Haptic Technology Market Expected to Reach $5.0 Billion by 2028

Haptic Technology Market by Feedback Type (Tactile, Force), Component (Hardware (Actuators, Drivers & Microcontrollers) Software), Application (Consumer Devices, Automotive & Transportation, Commercial & Industrial) and Region - Global Forecast to 2028

(EMAILWIRE.COM, May 15, 2023 ) The Haptic Technology Market is estimated to be worth USD 4.2 billion in 2023 and is projected to reach USD 5.0 billion by 2028, at a CAGR of 3.7% during the forecast period. Increasing deployment of haptic technology into consumer devices and growing adoption of haptic technology in industrial applications are some of the major factors driving the market growth.

Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=443

Haptics is widely used in consumer devices to enhance the sensation, performance, and overall contribution of achieving touchscreen accuracy. The growing use of consumer devices such as wearables, smartphones, tablets, smart homes, and virtual reality hardware are expected to create opportunities for market players offering haptic technology hardware and software.

Vibrational feedback is used in several applications, such as smartphone notifications, gaming, and for driver warnings in vehicles. These vibration modifications in haptic technology have been proven to diversify communication patterns, enabling new applications and experiences. The vibration technology has enabled to shrink the designs of the vibration motors and enhanced the control mechanisms, which stimulate different touch sensations by applying alternate voltages. It also provides various buttons and textures while conveying valuable information to the user. It involves electrostatic interactions that stimulate realistic textures by applying an electric current to the skin. It can simulate bumpy surfaces or rough fabric by producing different types of input voltages and currents.

The automotive & transportation segment is expected to register the highest CAGR during the forecast period. The increasing trend of hybrid electric vehicles and the subsequent increase in demand for superior performance electronic systems in vehicles is a major factor driving the market growth for the segment. In automobiles, haptics can be used in the accelerator pedal, vehicle dashboard, and steering wheel. The growing need for enhanced safety and superior driving experience is expected to drive the adoption of haptics for automotive & transportation applications. Furthermore, the integration of technologies such as AI and IoT in vehicles is also expected to drive the demand for haptics in high-end passenger and commercial vehicles.

Software is expected to register the CAGR in the haptic technology market during the forecast period. The software layer in a haptic-based system is essential to provide input signals for controlling the actuator. In recent years, there has been a significant adoption of advanced technologies such as AI and IoT in consumer devices. The growing adoption of such technologies is expected to provide growth opportunities for market players offering haptic technology software as OEMs of consumer devices are extensively focuses on developing advanced and connected products that significantly improve user experience.

Key Market Players

The report profiles key players such as Texas Instruments Incorporated (US), Johnson Electric Holdings Limited (China), AAC Technologies (China), TDK Corporation (Japan), Microchip technologies Inc. (US), Immersion (US), Semiconductor Components Industries, LLC (US), Precision Microdrives (UK), and Synaptic Incorporated (US), and ultraleap (UK).

News Also Covered: https://www.prnewswire.com/news-releases/haptic-technology-market-worth-5-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301815783.html

Related Reports:

Piezoelectric Devices Market by Material (Piezoelectric Ceramics, Polymers), Product (Piezoelectric Actuators, Transducers, Motors), Application (Aerospace & Defense, Industrial, Consumer) and Region – Global Forecast to 2027

Mobile Robots Market by Operating Environment (Aerial, Ground, and Marine), Component (Control System, Sensors), Type (Professional and Personal & Domestic Robots), Application (Domestic, Military, Logistics, Field), and Geography - Global Forecast 2023


About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.