The Global Haptic Technology Market to be worth $33.477 Billion by 2027

A report by Triton Market Research estimates the global haptic technology market, which generated $9.651 billion in 2018, to show a compound annual growth rate of 14.85% by the year 2027.

A recent study by Triton Market Research titled 'Global Haptic Technology Market,' covers the Global Analysis and Forecast for 2019-2027 by Feedback Type (Tactile, Force), Components (Actuators, Drivers & Controllers, Software, Others), Application (Consumer Electronics, Engineering, Gaming, Automotive & Transportation, Education & Research, Healthcare, Others), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

Derived from the Greek word 'haptikos,' haptics implies 'coming into contact.' Haptic technology facilitates manual interaction with a virtual environment. This technology enables the user to sense & manipulate features of 3D objects.

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The report on the global haptic technology market estimates the industry to generate $33.477 billion by 2027, registering a CAGR of 14.85% over the forecasting years from 2019 to 2027. The growth of this market is primarily driven due to the enhanced adoption by gaming console companies, growth in the production & sales of consumer electronic devices, increased adoption of touch screen interfaces, and the growing innovation & application in the automotive industry. However, adopting this technology requires large amounts of capital. Besides, the enhanced power consumption creates hurdles in market growth.

According to the feedback type, the market is bifurcated into tactile and force; whereas, based on components, it is sub-segmented into actuators, drivers & controllers, software, others. The application segment is further divided into consumer electronics, engineering, gaming, automotive & transportation, education & research, healthcare, and others.

Latin America is estimated to be the fastest-growing market in the haptic technology market over the projected period. There is a high demand for haptic technology in the region as it is used in the infotainment systems used in the automobile, aviation and security industries. Brazil's automobile sector has witnessed a growth in the sales of passenger vehicles, as well as light & heavy vehicles over the recent years, which has benefited its haptic technology market. Besides, the rising adoption of wearable devices is expected to augment the demand for touch screen controllers having reduced power consumption. A considerable proportion of Mexico's population uses mobile phones, laptops, and wearable devices. This creates immense opportunity for vendors in this market to target end-users. This would, in turn, benefit the haptic technology market, particularly increasing the demand for touch screen devices.

Imagis, Texas Instruments Incorporated, Microchip Technology Inc, Precision Microdrives Limited, Haption, Synaptics, Ultraleap Limited, force dimension, Johnson Electric Holdings Limited, Senseg Oy, Immersion, 3D Systems Inc, Semiconductor Components Industries LLC, and SMK Manufacturing Inc are the eminent players operating in the haptic technology market.

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Question & Answer: Haptic Technology Market

Question 1: What factors are helping the haptic technology market to grow?
Answer: The growth of this market is primarily driven due to the enhanced adoption by gaming console companies, growth in the production & sales of consumer electronic devices, increased adoption of touch screen interfaces, and the growing innovation & application in the automotive industry.

Question 2: Why is impeding the haptic technology market growth?
Answer: Adopting haptic technology requires large amounts of capital. Besides, the enhanced power consumption creates hurdles in market growth.

Question 3: How is the Latin American region influencing the growth of the haptic technology market?
Answer: Latin America is estimated to be the fastest-growing market in the haptic technology market over the projected period. There is a high demand for haptic technology in the region as it is used in the infotainment systems used in the automobile, aviation and security industries. Brazil's automobile sector has witnessed a growth in the sales of passenger vehicles, as well as light & heavy vehicles over the recent years, which has benefited its haptic technology market.

Besides, the rising adoption of wearable devices is expected to augment the demand for touch screen controllers having reduced power consumption. A considerable proportion of Mexico's population uses mobile phones, laptops, and wearable devices. This creates immense opportunity for vendors in this market to target end-users. This would, in turn, benefit the haptic technology market, particularly increasing the demand for touch screen devices.

Question 4: Which companies are included in the report on the haptic technology market?
Answer: Imagis, Texas Instruments Incorporated, Microchip Technology Inc, Precision Microdrives Limited, Haption, Synaptics, Ultraleap Limited, force dimension, Johnson Electric Holdings Limited, Senseg Oy, Immersion, 3D Systems Inc, Semiconductor Components Industries LLC, and SMK Manufacturing Inc are the eminent players operating in the haptic technology market.

Related Report:
Global Advanced Driver Assistance System (ADAS) Market

The global advanced driver assistance system (ADAS) market is estimated to grow at a CAGR of 19.46% (in revenue) and 21.66% (in volume) during the period 2019-2027, generating $80.974 billion by the year 2027.

Advanced driver assistance systems have been designed to assist human drivers in operating the vehicle, and ultimately, replace them, gaining full control of the vehicle. ADA systems incorporated with radars, cameras, and sensors, so as to help drivers in detecting and avoiding crashes and pedestrian accidents. This market is being driven by the rising production of automobiles around the world, increasing cases of vehicle thefts, and enhanced adoption of safety systems in new vehicles owing to increase in road accidents.
Moreover, with the increased vehicular sales in developing nations, more number of customers are opting for vehicles incorporated with ADAS features in them, owing to the need for safety & comfort. Thus, the increase in awareness regarding ADA systems is also helping the market to grow further. Besides, the growth in awareness of ADA systems, owing to the growing concerns regarding passenger safety, is creating further growth opportunities for the market.

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