Haptic Technology Market

According to Stratistics MRC, the Global Haptic Technology Market is accounted for $10.40 billion in 2022 and is expected to reach $21.83 billion by 2028 growing at a CAGR of 13.14% during the forecast period. Technology that simulates tactile sensations is known as haptic technology, and haptic feedback is also referred to as haptics (the way touch is used to communicate with individuals). The most well-known type of haptic technology is likely the little motors used to produce vibration in mobile phones, gaming consoles, and wearables, although there are many variations. Examples include microfluidics, friction modulation, and applying force to a user's body or limbs via levers or other mechanical devices. Haptic technology does not always require users to touch an object. Wearables and control systems are not required thanks to contactless haptic technology. Using techniques like ultrasound or lasers, it creates sensory sensations in midair.

Market Dynamics:

Driver:

Increasing integration of haptics into consumer devices

One of the key elements driving the rise in demand for haptic technology is the rising use of consumer electronics devices like smartphones, tablets, and other wearable technology. Haptics are almost universally included in smartphones and tablets, and the trend is moving toward their incorporation into smartwatches and wristbands. With speedier controls, longer battery life, and user-friendly interactions, haptic feedback finds utility in wearable device technology, such as smartwatches, bracelets, and fitness trackers. These wearable’s haptics enable informational communication and authentic experiences.

Restraint:

High cost for feedback technology

Haptics has become more widely accepted and is now a standardised feature in smartphones and tablets. A lot of businesses are considering the integration of haptic technology and weighing the cost and risk of doing so. Although the expenses associated with integrating haptics into smartphones and tablets are low, force feedback haptic devices are more expensive than tactile feedback haptic devices. For users to experience real-time virtual haptics in a variety of applications, force feedback haptic technology necessitates effective devices that are available in 3 degrees of freedom (DoF), 6 degrees of freedom (DoF), and 7 degrees of freedom (DoF). Haptic devices with force feedback are employed in numerous ergonomic studies as well as simulation applications in the manufacturing, automotive, aerospace, and medical fields. The fact that these haptic devices are frequently large is a significant challenge for wearable haptic device technology.

Opportunity:

Technology advancements in haptic technology

Haptic technology is now being used in new fields like education and robotics, when it was previously only found in consumer electronics like smartphones, tablets, and other mobile devices. Robot operators move a robotic hand or other end effectors with fine control by using haptic devices like gloves in robotics. Robot operators may precisely control the robot arms while sitting kilometres away from the production floor by donning haptic gloves. One of the top manufacturers of haptic gloves for robotic applications is HaptX (us).

Threat:

Technical challenges related to product design

The main obstacle in the haptic technology industry is the technological difficulty that manufacturers must overcome to include haptic capability in a variety of products, including smartphones, tablets, surgical tools, car dashboards, and gaming consoles. Any gadget that uses haptic technology will undoubtedly benefit from the inclusion of user-friendliness and guidance, but it is crucial to think carefully about which components would work best in a given system before introducing haptic feedback into a product. The actuator design and associated driving features are the main factors taken into account under system limits to provide the best feedback performance. The producers ought to look into how well the controller feature may be included into the overall product design.

Covid-19 Impact

The Covid-19 Outbreak caused a drop in demand for haptic technology in 2029. The Covid-19 Pandemic caused widespread closures of the public and private sectors. Guidelines for lockdown and social seclusion were implemented everywhere. The production and supply chain of haptic technology declined as a result of the lockdown. The shutdown had a significant impact on several businesses' industrial processes and caused supply chain disruptions. The market has been impacted by labour storages in the automotive and other industries. Due to the COVID-19 pandemic, businesses struggled to find the necessary labour for their operations.

The tactile segment is expected to be the largest during the forecast period

The tactile segment is estimated to have a lucrative growth, due to it enables consumers to customise their SMS alerts and other smartphone notifications. This is advantageous for haptic technologies. Increased consumer demand for a realistic smartphone experience and the release of Internet of Things (IoT)-enabled goods like smart watches and wristbands, which make it simpler for consumers to track their health, will both boost the industry.

The automobile and transportation segment is expected to have the highest CAGR during the forecast period

The automobile and transportation segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the improvements in the automotive sector, the increased demand for advanced electronic systems among electrical vehicles, the choice for luxury and safety vehicles, and the integration of haptics technology into in-car entertainment systems are the key reasons behind this development. Accelerator pedals, dashboards, climate control displays, and steering wheels all make use of the technology. The leading automakers are integrating haptic technology into their models, including BMW, Honda, Toyota, Benz, Tesla, and Audi.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the existence of a major market leader like Immersion Corporation in the United States, North America is projected to become the dominant region in the global haptic technology market. Each button, slider, surface, and dial in the car can have realistic pushes, different textures, and clicks created by haptic technology. As a result, automakers are gradually integrating haptic technology into their vehicles. As a result, haptic technology's expanding use in the automotive industry is projected to spur market expansion.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period; owing to Increased consumer expenditure on technologically sophisticated consumer electronics appliances is driving the market for haptic technology in Europe. Europe is demonstrating a huge need for Touchscreen technology, particularly for applications in the automotive, consumer electronics, and transportation industries. As a result, the market for haptic technology is expected to increase significantly in Europe. The region's market expansion will likely be fueled by the technology's cumulative use in computer-generated training applications.

Key players in the market

Some of the key players profiled in the Haptic Technology Market include Everlight Americas Inc., Citizen Electronics Co. Ltd., Nichia Corporation, Immersion Corporation, Cree Inc., OSRAM GmbH, LG INNOTEK, Toyoda Gosei Co. Ltd., Lumileds Holding B.V., Merck KGaA, Seoul Semiconductor Co. Ltd., Stanley Electric Co., Texas Instruments Incorporated, Ultrahaptic, Haption S.A., ON Semiconductor Corporation, Johnson Electric, Microchip Technologies Incorporated, Synaptics Incorporated and SMK Corporation.

Key Developments:

In February 2021, Immersion Corporation and Faurecia Corporation approved a multi-year licencing deal to allow Faurecia to purchase Immersion's haptic technology solutions. Faurecia will be able to design an intricate, interactive haptic user interface using cutting-edge technology from Immersion Corporation.

In November 2020, Ultraleap entered into an agreement with IPlan Ideas Events and its division, IPlan Ideas Technologies (IPI Tech), a subsidiary of UAE-based Hawas Group. The agreement aimed to bring Ultraleap’s leading hand tracking and mid-air haptics technologies to customers in the UAE. IPI Tech introduced the technology to a wide range of industries, including kiosk makers, advertising and marketing, retail, and cinemas, among others.

In September 2020, Immersion signed a license renewal with LG electronics to continue the touch sense software and haptic technology in smartphones.

In June 2020, Immersion came into an agreement with Alps Alpine Co., a Japanese multinational corporation. The agreement aimed for the utilization of Immersion’s Active Sensing technology into the Alps Alpine’s touch feedback devices. The latest Active Sensing technology-enabled solutions offer a high-quality, high-fidelity, and quick-to-respond tactile impact for enhanced user experiences in automotive human-machine interfaces.

Components Covered:
• Actuators & Motors
• Drivers and Controllers
• Software
• Hardware
• Microcontroller
• Other Components

Feedback Types Covered:
• Force
• Tactile

Technologies Covered:
• Resistive Technology
• Captive Technology
• Other Technologies

Applications Covered:
• Healthcare
• Consumer Electronics
• Gaming
• Education
• Robotics
• Research
• Government and Defence
• Mobile Computing and Portable Devices
• Industry, Energy and Outdoors
• Residential Applications
• Automotive & Transportation
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances