The global haptic technology market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). Haptic technology, or haptics, is a tactile feedback technology that takes advantage of a user’s sense of touch by applying forces, vibrations, and/or motions upon the user. Mechanical stimulation produced by this may be used to assist in the creation of virtual objects, for control of such virtual objects, and the enhancement of the remote control of machines and devices. Various applications of haptic technology include surgical simulation & medical training, physical rehabilitation, training and education, museum display, painting, sculpting and computer-aided design (CAD), scientific visualization, military application, and entertainment. The growing integration of haptic technology into consumer devices coupled with the increasing adoption of haptics in automobile safety applications are the primary factors contributing to the market growth.
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Consumer electronic devices such as smartphones, tablets, and smart wearables, among others widely incorporate haptic technology. The majority of consumer electronic devices are equipped with haptics. Moreover, there is a shifting trend towards their integration into smart wearables such as smartwatches and wristbands. Haptic technology finds extensive applications and acts as a powerful tool in wearable devices, having faster controls, better battery life, and user-friendly interactions. Haptics in these wearable devices convey information and provide real-life experiences. Thereby, the soaring use of such consumer electronic devices across the globe is acting as one of the major factors driving the demand for haptic technology.
Several industry players are operating in the market ecosystem which is further influencing the market growth. Some key players operating in the market include Texas Instruments Inc., Johnson Electric Holdings Ltd., AAC Technologies Holdings, Inc., TDK Corp., and Microchip Technology Inc. among others. These players are focusing on strengthening their position in the market by adopting various strategies such as mergers and acquisitions, partnerships and collaborations, new product launches and developments in the existing product portfolio, and so on.
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Market Coverage
- Segment Covered-
o By Component
o By Application
- Competitive Landscape: Texas Instruments Inc., Johnson Electric Holdings Ltd., AAC Technologies Holdings, Inc., TDK Corp., and Microchip Technology Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Haptic Technology Market Report Segmentation
By Component
• Hardware
• Software
By Application
• Consumer Devices
• Automotive and Transportation
• Healthcare
• Education and Research
• Commercial and Industrial
• Others
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