The key players operating in the Haptic Technology Market are technology market is estimated to be worth USD 3.9 billion in 2022 and is projected to reach USD 5.0 billion by 2028, at a CAGR of 3.7% during the forecast period. , Rising integration of haptic technology into consumer devices, growing use of haptic technology in automotive industry, and increasing use of haptics in the healthcare industry are some of the major factors contributing to the haptic technology industry growth. , Haptic Technology Market Dynamics , Driver: Rising integration of haptic technology into consumer devices , 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 is a major factor contributing to the market’s growth. As most consumer devices are touch-enabled appliances integrated with haptics, the demand for haptic-based solutions is expected to increase significantly in the next five years. Haptic technology generates efficient and effective controls in a user-friendly format. Moreover, the increasing adoption of haptic technology in the gaming industry is expected to significantly contribute to market growth. For instance, Sony’s PlayStation 5 uses haptic effects in its gaming controllers to minimize the gap between human and digital interaction. Similarly, haptic technology is used in smartphones to stimulate a sense of touch through force, vibration, and motion for the end user. It delivers sensation through touch UI as it enhances the experience of conveying information from the digital to human and human to the digital world. The constantly growing use of smartphones is also a major factor contributing to the market growth. , Restraint: High cost of force feedback technology , Haptics that use tactile interfaces are majorly integrated into consumer devices and are not higher in cost than force feedback haptic devices. The major setback for the haptic technology market is the high cost of its force feedback devices used in the medical, automotive, aerospace, and manufacturing industries and supports assistive learning. Force feedback haptics requires efficient and effective devices with suitable features for running the haptic technology. They are categorized based on degrees of freedom (DoF) into 3DoF, 6DoF, and 7DoF. They allow the users to sense real-time virtual haptics while using them in various applications. The reason behind the high cost of force feedback technology is the development costs, material costs, and patent and licensing costs. Along with that, as the demand for force feedback haptic devices is still emerging, manufacturers cannot benefit from the economies of scale. For example, haptic gloves are sensor-based, which detects hand movements and stimulates force feedback to the users’ fingers. They are used in virtual reality and gaming applications to generate the touch sense and manipulate the objects of the digital world. However, they are quite expensive to purchase. , Opportunity: Rising applications of haptic technology in aerospace & defense industry , The adoption of mid-air haptics has increased in several industries, such as aerospace & defense. It is planned to be used in simulated pilot training or virtual reality flight decks to overcome the high cost and inefficiency that most airlines face. Mid-air haptic feedback technology will allow pilots to focus on other operations like monitoring the cockpit displays and other attention-grabbing monitors, even if it means drawing away the pilot’s attention from the view out of the window. Besides, haptics also has the potential to improve the safety of the environment, quality of pilot training, and flight experience for the pilot and the passengers. Haptic feedback can also detect situations based on immersion and intuition, allowing the pilot to understand the aircraft’s behavior and performance and implement effective and efficient decisions accordingly. Similarly, haptic technology can save time and money in the defense industry. It also enhances situational awareness, which can benefit the defense industry majorly. For instance, haptic feedback can alert the soldiers about the nearby or approaching threat, which will help them make logical decisions to protect themselves. Haptic technology using a tactile interface can also improve the accuracy and control of the weapon. , Challenge: High power consumption in haptic feedback , One of the major challenges the market players face is the high-power consumption of haptic feedback. The haptic mechanism in phones drains the battery, keeping users from gaining tactile feedback benefits. All battery power is required to run the motor, which triggers haptic feedback leading to high power consumption. This is expected to hinder the growth of haptic technology providers. Eccentric Rotating Mass (ERM) consumes a higher energy rate than Linear Resonant Actuator (LRA). Therefore, LRA provides a better battery life to the applications. Along with that Piezo actuator generates a quick response time, which creates short effects. Therefore, this short duration contributes towards energy savings. Designing solutions that focus on haptic drivers’ implementation will regenerate and boost converter-based implementation that reduces the rate of power dissipation and maximize the battery life of the haptic-enabled portable devices. , Haptic Technology Market Ecosystem , The prominent players in the haptic technology market are Texas Instruments Incorporated (US), Johnson Electric Holdings Limited (China), AAC Technologies (China), TDK Corporation (Japan), and Microchip Technology Inc. (US). These companies not only boast a comprehensive product portfolio but also have a strong geographic footprint. , Software to register highest CAGR during forecast period , The haptics software enables users to interact with devices. It has been developed to perform specific programmed tasks on various devices. The software layer is part of the haptic system that is responsible for ensuring multimodal consistency, decoding effects, and timing/scheduling effect playback. The part of the haptic stack manages the haptic experience in real time. The software layer must create command signals for the driver IC to convert into electrical signals to control the actuator. To produce high-quality haptic experiences, it is critical that the software layer has performance-oriented functionality. With technological advancements in consumer devices and the increased adoption of haptic-enabled devices, the software market is expected to grow significantly from 2023 to 2028. , Consumer devices accounted for the largest share of haptic technology market in 2022 , The consumer devices application of haptic technology 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 electronics 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. The growing adoption of devices such as smartphones is expected to create opportunities for market players offering haptic technology hardware and software. , Asia Pacific to dominate the haptic technology market from 2023 to 2028 , The haptic technology market in Asia Pacific held the largest market share in 2022 and is projected to grow at the highest CAGR from 2023 to 2028. The market players are experiencing increased demand for haptic solutions from countries such as China, Japan, and South Korea. Increasing demand for consumer electronic devices such as smartphones, tablets, and wearables in China, Japan, South Korea, and India is expected to drive the growth of the haptic technology market in the region. Moreover, constantly increasing vehicle production in countries such as China and India and presence of established consumer devices OEMs are also expected fuel the market growth in Asia Pacific. , Recent Developments , In January 2023, TDK Corporation announced the TDK i3 Micro Module, which has a built-in edge AI and wireless mesh connectivity capability. Through TDK’s collaboration with Texas Instruments (TI), the i3 Micro Module integrates the TI SimpleLink platform, featuring the CC2652R7, an Arm Cortex-M4F multiprotocol 2.4-GHz wireless 32-bit microcontroller (MCU) for real-time monitoring. , In November 2022, Texas Instruments Incorporated announced the development of new Matter-enabled software development kits for Wi-Fi and Thread SimpleLink wireless microcontrollers (MCUs), CC3235SF and CC2652R7, which will streamline the adoption of the Matter protocol in the Internet of Things (IoT) applications. , In June 2022, Microchip Technology Inc. launched maXTouch Knob-on-Display (KoD), an automotive-grade touchscreen controller that facilitates the detection and reporting of capacitive rotary encoders and mechanical switches on a touch panel. , In October 2021, AAC Technologies announced its joint venture with OnePlus for OnePlus 9RT, SLS ultra-linear speaker with an NLC low-frequency algorithm and X-axis linear motor with RichTap tactile feedback. , In September 2020, Johnson Electric Holdings Limited announced the launch of a new addition to the professional line of hair dryer motor solutions. The ECI-050 brushless motor for hair dryers is a single-phase solution that offers better performance while being cost-effective. , KEY MARKET SEGMENTS , By component , Hardware , Software , By Application , Consumer Devices , Automotive & Transportation , Education & Research , Healthcare , Commercial & Industrial , Others , By Feedback Type , Tactile , Force , By Region , North America , Europe , Asia Pacific , Rest of the World (RoW) , Key Market Players , Texas Instruments Incorporated , Johnson Electric Holdings Limited , AAC Technologies , TDK Corporation , Microchip Technology Inc..
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