Haptic Technology Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Haptic Technology Market in 2021

The global haptic technology market is expected to reach a market size of USD 11.56 billion in 2021 with a Compound Annual Growth Rate (CAGR) of 12.5%. Haptic technology is gaining popularity across various industries due to its ability to create tactile feedback and improve user experience.

COVID-19 Impact on the Haptic Technology Market

The COVID-19 pandemic has had a mixed impact on the haptic technology market. On one hand, there was a slowdown in the market due to disruptions in the supply chain and manufacturing processes. However, on the other hand, there was a surge in demand for haptic technology in sectors such as healthcare and education to enable touchless interactions.

Haptic Technology Dynamics

Haptic technology is experiencing rapid growth due to its applications in virtual reality, gaming, automotive, and healthcare industries. The technology allows users to feel virtual objects and textures, enhancing the overall user experience.

Segments and Related Analysis

The haptic technology market can be segmented based on components, feedback type, applications, and regions. Components include actuators, drivers, and controllers. Feedback types include tactile and force feedback. Applications range from gaming to automotive to medical simulation.

By Region Analysis

In terms of region, North America dominated the haptic technology market in 2021, followed by Europe and Asia Pacific. The increasing adoption of haptic technology in consumer electronics and automotive sectors is driving market growth in these regions.

Key Market Players and Competitive Landscape

Some key players in the haptic technology market include Immersion Corporation, Tanvas, HaptX Inc., Ultraleap, and Alps Alpine Co. These companies are investing in research and development to enhance haptic technology and gain a competitive edge in the market.

Recent happenings in the Haptic Technology Market

- In April 2021, Immersion Corporation launched a new haptic technology platform for automotive applications. - In June 2021, Tanvas introduced a tactile touch technology for mobile devices to provide a more realistic tactile experience. - In September 2021, HaptX Inc. announced a partnership with NASA to develop haptic gloves for virtual reality simulations. - In November 2021, Ultraleap unveiled a new haptic technology solution for medical training applications. - In January 2022, Alps Alpine Co. showcased a new haptic feedback system for automotive infotainment systems.