Market and Market Research Co., Ltd.
CHICAGO, July 05, 2024 (GLOBE NEWSWIRE) — The global haptic technology market size is estimated to reach USD 3.9 billion in 2022 and is projected to reach USD 5.0 billion by 2028, growing at a CAGR of 3.7% during the forecast period.
Increasing integration of haptic technology into consumer devices, increasing use of haptic technology in the automotive industry, and increasing use of touch in the healthcare industry are some of the major factors contributing to the growth of the haptic technology industry.
Haptics is required on accelerator pedals, climate control screens, dashboards, steering wheels, as well as in in-car infotainment systems and GPS-enabled touchscreens. Hence, automakers are partnering with haptic solution providers to meet the consumer demands. The growing adoption of haptic technology in vehicles is the key factor driving the market growth.
Learn about the assumptions considered in the study
Download PDF Brochure
Leading haptic technology companies include:
Texas Instruments (USA)
Johnson Electric Holdings Limited (China)
AAC Technologies (China)
TDK Corporation (Japan),
Microchip Technologies (USA)
Immersion (USA),
Semiconductor Components Industries (USA)
Precision Microdrives (UK) and
Synaptic, Inc. (USA)
Ultraleap (UK).
Haptic Technology Market Trends:
Driver: Increasing integration of haptic technology into consumer devices
Haptics are widely used in consumer devices to enhance sensation, performance, and overall contribute to achieving touchscreen accuracy. The increasing usage of consumer devices such as wearables, smartphones, tablets, smart home, and virtual reality hardware is contributing significantly to the market growth. As most consumer devices are touch-enabled devices with integrated haptics, the demand for haptics-based solutions is expected to grow significantly over the next five years.
Limitations: High cost of force feedback technology
Haptics using haptic interfaces are mostly integrated into consumer devices and are less expensive than force feedback haptic devices. The main obstacle in the haptic technology market is the high cost of force feedback devices used in medical, automotive, aerospace, manufacturing, and supporting learning aids. Force feedback haptics requires efficient and effective devices with suitable capabilities to perform haptic technology. These are classified based on degrees of freedom (DoF) as 3DoF, 6DoF, and 7DoF. Users can sense real-time virtual haptics while using it in various applications.
The story continues
Opportunity: Increasing application of haptic technology in the aerospace and defense industry
Several industries, such as aerospace and defense, are seeing increased adoption of airborne haptics. Its use in mock pilot training and virtual reality flight decks is planned to overcome the high costs and inefficiencies faced by most airlines. Airborne haptic feedback technology allows pilots to focus on other operations, such as monitoring cockpit displays and other attention-grabbing monitors, even if it means distracting them from the view outside the window. Additionally, haptics has the potential to improve environmental safety, the quality of pilot training, and the flight experience for pilots and passengers.
Challenge: High power consumption in haptic feedback
One of the major challenges faced by market players is the high power consumption of haptic feedback. Haptic mechanisms in mobile phones drain the battery, preventing users from enjoying the benefits of haptic feedback. All the battery power is required to run the motor, which in turn triggers the haptic feedback, leading to high power consumption. This is expected to hinder the growth of haptic technology providers. Eccentric Rotating Masses (ERMs) consume a higher rate of energy than Linear Resonant Actuators (LRAs).
Market Insights:
Haptic Technology Market Trends
The haptic technology market is witnessing major trends driven by advancements in the consumer electronics, automotive, and healthcare sectors. The incorporation of haptic feedback in smartphones and other consumer devices enhances the user experience and has become an essential part of modern gadgets. The automotive industry is also increasingly adopting haptic technology to improve vehicle control systems, where haptic feedback provides a safer and more intuitive interface. Additionally, the healthcare sector is employing haptic technology in medical simulations and remote surgery, enabling precise control and tactile feedback during critical procedures.
Haptic Technology Market Growth
The growth of the haptic technology market is driven by increasing adoption across various applications and continuous advancements in technology. Consumer devices remain the largest segment, driven by the demand for improved user experience in smartphones and gaming consoles. The automotive sector is rapidly adopting haptic technology for improved driver interfaces and safety systems. In the healthcare sector, technologies that provide realistic haptic feedback are revolutionizing medical training and telemedicine. These factors, coupled with strategic partnerships and product innovations by leading players, are propelling the market towards sustained growth.
Tactile Technology Analysis
The Asia Pacific region is expected to dominate the market due to the high production of consumer electronics and automotive parts. Key players such as Texas Instruments, Johnson Electric, and TDK Corporation are at the forefront, leveraging advancements in microcontrollers and AI to enhance haptic solutions. Market segmentation includes hardware and software components, with applications across consumer devices, automotive, healthcare, and industrial segments.
Contact Us: About MarketsandMarkets™ MarketsandMarkets™ was recognized as one of the best management consulting firms in the US in a recent report by Forbes. MarketsandMarkets™ is the blue ocean choice in growth consulting and program management, leveraging man-machine services to drive supernormal growth for progressive organizations in the B2B space. We have the broadest perspective on emerging technologies and are adept at co-creating supernormal growth for our clients. Earlier this year, we formally transitioned to one of the best management consulting firms in the US, according to a survey conducted by Forbes. In the B2B economy, $25 trillion in new revenue streams have emerged in the last decade alone to replace existing revenue streams. We work with our clients on their growth programs to help them monetize this $25 trillion opportunity through our service lines including TAM expansion, go-to-market (GTM) strategy to execution, market share acquisition, account enablement, and thought leadership marketing. Guided by our philosophy of “GIVE Growth”, we work with some of the Forbes Global 2000 B2B companies to help them remain relevant in disruptive ecosystems. Our insights and strategies are shaped by our industry experts, cutting edge AI-powered Market Intelligence Cloud, and years of research. KnowledgeStore™ (our Market Intelligence Cloud) consolidates our research and facilitates the analysis of interconnections through a set of applications, helping our clients see the entire ecosystem and understand the revenue shifts happening in their industries. For more information, please visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
Source link
