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Haptic Technology Market worth $4.6 billion by 2026, at a CAGR of 12.0%

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Haptic Technology Market worth $4.6 billion by 2026, at a CAGR of 12.0%

February 08
13:45 2021
Haptic Technology Market worth $4.6 billion by 2026, at a CAGR of 12.0%

Haptic Technology Market
[194 Pages] Haptic Technology Market categrizes the Global market by Component (Hardware, Software), Feedback Type (Tactile, Force), Application (Consumer Devices, Automotive & Transportation, Healthcare, Commercial & Industrial, Others) and Region. COVID-19 Impact on Haptic Technology Industry.

According to a research report Haptic Technology Market with COVID-19 Impact by Component (Hardware, Software), Feedback Type (Tactile, Force), Application (Consumer Devices, Automotive & Transportation, Healthcare, Commercial & Industrial, Others) and Region – Global Forecast to 2026″, published by MarketsandMarkets, the global haptic technology market size is expected to grow from USD 2.6 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 12.0%. Increasing integration of haptics into consumer devices is expected to fuel the demand for haptic technology. The growing demand for haptic technology for automobile safety applications is expected to play a vital role in the growth of the haptic technology market.

• Informatoinal PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=443

Major players in the haptic technology market include Texas Instruments (US), Johnson Electric (Hong Kong), AAC Technologies (China), TDK (Japan), Microchip Technology (US), Immersion (US), ON Semiconductor (US), Precision Microdrives (UK), Ultraleap (UK), and Synaptics (US).

Browse 144 market data Tables and 45 Figures spread through 194 Pages and in-depth TOC on “Haptic Technology Market with COVID-19 Impact – Global Forecast to 2026”

Haptic Technology Market

The market is expected to decline in 2020, mainly due to the impact of COVID-19. The consumer electronics and automotive supply chains was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the haptic technology market. Though the market is expected to be impacted in 2020, it is expected to fully recover by 2021.

Haptics hardware component expected to hold the largest market share during the forecast period

Haptics hardware component is estimated to have the largest market share by value and are expected to exhibit a similar growth trend during the forecast period. Increased adoption of haptic technology in various devices has been observed owing to factors such as increased accuracy, increased input command speed, and improved user satisfaction. Technological advancements in devices is one of the driving factors for market growth. For instance, manufactures of mobile devices, vehicles, and IoT appliances are inclined toward the adoption of touch surfaces with haptic feedback instead of physical buttons. Haptic enables devices to become more compact, sleek, easy to update, durable, which is being preferred by end users. This is expected to drive the market for haptics hardware segment.

Consumer devices application is estimated to be the largest market

The haptic technology market for the consumer devices application is expected to hold the largest market share during the forecast period. The increasing demand for consumer devices such as smartphones, tablets, and other wearable devices is one of the major driving factors for the haptic technology market. Almost all smartphones and tablets are inbuilt with haptics, and the trend has been shifting to smartwatches and wristbands. Also, haptic technology is in high demand for gaming consoles such as Xbox, PlayStation, and others. The presence of haptics enables the user to feel a sense of touch and have a real-time experience. The role of haptics becomes even more critical as they replace the mechanical buttons to restore the sense of touch. Thus, the increasing adoption of haptics in the latest gaming consoles is expected to drive the growth of the consumer devices application segment.

Asia Pacific likely to emerge as the largest haptic technology market

The market in APAC is expected to hold the largest market share during 2021–2026. The global market players are experiencing increased demand for haptic solutions from countries such as China, Japan, and South Korea. Increasing demand for consumer electronic devices such as smartphones, tablets, and wearables in China, Japan, South Korea, and India is expected to drive the growth of the haptic technology market in the region. Also, APAC is home to several major players in the haptic technology market such as Johnson Electric (Hong Kong), TDK (Japan), AAC Technologies (China), and SMK Corporation (Japan), which further aids the growth of the market in the region.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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