Newark, May 11, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the haptic technology market will grow to USD 5.86 billion in 2022 and reach USD 17.49 billion by 2032. In just ten years, the growing need for cutting-edge technologies in the automotive sector, rising demand for touchscreens, the growing gaming applications, research and development activities across the world, growing income levels, along with the rising adoption of haptic technology solutions for improved scalability of machines are helping to boost the market growth over the forecast period.
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Key Insight of the Haptic Technology Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in the haptic technology market. Key factors favouring the growth of the haptic technology market in Asia Pacific include the increasing integration of haptics in electronic instruments, technological adoption in the medical industry, and development in vehicle security applications. Further, the rising utilization of haptic technology in gaming applications, the presence of key smartphone companies, and rising demands for consumer electronic devices are anticipated to drive market growth in this region.
The force feedback segment is expected to augment the haptic technology market during the forecast period.
The feedback segment is divided into force feedback and tactile feedback. The force feedback segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increased adoption of haptic-enabled devices.
The software segment market size was USD 1.48 billion in 2022
The component segment is divided into actuators, microcontrollers, software, drivers, and others. The software segment is anticipated to dominate the market over the forecast period owing to haptic software's various advantages, including more user happiness, better accuracy, quicker response times, and improved gadget performance. Further, by 2032, the actuators segment will likely dominate the market due to the growing use of automation in various industries.
The automotive & transportation segment is anticipated to dominate the market by 31.06% in 2032.
The application segment is divided into consumer electronics, automotive & transportation, healthcare, gaming, education & research, engineering, and others. The automotive & transportation segment is anticipated to dominate the market in the forthcoming years due to the rising demand for high-performance electronic systems in hybrid electric vehicles and other high-end automobiles. Additionally, the rising demand for sophisticated electronic systems among electric vehicles, and the preference for luxury & safety vehicles, are expected to stimulate market growth.
Market Dynamics
Driver: The rising penetration of smartphones across the world:
The increasing use of household electronic devices like smartphones, laptops, and other wearable technology drives the market growth. Furthermore, the rise in the usage of progressive vehicle technologies, such as infotainment systems and touch screen-enabled dashboards, window controls, and navigation systems, is expected to propel the market growth. Moreover, the increasing Internet of Things (IoT) and rural Internet penetration in emerging economies also stimulate market growth.
Restraint: The high-power consumption of haptic devices:
The rising power consumption of haptic-enabled devices is hindering market growth. Moreover, the need for technological awareness, high cost, and technical limitations like touchscreen size and handset designs are expected to restrain the market growth. Additionally, the lower skill sets & expertise to handle this technology, along with the complexity of technical implementation, are hampering the market growth.
Opportunity: The rising demand for wearable devices:
The increasing number of applications for different sectors like gaming, automotive, industrial, wearables, mobile, and others are the opportunity factors for market growth. Moreover, the growing demand for holographic displays, and the increased use of haptic technology in robotics and education, are stimulating market growth. The rising demand for touchscreens in customer electronics, such as media participants & home devices, for enhanced customer experience is expected to propel the market growth. Further, growing demand for gaming applications & technological advancements also helps to boost the market growth over the forecast period.
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Some of the major players operating in the haptic technology market are:
• TDK Corporation
• Infineon Technologies AG
• Dialog Semiconductor PLC
• Microchip Technology, Inc
• Immersion Corporation
• Synaptics, Inc.
• ON Semiconductor Corporation
• Ultraleap Limited (Leap Motion, Inc.)
• HaptX, Inc.
• SMK Corporation
Key Segments cover in the market:
By Feedback:
• Force Feedback
• Tactile Feedback
By Component:
• Actuators
• Microcontrollers
• Software
• Drivers
• Others
By Application:
• Consumer Electronics
• Automotive & Transportation
• Healthcare
• Gaming
• Education & Research
• Engineering
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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