Haptic Technology Market is Expected to Grow at a CAGR of 3.7% during the Forecast Period

/EIN News/ -- Chicago, July 05, 2024 (GLOBE NEWSWIRE) -- The Global Haptic Technology Market Size is estimated to be worth USD 3.9 billion in 2022 and is projected to reach USD 5.0 billion by 2028, at a CAGR of 3.7% during the forecast period.

Rising integration of haptic technology into consumer devices, growing use of haptic technology in automotive industry, and increasing use of haptics in the healthcare industry are some of the major factors contributing to the haptic technology industry growth.

Haptics is required for in-car infotainment systems and touchscreens in with GPS along with accelerator pedals, climate control screens, dashboards, and steering wheels. Therefore, automobile manufacturers are forming partnerships with haptic solutions providers to meet consumer demands. The growing haptic technology deployment in vehicles is a major factor driving the market growth.

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Major Haptic Technology Companies Include:

• Texas Instruments Incorporated (US),
• Johnson Electric Holdings Limited (China),
• AAC Technologies (China),
• TDK Corporation (Japan),
• Microchip technologies Inc. (US),
• Immersion (US),
• Semiconductor Components Industries, LLC (US),
• Precision Microdrives (UK), and
• Synaptic Incorporated (US), and
• ultraleap (UK).

Haptic Technology Market Dynamics:

Driver: Rising integration of haptic technology into consumer devices

Haptics is widely used in consumer devices to enhance the sensation, performance, and overall contribution of achieving touchscreen accuracy. The growing use of consumer devices such as wearables, smartphones, tablets, smart homes, and virtual reality hardware is a major factor contributing to the market’s growth. As most consumer devices are touch-enabled appliances integrated with haptics, the demand for haptic-based solutions is expected to increase significantly in the next five years.

Restraint: High cost of force feedback technology

Haptics that use tactile interfaces are majorly integrated into consumer devices and are not higher in cost than force feedback haptic devices. The major setback for the haptic technology market is the high cost of its force feedback devices used in the medical, automotive, aerospace, and manufacturing industries and supports assistive learning. Force feedback haptics requires efficient and effective devices with suitable features for running the haptic technology. They are categorized based on degrees of freedom (DoF) into 3DoF, 6DoF, and 7DoF. They allow the users to sense real-time virtual haptics while using them in various applications.

Opportunity: Rising applications of haptic technology in aerospace & defense industry

The adoption of mid-air haptics has increased in several industries, such as aerospace & defense. It is planned to be used in simulated pilot training or virtual reality flight decks to overcome the high cost and inefficiency that most airlines face. Mid-air haptic feedback technology will allow pilots to focus on other operations like monitoring the cockpit displays and other attention-grabbing monitors, even if it means drawing away the pilot’s attention from the view out of the window. Besides, haptics also has the potential to improve the safety of the environment, quality of pilot training, and flight experience for the pilot and the passengers.

Challenge: High power consumption in haptic feedback

One of the major challenges the market players face is the high-power consumption of haptic feedback. The haptic mechanism in phones drains the battery, keeping users from gaining tactile feedback benefits.  All battery power is required to run the motor, which triggers haptic feedback leading to high power consumption. This is expected to hinder the growth of haptic technology providers. Eccentric Rotating Mass (ERM) consumes a higher energy rate than Linear Resonant Actuator (LRA).

Market Insights:

Haptic Technology Market Trend

The haptic technology market is witnessing significant trends driven by advancements in consumer electronics, automotive, and healthcare sectors. Integration of haptic feedback in smartphones and other consumer devices enhances user experience, making it a vital component in modern gadgets. The automotive industry is also increasingly incorporating haptic technology to improve vehicle control systems, providing tactile feedback for safer and more intuitive interfaces. Additionally, the healthcare sector is adopting haptic technology for medical simulations and remote surgeries, enabling precise control and tactile feedback in critical procedures?

Haptic Technology Market Growth

The growth of the haptic technology market is fueled by the increasing deployment in various applications and the continuous advancements in technology. Consumer devices remain the largest segment, driven by the demand for enhanced user experiences in smartphones and gaming consoles. The automotive sector is rapidly adopting haptic technology for improved driver interfaces and safety systems. In healthcare, the technology's ability to provide realistic tactile feedback is revolutionizing medical training and telemedicine. These factors, combined with strategic partnerships and product innovations by leading companies, are propelling the market towards sustained growth.

Haptic Technology Analysis

The Asia Pacific region is expected to dominate the market, driven by the high production of consumer electronics and automotive components. Key players like Texas Instruments, Johnson Electric, and TDK Corporation are at the forefront, leveraging advancements in microcontrollers and AI to enhance haptic solutions. The market segmentation includes hardware and software components, with applications spanning consumer devices, automotive, healthcare, and industrial sectors.

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