Global Haptic Technology Market Analysis is expected to reach USD 21,469.6 Million by 2026 at a CAGR of 13.89% during the forecast period. Market Research Future (MRFR), in its report envelops segmentation and drivers to provide a better glimpse of the market in the coming years.
The Key Players of the Haptic Technology Market Analysis are Yokogawa Electric Corp (Japan), Mettler Toledo (US), Toptica Photonics (Germany), Hubner GmbH & Co KG (Germany), Agilent Technologies Inc. (US), Focused Photonics Inc. (China), Luna (US), NEC Corporation (Japan), NeoPhotonics Corporation (US), and Santec Corporation (Japan) among others.
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Haptic Technology Market Analysis has been segmented based on frequency, application, vertical, and region. Haptic technology is increasingly used in consumer electronics such as smartphones and tablets as it provides tactile feedback to its users. Several benefits provided by haptic, such as enhanced sound, touch, and visual effects in touchscreen devices are contributing to its wide adoption in the electronics sector. The vibration feedback provided by haptic technology aids users to improve touchscreen accuracy. The amplifying trend of incorporating haptic technology in gaming applications and augmented reality enabled devices is providing a positive outlook for the haptic technology market.
By component, the Haptic Technology Market has been segmented into actuators, drivers & controllers, software, and others. Among these, the actuators segment accounted for the largest market share of 41.1% in 2018, with a market value of USD 3,387.6 million; it is expected to register a CAGR of 13.6% during the forecast period. The drivers & controllers segment was the second-largest market in 2018, valued at USD 2,290.6 million; it is projected to register the highest CAGR of 15.8%. Haptic sensations are created by actuators or motors which generate vibrations to the users and are controlled by embedded software which is integrated into the device. It takes the advantage of a combination of somatosensory pattern of skin and proprioception of hand position. Haptic technology uses a vibrating component like a vibration motor or linear resonant actuator.
The major regions of the Haptic Technology Market are North America, Europe, Asia Pacific, and other regions in the world. The Asia Pacific was responsible for the highest Haptic Technology Market Share in the market in 2018 with a market value of $2,230.7 million, and the market is expected to grow with a CAGR rate of 16.1% in the Haptic Technology Market Forecast Period. With increased adoption of consumer devices is one of the major drivers of the market. Many major smartphone companies are available in the market, and it is boosting the growth of the Haptic Technology Market in this region. North America holds the second-highest share in the market due to the adoption of advanced technology and a good economy in this region. The European region expected to grow more in the forecast period due to the presence of major automotive companies in this region. The Increasing demand for touched screens, navigation systems, climate control, windows controls is expected to boost the haptic technology Industry in the market.