Dublin, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The "Haptic Technology Market with COVID-19 Impact by Component (Hardware, Software), Feedback Type (Tactile, Force), Application (Consumer Devices, Automotive & Transportation, Healthcare, Commercial & Industrial, Others) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global haptic technology market size is expected to grow from USD 2.6 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 12.0%.
The market has a promising growth potential due to several factors, including the growing adoption of haptic technology in the medical industry, the rising adoption of haptics in consumer devices, and the growing adoption of haptic technology in automotive safety applications.
The major factor restraining the growth of the haptic technology market is the high cost of force feedback technology. Although the integration of haptics (tactile haptics) into mobiles and tablets does not involve high costs, force-feedback haptic devices are costlier compared with tactile feedback haptic devices.
Force feedback haptic requires efficient devices that are available in 3 degrees of freedom (DoF), 6 DoF, and 7 DoF, which allow users to experience real-time virtual haptics in several applications. Force feedback-based haptic devices are used in simulation applications in the medical, automotive, aerospace, and manufacturing industries, as well as in several ergonomic studies. These haptic devices are typically bulky, which becomes is a major issue in the case of wearable haptic devices. This is expected to impact the haptic technology market negatively in the coming years.
The market is expected to decline in 2020, mainly due to the impact of COVID-19. The consumer electronics and automotive supply chains were disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the haptic technology market. Though the market is expected to be impacted in 2020, it is expected to fully recover by 2021.
Tactile feedback type: The fastest-growing segment of the haptic technology market, by feedback type.
Tactile feedback technology is the fastest-growing segment of the haptic technology market by feedback type. This is mainly because tactile feedback-based haptic components are used in many devices such as smartphones, tablets, other consumer devices, car navigation systems, and several appliances.
Increasing use of touchscreen displays in various devices, including smart and portable devices, is the major driving factor for the market. Tactile haptic technology enhances user experience along with offering benefit to the manufacturer as it is a low-cost solution compared to mechanical control panels. This is expected to drive the market for tactile feedback technology during the forecast period.
Consumer devices: The largest segment of the haptic technology market, by application.
The haptic technology market for the consumer devices application is expected to hold the largest market share from 2020 to 2026. The consumer devices application includes various devices in which haptic effects are embedded, such as smartphones, tablets, gaming devices, smartwatches, cameras, media players, handheld devices, and haptics-enabled touch-based phones. Consumer devices with haptics provide easier, intuitive access to music, multimedia, and photography.
Almost all smartphones today are equipped with haptic devices. Smartphone companies are using advanced haptic components from leading players to integrate into their smartphones. These developments are expected to drive the market for consumer devices application during the forecast period.
Asia Pacific: The fastest-growing region in the haptic technology market.
The APAC region is expected to dominate the haptic technology market and is projected to grow at the highest CAGR during the forecast period. APAC is home to most top players in the haptic technology market, including AAC Technologies, TDK, Johnson Electric, SMK Corporation, Alps Alpine, Jinlong Machinery & Electronics, and Imagis.
Also, the region has countries like China, which is a leader in terms of the production of consumer devices like smartphones. Moreover, the region is the largest producer and consumer of haptic devices and related components. These factors are expected to propel the haptic technology market in APAC.
The report profiles key players in the global haptic technology market with their respective market share analysis.
Software Segment to Register Higher CAGR During Forecast Period
Tactile Feedback Type to Exhibit Higher CAGR During Forecast Period
Automotive & Transportation Application to Record Highest CAGR During Forecast Period
APAC Haptic Technology Market to Exhibit Highest CAGR During Forecast Period
Attractive Opportunities in Haptic Technology Market: Increasing Integration of Haptics into Consumer Electronic Devices to Boost Growth of Market
Haptic Technology Market for Hardware, by Component: Market for Actuators to Register Higher CAGR During Forecast Period
Haptic Technology Market in Apac, by Country and Application: China and Consumer Devices Segment Held Largest Shares of Haptic Technology Market in APAC in 2020
Country-Wise Haptic Technology Market Growth Rate: China to Record Highest CAGR in Haptic Technology Market During Forecast Period
Increasing Integration of Haptics into Consumer Devices
Growing Adoption of Haptic Technology in Medical Industry
Growing Use of Haptic Technology in Automobile Safety Applications
High Cost of Force Feedback Technology
Use of Haptics to Help Visually Impaired
Technological Advancements in Haptic Technology
Technical Challenges Related to Product Design
Manufacturing and Supply Chain Constraints due to COVID-19 Pandemic
Other Key Players
Jinlong Machinery & Electronics
For more information about this report visit https://www.researchandmarkets.com/r/rscx8v
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