Bharat Book Bureau Provides the Trending Market Research Report on “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” under the Consumer Goods Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
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).
The break-up of profile of primary participants in the haptic technology market-
•By Company Type: Tier 1 – 45%, Tier 2 – 30%, Tier 3 – 25%
•By Designation Type: C Level – 40%, Director Level – 35% , Others – 25%
•By Region Type: North America – 35%, Europe – 25%, Asia Pacific – 30%, Rest of the World – 10%
The major players in the haptic technology market are Texas Instruments Incorporated (US), Johnson Electric Holdings Limited (China), AAC Technologies (China), TDK Corporation (Japan), and Microchip Technology Inc. (US) among others.
Research Coverage
The report segments the haptic technology market and forecasts its size based on component, application, feedback type, and region. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
Reasons to buy the report:
The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall haptic technology market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
•Analysis of key 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 application), restraints (high cost of force feedback technology), opportunities (rising application of haptic technology in aerospace & defense industry, technological advancements in haptic technology), and challenges (technical challenges related to product design, high power consumption in haptic feedback, leakage issues in pneumatic and hydraulic actuators) influencing the growth of the haptic technology market
•Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the haptic technology market
•Market Development: Comprehensive information about lucrative markets – the report analyses the haptic technology market across varied regions
•Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the haptic technology market
•Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like Texas Instruments Incorporated (US), Johnson Electric Holdings Limited (China), AAC Technologies (China), TDK Corporation (Japan), and Microchip Technology Inc. (US).
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