Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "Haptic Technology Market by Feedback Type (Tactile, Force), Component (Hardware (Actuators, Drivers & Microcontrollers) Software), Application (Consumer Devices, Automotive & Transportation, Commercial & Industrial) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The haptic technology market is projected to reach USD 5.0 billion by 2028 from USD 4.2 billion in 2023, at a CAGR of 3.7% from 2023 to 2028. The major factors driving the market growth of the haptic technology market include rising integration of haptic technology into consumer devices, growing use of haptic technology in automotive industry, increasing use of haptic technology in healthcare industry, and increasing adoption of haptic technology in industrial application.
Moreover, rising application of haptic technology in aerospace & defense industry and technological advancements in haptic technology are expected to provide ample growth opportunities for market players in the haptic technology market.
Tactile Feedback Segment is expected to register the highest CAGR during the forecast period
Tactile feedback works on the principle of tactile sensing. It includes devices that interact with the nerve endings in the skin that feel heat, texture, and pressure. These devices are used to indicate whether the user is in contact with a virtual object. Tactile technology is being used mostly in consumer electronic devices such as smartphones and tablets that are integrated with a touchscreen. The growing usage of smartphones is a major factor driving the market growth for tactile feedback.
Actuators is expected to account for the largest market share of haptic technology hardware market during the forecast period
Actuators are embedded in the haptics-enabled devices. They are controlled by the embedded software and integrated into the device's user interface through the control software application programming interface (API). The actuators are used in different devices depending upon the requirement related to effects, design constraints, and size. The growing demand for haptics enabled devices for superior user interface is expected to drive the demand for actuators.
North America is expected to account for the second largest market share during the forecast period
The North American market is witnessing considerable growth due to the increasing haptic device deployment in consumer electronics and automobile applications. This growth is not only driven by haptic hardware but also by haptic software. Software companies such as Immersion are based in the North American region. The governments of countries in North America have taken several initiatives, such as funding and grant to universities and companies for research in haptic technology. Some of the key players in the haptic technology market in North America are Texas Instruments (US), Microchip Technology (US), ON Semiconductor (US), Cirrus Logic (US), and Immersion (US).
Market Dynamics
Drivers
- Rising Integration of Haptic Technology into Consumer Devices
- Growing Use of Haptic Technology in Automotive Industry
- Increasing Use of Haptic Technology in Healthcare Industry
- Increasing Adoption of Haptic Technology in Industrial Applications
Restraints
- High Cost of Force Feedback Technology
Opportunities
- Rising Applications of Haptic Technology in Aerospace & Defense Industry
- Technological Advancements in Haptic Technology
Challenges
- Technical Challenges Related to Product Design
- High Power Consumption in Haptic Feedback
- Leakage Issues Associated with Pneumatic and Hydraulic Actuators
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 214 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.2 Billion |
| Forecasted Market Value (USD) by 2028 | $5 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Types of Haptic Devices
6.1 Introduction
6.2 Active Haptic Device
6.3 Passive Haptic Device
7 Haptic Technology for Different Touchscreen Types
7.1 Introduction
7.2 Capacitive
7.3 Resistive
7.4 Others
8 Haptic Technology Market, by Feedback Type
8.1 Introduction
8.2 Tactile
8.2.1 Growing Use of Haptic Technology in Consumer Devices to Drive Growth of Tactile Feedback Segment
8.3 Force
8.3.1 Robotics and Gaming Applications to Create Lucrative Opportunities for Force Feedback Segment
9 Haptic Technology Market, by Component
9.1 Introduction
9.2 Hardware
9.2.1 Actuators
9.2.1.1 Eccentric Rotating Mass (Erm) and Linear Resonant Actuators (Lras)
9.2.1.1.1 Cost-Effective Actuator Alternatives for Mass-Market Devices
9.2.1.2 Piezoelectric Actuators
9.2.1.2.1 Offer Excellent Response Time
9.2.2 Drivers and Microcontrollers
9.2.2.1 Act as Bridge Between Controller and Actuator
9.3 Software
9.3.1 Enables Users to Interact with Devices
10 Haptic Technology Market, by Application
10.1 Introduction
10.2 Consumer Devices
10.2.1 Smartphones, Tablets, and Smartwatches
10.2.1.1 Haptic Components Find Major Applications in Smartphones, Tablets, and Smartwatches
10.2.2 Augmented Reality (Ar) & Virtual Reality (Vr) and Gaming Devices
10.2.2.1 Haptic Technology in Ar and Vr Has Evolved Significantly in Past Few Years
10.2.3 Other Consumer Devices
10.3 Automotive & Transportation
10.3.1 Growing Demand for Haptic Technology-Based Touchscreens
10.4 Education & Research
10.4.1 Developments in Haptic Educational Devices for New Teaching Techniques Using Tactile and Force Feedback
10.5 Healthcare
10.5.1 Growing Use of Haptic Technology in Medical Training, Rehabilitation, and Robotic Surgeries
10.6 Commercial & Industrial
10.6.1 Rising Use of Haptic Technology in Commercial Applications
10.7 Others
11 Haptic Technology Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- AAC Technologies
- Aito Bv
- Allegro Microsystems
- Alps Alpine
- Analog Devices
- Boreas Technologies
- Cirrus Logic Inc.
- Hap2U
- Imagis
- Immersion
- Infineon Technologies Ag
- Johnson Electric Holdings Limited
- Microchip Technology Inc.
- Mplus
- Need-For-Power Motor Co. Ltd.
- Nidec Corporation
- Novasentis, Inc.
- Precision Microdrives
- Renesas Electronics Corporation
- Semiconductor Components Industries, LLC (Onsemi)
- Synaptics Incorporated
- Tdk Corporation
- Texas Instruments Incorporated
- Ultraleap
- Vybronics
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