Jun 01, 2020 (CDN Newswire via Comtex) -- The global haptic technology market is expected to grow from USD 12.46 billion in 2019 to USD 41.42 billion by 2027, at a CAGR of 16.2% during the forecast period 2020-2027. The Asia-Pacific region stands as a promising market for haptic technology and accounted for the largest market share worldwide. This is due to an increasing smartphone & internet penetration, and the presence of many significant consumer electronics and semiconductor manufacturers in the APAC region. The markets in Japan, Taiwan, South Korea and China are proliferating, commanding substantial shares in the regional market.
Haptic Technology Market by Component (Actuators, Software, Drivers & Controllers, Others), Feedback (Force, Tactile), Application (Engineering, Gaming, Consumer Electronics, Healthcare, Education & Research, Automotive & Transportation, Others), Regions, and Global Forecast 2020-2027
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Key players in the global haptic technology market are Senseg, Imagis Co., Ltd., Johnson Electric, Force Dimension, Synaptics Incorporated, SMK Corporation, Precision Microdrives Ltd., Ultrahaptics, Microchip Technologies Incorporated, Geomagic, Immersion Corporation, Haption S.A., ON Semiconductor Corporation, and Texas Instruments Incorporated among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global haptic technology market.
The component segment includes actuators, software, drivers & controllers, and others. The software sub-segment is projected to grow at the highest CAGR thanks to its wide range of applications in surgeries, VR & AR, wearable devices, and gaming. Based on feedback, the market has been divided into force and tactile. The tactile sub-segment held the largest market share thanks to its use as a touch-screen feature, which accounts for almost all the smartphones in the market. On the basis of applications, the global haptic technology market has been segmented into engineering, gaming, consumer electronics, healthcare, education & research, automotive & transportation, and others. The haptic technology market was led by consumer electronics as the most extensive application. However, due to the potential demand for the haptic technology in education & research, the education & research segment is expected to provide the highest growth opportunity in this industry.
However, restraints such as technical issues and the high cost of force feedback devices present themselves as challenges and hinder the growth of the global haptic technology market.
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