“The global haptic technology market to be valued at USD 19,549.8 million by 2022.”
The global haptic technology market is expected to be valued at USD 19.55 billion by 2022, at a CAGR of 16.20% between 2016 and 2022. The key drivers contributing to the growth of the market primarily include increasing adoption of haptics in consumer electronic devices such as smartphones and tablets, growing demand for haptics in gaming consoles, and potential market for haptics in medical and automotive sectors. However, the growth of the market is expected to be limited due to the high cost of force feedback devices and technical challenges related to product design.
Consumer electronics sector accounted for the largest market for haptic technology
The consumer electronics sector accounted for the largest market for haptic technology in 2015, attributed to the increasing integration of haptics into consumer electronic devices such as smartphones, tablets, and other wearable devices. Almost all the smartphones and tablets are inbuilt with haptics and the trend has been shifting to smartwatches and wristbands. In April 2015, Apple Inc. (U.S.) launched its smartwatch with haptic technology, and now Samsung is planning to integrate haptics into its upcoming smartwatch “Gear S3.”
Asia-Pacific accounted for the largest market for haptic technology and is expected to be the fastest-growing market between 2016 and 2022
Asia-Pacific accounted for the largest share of the global haptic technology market in 2015, driven by the presence of several major semiconductor companies and consumer electronics manufacturing companies in the Asia-Pacific region, especially in China, Japan, South Korea, and Taiwan. Most of the consumer electronics are manufactured in this region and these electronic companies are the end users of haptic products where haptics are integrated into the electronic devices. In addition, several automotive OEMs and medical device manufactures are integrating haptics into their products which would increase the market for haptics in Asia-Pacific at a considerable rate.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews with key opinion leaders in the haptic technology market were conducted. The break-up of primary participants for the report is shown below:
- By Company Type: Tier 1?35%, Tier 2?47%, and Tier 3?18%
- By Designation: C-level Executives?30%, Directors?54%, and Others?16%
- By Region: Americas?35%, Europe?50%, Asia-Pacific?10%, and RoW?5%
The report profiles the key players in the haptic technology market with their respective market share analysis. The prominent players profiled in this report are Immersion Corporation (U.S.), Texas Instruments Incorporated (U.S.), Ultrahaptics (U.K.), Haption S.A. (France), ON Semiconductor Corporation (U.S.), Johnson Electric (Hong Kong), SMK Corporation (Japan), Microchip Technologies Incorporated (U.S.), Synaptics Incorporated (U.S.), Geomagic (U.S.), Force Dimension (Switzerland), Precision Microdrives Ltd. (U.K.), Senseg (Finland), and Imagis Co., Ltd. (South Korea).
The report describes market dynamics that include key drivers, restraints, challenges, and opportunities with respect to the haptic technology market and forecasts the same till 2022. This report provides a detailed view of the haptic technology market based on feedback, component, application, and geography. The report also profiles the prominent players in the market along with their key growth strategies. The competitive landscape of the market analyzes a large number of players. The market is witnessing numerous collaborations and partnerships across the value chain to cater to various industries in different regions.
Reasons To Buy the report
- This report includes the market statistics pertaining to component, haptic feedback, application, and geography, along with their respective market size.
- Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the haptic technology market.
- Major drivers, restraints, and opportunities for the haptic technology market have been detailed in this report.
- A detailed competitive landscape includes key players, in-depth analysis, and market share of the key players.