New Analysis from Global Industry Analysts Reveals Steady Growth for Haptics, with the Market to Reach $28.1 Billion Worldwide by 2026

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Mar 03, 2022, 08:25 ET

SAN FRANCISCO, March 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Haptics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 19; Released: February 2022
Executive Pool: 491
Companies: 119 - Players covered include AAC Technologies Holdings Inc.; CyberGlove Systems LLC; Entact Robotics Inc.; Ergos-Technologies; Force Dimension; Haption SA; Immersion Corporation; Moog Inc.; MPB Technologies Inc.; Murata Manufacturing Co., Ltd.; Novasentis, Inc.; Novint Technologies Inc.; Quanser Inc.; Reachin Technologies AB; Senseg OY; Tactical Haptics, LLC; Tactus Technology, Inc.; Tanvas and Others.
Coverage: All major geographies and key segments
Segments: Type (Tactile, Force); Component (Actuator, Driver & Controller, Software, Other Components); Application (Consumer Devices, Automotive & Transportation, Commercial & Industrial, Healthcare, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Haptics Market to Reach US$28.1 Billion by the Year 2026
Haptics can be described as a simulated application of force as well as tactile sensation of physical touch artificially to virtual environment applications. While traditional end-use markets for haptics such as smartphones and gaming continue to support demand, stronger growth is expected in emerging markets such as wearables, smart homes, automotive, and healthcare, military that are expected to see strong growth. Haptic technology is being explored in various automotive applications ranging from driver alerts to infotainment systems. The market is also benefitting from introduction of new types of actuator hardware, software drivers, and systems integration. The introduction of new generation of haptic ICs has increased the potential of haptics to provide richer human-machine interface (HMI) experience for applications such as smartphone-based gaming, virtual/augmented reality (VR/AR), PC trackpads, watches and wearables, and automotive touchscreens and button. Moreover, startups are coming up with new software and hardware solutions as well as gaining significant funding as support to the technology. Some of the interesting developments in this direction are midair haptics, wrist-based wearable device to route sound through skin, and exoskeleton force feedback gloves intended for remote and VR manipulation.

Amid the COVID-19 crisis, the global market for Haptics estimated at US$16.8 Billion in the year 2022, is projected to reach a revised size of US$28.1 Billion by 2026, growing at a CAGR of 12.7% over the analysis period. Tactile, one of the segments analyzed in the report, is projected to grow at a 13.5% CAGR to reach US$24 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Force segment is readjusted to a revised 10.7% CAGR for the next 7-year period. This segment currently accounts for a 28.3% share of the global Haptics market.

The U.S. Market is Estimated at $1.9 Billion in 2022, While China is Forecast to Reach $6 Billion by 2026
The Haptics market in the U.S. is estimated at US$1.9 Billion in the year 2022. The country currently accounts for a 12.1% share in the global market. China, the world second's largest economy, is forecast to reach an estimated market size of US$6 Billion in the year 2026 trailing a CAGR of 15.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.2% and 10.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.2% CAGR while Rest of European market (as defined in the study) will reach US$7 Billion by the end of the analysis period. The need to replace ageing aircraft fleet, particularly in North America and Europe offers opportunities for haptics in commercial flight simulation equipment.

Haptic Technology in the Spotlight for Creating Mobility Devices for Visually Impaired People
The idea behind developing mobility devices for supporting visually impaired or blind people has been present for a long time. Across the world, technology developers are constantly creating prototypes such as haptic clothes with GPS facility and smart canes that tend to vibrate in the event of coming in close contact with objects. These prototypes are aimed at supporting visually impaired or blind people to become more independent. One such creation is the "haptic backpack". Equipped with different sensors, this novel backpack detects close by obstacles and vibrates in case the user comes in close contact with a person or object. Additionally, this backpack aids in avoiding objects higher than the user's waist level like overhanging branches whose detection is difficult using a cane. An off/on button allows the user to use this device when needed. The backpack could be charged by plugging inside a computer or by using a USB cable which accepts electricity from the main supply.

The haptic backpack is lightweight, portable and offers multiple uses. A blind or visually impaired person could use this backpack as a mobility device. When not used for this purpose, it could be used just like a standard backpack. Designers continue to work on making this backpack more functional. For instance, the backpack immediately starts vibrating upon detecting nearly objects or people. However, it fails to provide exact characteristic or location of any object or living being. Use of more advance technology like GPS would aid visually impaired or blind people with navigation. More

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