Global Haptic Technology Market to be Driven by the rising demand for electronic devices Industry in the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘Haptic Technology’ Market Share, Size, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global Haptic Technology market, assessing the market based on its segments like types, process types, distribution channels, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 14%
A positive outlook for the haptic technology market is provided by the growing trend of integrating haptic technology into gaming applications and augmented reality activated devices. Demand for haptic technologies is expected to develop in the coming years, particularly in the Asia Pacific region, increasing digitalization and the penetration and use of internet-enabled devices. It is anticipated that changing lifestyles and growing demand for touchscreens for enhanced customer service would help market growth.
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Industry Definition and Major Segments
Input devices for games, such as joysticks and operating consoles, utilize haptic technology to produce various vibration levels, improving the user experience. The market can be divided into the following segments on the basis of technology:
• Resistive Technology
• Captive Technology
Based on the component, the market can be divided into:
The market can be divided based on feedback into:
On the basis of applications, the market can be bifurcated to:
• Automotive and Transportation
• Consumer Electronics
• Education and Research
The leading regional markets for Haptic Technology are:
• North America
• Latin Americas
• Middle East and Africa
• Asia Pacific
The market growth will be enhanced by using haptics in vehicles, mobile devices, and IoT devices to achieve better product design and operational accuracy. Several advantages offered by haptic are leading to its large acceptance in the electronics industry, such as improved sound, touch, and visual effects in touchscreen devices. The sensation feedback generated by haptic technology allows users to enhance the accuracy of the touchscreen. High technology deployment costs are one of the major factors hindering market development. Haptic incorporation into consumer electronics or gaming consoles increases these products’ total cost, which could affect their demand negatively.
Key Market Players
The major players in the market are Immersion Corporation, Johnson Electric Holdings Limited, Force Dimension, 3D Systems, Inc. and Ultraleap Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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