Global Haptic Technology Market to Grow at 10.5% During 2024-2032, Propelled by Increasing Sales of Touch-Enabled Consumer Electronics

September 29, 2020 | Technology & Media

According to the latest report by IMARC Group, titled "Haptic Technology Market Report by Component (Actuators, Drivers and Controllers, Software, and Others), Feedback (Tactile, Force), Technology (Captive, Resistive, and Others), Application (Automotive and Transportation, Consumer Electronics, Education and Research, Gaming, Healthcare, Engineering, and Others), and Region 2024-2032," the global haptic technology market size reached US$ 10.2 Billion in 2023. Haptic technology refers to the virtual and mixed reality solutions that engage sight, sound, and touch to provide multi-modal experience to users. It acts as an interface between the user and connected devices, such as tablets and smartphones, by using sensors to measure the physical feedback and pressure sensitivity. It is widely used in joysticks, controllers and steering wheels for enhancing the overall user experience in video games. Apart from this, it is also used for controlling surgical equipment and wearable devices and improving the efficiency of remote-controlled machines and telerobots.

Global Haptic Technology Market Trends:

The market is primarily driven by the increasing uptake of consumer electronic devices across the globe, along with the escalating sales of touch-enabled home appliances. Haptic technology is widely utilized in most of these electronics due to its ability to provide tactile feedback to users. Its use also offers enhanced sound, touch and visual effects that result in improved operational efficiencies. Apart from this, this technology is also extensively adopted for numerous gaming applications and augmented reality (AR)-enabled devices. Several hardware devices, including joystick and controllers, are equipped with haptics to enable convenient manipulation of virtual avatars when integrated with virtual reality (VR). This, along with the rising need for immersive gaming experiences and the increasing penetration of high-speed internet on the global level, is providing an impetus to the market growth. Furthermore, these solutions are now extensively integrated with 3D-touchscreen displays in medical electronics and automobiles. There has also been an increase in the adoption of haptics in robotics and certain devices designed for visually-impaired individuals, which, in turn, is acting as another major growth inducing factor. The widespread utilization of the internet of things (IoT) across industries and the growing integration of adaptive triggers with haptics are some of the other factors driving the market further. On account of these factors, the market is expected to grow at a CAGR of 10.5% during 2024-2032.

Market Summary:

On the basis of the component, the market has been divided into actuators, drivers and controllers, software, and others.
Based on the feedback, the market has been bifurcated into tactile and force.
On the basis of the technology, the market has been classified into captive, resistive and others.
Based on the application, the market has been categorized into automotive and transportation, consumer electronics, education and research, gaming, healthcare, engineering and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the market with the detailed profiles of the key players. Some of these players include 3d Systems Corporation, Haption, Immersion Corporation, Johnson Electric Holdings Limited, Microchip Technology Inc., ON Semiconductor Corporation, Precision Microdrives Ltd., Senseg Oy (O-film Global HK Trading Limited), SMK Corporation, Synaptics Incorporated, Tactus Technology Inc., Texas Instruments Incorporated and Ultraleap Holdings Ltd.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, Feedback, Technology, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	3d Systems Corporation, Haption, Immersion Corporation, Johnson Electric Holdings Limited, Microchip Technology Inc., ON Semiconductor Corporation, Precision Microdrives Ltd., Senseg Oy (O-film Global HK Trading Limited), SMK Corporation, Synaptics Incorporated, Tactus Technology Inc., Texas Instruments Incorporated and Ultraleap Holdings Ltd.
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Global Haptic Technology Market to Grow at 10.5% During 2024-2032, Propelled by Increasing Sales of Touch-Enabled Consumer Electronics

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