At 14.85% CAGR, Haptic Technology Market Size Set to Register 33477 Mn US$ by 2027

At 14.85% CAGR, Haptic Technology Market Size Set to Register 33477 Mn US$ by 2027

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Sep 15, 2020 (Market Insight Reports) —
Selbyville, Delaware: The report is a comprehensive exploration of Haptic Technology market offering growth rates, size of the industry, competitive landscape information, factors to the contributing growth of the global Haptic Technology market and more.

According to an analysis by a Market Research, the global haptic technology market is predicted to grow at a CAGR of 14.85% during the forecasting period 2019-2027. The growing adoption by the gaming console companies, the increasing use of consumer electronic devices, the rising use of touch screen interface and the growing innovation and application in automotive industry are the factors driving the market growth of haptic technology.

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Key opportunities like increasing applications of systems for visually impaired and holographic display products must be leveraged to reach the projected growth rate. However, using haptic technology is expensive. The implementation costs are expected to decline only after mass production. The high cost of adopting haptic technology and the high power consumption, along with the technical challenges faced by manufacturers, are restraining the market growth.

Competitive Outlook

The major companies in the haptic technology market are Immersion, Texas Instruments Incorporated, Precision Microdrives Limited, Ultraleap Limited, Synaptics, 3D Systems Inc, Force Dimension, Haption, Imagis, Johnson Electric Holdings Limited, Microchip Technology Inc, Semiconductor Components Industries LLC, Senseg Oy and SMK Manufacturing Inc.

Incorporated in 2003, Precision Microdrives Limited is a company that offers engineered miniature electro-mechanical mechanisms and product solutions to medical, industrial and automotive sectors. The company has an extensive product portfolio that includes haptic technology products, geared motors, miniature motors and vibration motors. The major applications in which these products are used include mechanical aid, medical device, game consoles and electronic devices.

Regional Outlook

The global market report covers the countries from Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa. Asia-Pacific is anticipated to be the largest market with the highest revenue for the haptic technology market. The main reason for this growth is the developing economies in Asian countries. Besides, the development of the automotive industry in China, Japan, India, South Korea and ASEAN countries are promoting the adoption of touch-enabled display systems, thereby instigating the market growth in the region. In addition, the growing penetration of smartphone adoption also contributes to the regional market growth of haptic technology.

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Related Report:

Global Haptic Technology for Mobile Devices Market Size, Status and Forecast 2019-2025

Haptics is a tactile feedback technology through which end-users are able to perceive touch sensations when using electronic devices. The augmented demand for interactive sensory experience is a significant factor that is expected to drive market growth during the forecast period. To make human-computer interactions more natural, the device manufacturers are now using advanced actuator and sensors.

Full Report Summary At:

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