(PharmaNewsWire.Com, May 15, 2023 ) The Haptic Technology Market is estimated to be worth USD 4.2 billion in 2023 and is projected to reach USD 5.0 billion by 2028, at a CAGR of 3.7% during the forecast period. Increasing deployment of haptic technology into consumer devices and growing adoption of haptic technology in industrial applications are some of the major factors driving the market growth.
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 are expected to create opportunities for market players offering haptic technology hardware and software.
Vibrational feedback is used in several applications, such as smartphone notifications, gaming, and for driver warnings in vehicles. These vibration modifications in haptic technology have been proven to diversify communication patterns, enabling new applications and experiences. The vibration technology has enabled to shrink the designs of the vibration motors and enhanced the control mechanisms, which stimulate different touch sensations by applying alternate voltages. It also provides various buttons and textures while conveying valuable information to the user. It involves electrostatic interactions that stimulate realistic textures by applying an electric current to the skin. It can simulate bumpy surfaces or rough fabric by producing different types of input voltages and currents.
The automotive & transportation segment is expected to register the highest CAGR during the forecast period. The increasing trend of hybrid electric vehicles and the subsequent increase in demand for superior performance electronic systems in vehicles is a major factor driving the market growth for the segment. In automobiles, haptics can be used in the accelerator pedal, vehicle dashboard, and steering wheel. The growing need for enhanced safety and superior driving experience is expected to drive the adoption of haptics for automotive & transportation applications. Furthermore, the integration of technologies such as AI and IoT in vehicles is also expected to drive the demand for haptics in high-end passenger and commercial vehicles.
Software is expected to register the CAGR in the haptic technology market during the forecast period. The software layer in a haptic-based system is essential to provide input signals for controlling the actuator. In recent years, there has been a significant adoption of advanced technologies such as AI and IoT in consumer devices. The growing adoption of such technologies is expected to provide growth opportunities for market players offering haptic technology software as OEMs of consumer devices are extensively focuses on developing advanced and connected products that significantly improve user experience.
Key Market Players
The report profiles key players such as 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).
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