Haptic Technology Market Size By Feedback (Tactile, Force), By Component (Actuators, Drivers & Controllers, Software), By Application (Consumer Electronics, Gaming, Automotive, Healthcare, Robotics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Haptic Technology Market Size

Haptic Technology Market size exceeded USD 7 billion in 2019 and is poised to grow at a CAGR of over 7% between 2020 and 2026. Rapidly increasing demand for consumer electronic devices and touch-enabled home appliances is fueling the adoption of haptic technology.
 

Increasing utilization of haptic in cars, mobiles, and IoT appliances to achieve improved product design and operating accuracy will boost the market growth. Several benefits provided by haptic, such as enhanced sound, touch, and visual effects in touchscreen devices are contributing to its wide adoption in the electronics sector. The vibration feedback provided by haptic technology aids users to improve touchscreen accuracy.
 

The amplifying trend of incorporating haptic technology in gaming applications and augmented reality enabled devices is providing a positive outlook for the haptic technology market. Gaming input devices, such as joysticks and operating consoles, incorporate haptic technology to create different levels of vibrations, enhancing the user experience. The ability of haptic to simulate the user’s sense of touch by generating mechanical signals is one of the major factors boosting the market demand.
 

One of the major factors hampering the market growth is high implementation cost of the technology. Integration of haptic in consumer electronics or gaming consoles increases the overall cost of these devices, impacting negatively to their demand. Moreover, haptic technology enabled devices are highly susceptible to bugs and cyber security threats, challenging the industry growth. However, leading industry players are laying emphasis on developing secure interfaces to protect users from unauthorized entities that attempt to corrupt the operating system when connected to the internet.
 

The haptic technology industry is expected to witness a sluggish growth due to outbreak of COVID-19 pandemic in January 2020. Government enforced lockdowns and restrictions on movement have posed industry challenges such as disruptions in supply chain and shutdown of distribution facilities. This has caused a rapid decline in the sales of consumer electronics and other touchscreen devices impacting the market demand. Moreover, shifting consumer focus toward purchasing essential commodities and temporary shutdown of manufacturing, distribution, and service industries across the globe will restrict the market growth.
 

Haptic Technology Market Analysis

The tactile feedback segment held around 70% of the haptic technology market share in 2019. This growing market share can be attributed to shifting consumer inclination toward a simulating experience while using smartphones. Tactile feedback allows users to personalize various types of messaging alerts and other notifications on their smartphones, further influencing the market size. Tactile feedback is also used in IoT enabled devices, such as smart watches and wrist bands, to assist consumers in keeping a track of their health, fueling the market growth.
 

The software segment is expected to grow rapidly during the forecast timeframe owing to increasing significance of haptic technology in electronic devices. Haptic software provides several benefits such as pre-defined built-in tactile effects and the ability to add features to improve the device performance. Ease of application of haptic software in several use cases, such as surgical equipment, gaming applications, and wearable devices, is propelling the market revenue.
 

The gaming sector is anticipated to witness significant growth through 2026 led by increasing adoption of mobile-based video games. Haptic technology integrated with gaming consoles and mobile gaming interfaces provides players with an enhanced real-life experience. Haptic enabled gaming controllers provide a sense of tangibility to several events in a video game, such as a crash or an explosion, providing robust growth opportunities for the market.
 

Several market players in the virtual gaming industry are launching new products integrated with improved haptic technology to cater to the rising demand for advanced consoles. For instance, in April 2020, Sony announced the launch of its DualSense gaming controller with haptic feedback for the upcoming PlayStation 5. DualSense is equipped with adaptive triggers on the L2 and R2 buttons of the controller, which provide powerful sensations and improved communication with other players.
 

The Europe haptic technology market revenue is predicted to reach USD 3 billion by 2026 impelled by rising consumer spending on technologically advanced consumer electronics devices. Consumers are increasingly spending on modern infotainment systems with simulated touchscreen displays for enhanced safety and driving experience in passenger cars and commercial vehicles.
 

Increasing adoption of haptic technology in simulated training applications will drive the market growth in Europe. For instance, in April 2020, FundamentalVR, a medical training company launched its @HomeVR platform based on haptic for surgical training of medical professionals.
 

Haptic Technology Market Share

Key companies operating in the market include:

• Texas Instruments, Inc.
• Immersion Corporation
• Force Dimension
• Haption S.A.
• On Semiconductor
• 3D Systems, Inc.
   

Industry players are adopting several strategies including partnerships and expansion of business operations to establish their position in the competitive market. For instance, in August 2019, Immersion Corporation announced its partnership with China-based Awinic Technology to make its haptic patents and technologies available to smartphone and smart wearable manufacturers. According to the agreement, Awinic’s driver ICs will be integrated with Immersion’s haptic technology to be implemented in mobile phones and other smart wearable devices.  
 

The haptic technology market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2020 to 2026 for the following segments:

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Market by Feedback

• Tactile
• Force

Market by Component

• Actuators
• Drivers & Controllers
• Software

Market by Application

• Consumer Electronics
• Gaming
• Automotive
• Healthcare
• Robotics
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA