-car infotainment systems and touchscreens in with GPS along with accelerator pedals, climate control screens, dashboards, and steering wheels. Therefore, automobile manufacturers are forming partnerships with haptic solutions providers to meet consumer demands. The growing haptic technology deployment in vehicles is a major factor driving the market growth.
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Asia Pacific is expected to register the highest CAGR during the forecast period.
Asia Pacific is expected to dominate the haptic technology market from 2023 to 2028. Increasing disposable income and the subsequent increase in the usage of consumer devices, is a major driving factor for market growth in the region. China is home to many leading smartphone manufacturers such as Huawei, Oppo, Vivo, etc. Furthermore, China is also the largest consumer of devices such as smartphones and tablets. It is also one of the leading manufacturers of passenger cars. Based on OICA's data, passenger vehicle sale in China was 26,082,220 in 2021. The growing trend of using advanced technologies in vehicles, such as infotainment systems and other touchscreen-based devices such as dashboards, and navigation systems is expected to create growth opportunities for haptic technology hardware and software providers in the automotive industry. The growing adoption of haptic technology in consumer devices and automobiles is expected to drive the market's growth in the next 5 years.
The report profiles key players in haptic technology companies such as Texas Instruments Incorporated (US), Johnson Electric Holdings Limited (China), AAC Technologies (China), TDK Corporation (Japan), Microchip technologies Inc. (US), Immersion (US), Semiconductor Components Industries, LLC (US), Precision Microdrives (UK), and Synaptic Incorporated (US), and ultraleap (UK).
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