Global Haptic Technology Market Research Report—Forecast till 2026
Global Haptic Technology Market is expected to register an incredible market growth of 13.89% CAGR during the assessment period reach USD 21,469.6 Million by 2026.
The global haptic is expected to witness substantial market growth in upcoming years owing to the highest market value of USD 8,995.1 Million in 2019. The global market growth is attributed to the rising adoption of haptics technology into consumer electronics and the growing use of haptics in the medical industry. Additionally, the requirement for haptic technology in holographic display products has created a profitable opportunity for market growth. However, the high investment cost is expected to restrain the growth of the haptic technology market during the review period.
The global Haptic Technology Market has been classified into Component, Feedback, Application, and Region. Based on component type, the global market has been divided into actuators, drivers & controllers, software, and others. The actuators segment valued for the largest market share of 41.1% in 2018, with a market value of USD 3,387.6 million; it is anticipated to exhibit a CAGR of 13.6% during the assessment period. However, the drivers & controller 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%.
In terms of feedback, the market has been divided into tactile and force feedback. The tactile segment is expected to register a CAGR of 13.5% by 2025 owing to a larger market share of 68.8% in 2018, with a market value of USD 5,665.4 million.
Based on application, the global haptic technology market has been classified into consumer electronics, automation & transportation, education & research, gaming, healthcare, engineering, and others. The consumer electronics segment is anticipated to witness a notable CAGR of 14.2% during the review period.
Geographically, the Global Haptic Technology Market has been classified into North America, Europe, Asia-Pacific, Middle East, and Africa, and Central & South America.
Asia-Pacific is expected to exhibit the largest CAGR of 16.1% during the forecast period. The region accounted for the largest market value of USD 3,596.0 Million in 2019 with the highest CAGR of 16.06%.
North America is expected to exhibit a second largest market with a healthy CAGR of 11.1% during the review period owing to the highest market value of USD 2248.3 million in 2018. The regional market growth is attributed to the increasing use of actuators followed by drivers & controllers and software. Additionally, the increasing impacts in augmented and virtual reality, as well as in automobiles, gaming, and medical devices fuelling the growth of the market in the region. Furthermore, the technological advancements in North America have led to the development of the IT industry in the region.
The Prominent Players of the Global Haptic Technology Market includes Immersion Corporation (US),Haption S.A. (France), ON Semiconductor Corporation (US), Johnson Electric (Hong Kong), SMK Corporation (Japan), Microchip Technologies Incorporated (US), Synaptics Incorporated (US),Texas Instruments Incorporated (US), Ultrahaptics (Ultraleap) (UK), and Force Dimension (Switzerland) among others.
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