Global Haptic Technology Market to Rise Beyond 16% CAGR to 2022

PUNE, India, October 21, 2016 /PRNewswire/ --

The global haptic technology market is expected to be valued at USD 19.55 billion by 2022, growing at a CAGR of 16.2% between 2016 and 2022 while consumer electronics sector accounted for the largest share with Asia-Pacific expected for the largest market for haptic technology.

Complete report on global haptic technology market spread across 168 pages, profiling 20 companies and supported with 133 tables and 43 figures is now available at http://www.reportsnreports.com/reports/234991-haptic-technology-market-touchscreen.html .

The key drivers contributing to the growth of the haptic technology market primarily include increasing adoption of haptics in consumer electronic devices such as smart phones and tablets, growing demand for haptics in gaming consoles, and potential market for haptics in medical and automotive sectors. However, the growth of the market is expected to be limited due to the high cost of force feedback devices and technical challenges related to product design.

The consumer electronics sector accounted for the largest market for haptic technology in 2015, attributed to the increasing integration of haptics into consumer electronic devices such as smart phones, tablets, and other wearable devices. Almost all the smart phones and tablets are inbuilt with haptics and the trend has been shifting to smart watches and wristbands. In April 2015, Apple Inc. (U.S.) launched its smart watch with haptic technology, and now Samsung is planning to integrate haptics into its upcoming smart watch "Gear S3."

Asia-Pacific accounted for the largest share of the global haptic technology market in 2015, driven by the presence of several major semiconductor companies and consumer electronics manufacturing companies in the Asia-Pacific region, especially in China, Japan, South Korea, and Taiwan. Most of the consumer electronics are manufactured in this region and these electronic companies are the end users of haptic products where haptics are integrated into the electronic devices. In addition, several automotive OEMs and medical device manufactures are integrating haptics into their products which would increase the market for haptics in Asia-Pacific at a considerable rate.