Haptic Technology Market

Part
01
of two
Part
01

Haptic Technology Trends and Emerging Companies

Four trends in the haptic technology market are haptic suits, touchscreen devices, haptic ads, and haptic gloves. Three emerging companies that are having a big impact on the industry are Bhaptics, Hap2U, and Plexus Immersive.

TRENDS IN THE HAPTIC TECHNOLOGY MARKET

1) HAPTIC SUITS

  • The Teslasuit is the world’s first full-body haptic suit and includes features such as motion capture and climate control.
  • This suit could potentially be used in the gaming market, entertainment, and VR/AR industry.
  • Its haptic feedback system is based on electrostimulation that provides users with a sense of touch and presence in a digital world.
  • The haptic feedback technology will allow customers to enjoy a more immersive VR experience.

2) TOUCHSCREEN DEVICES

  • The TanvasTouch uses haptic feedback technology to allow users to feel the texture on touchscreen devices.
  • This technology was created after ten years of research by the Neuroscience and Robotics Lab at Northwestern University.
  • It acts as an electromagnet for the skin, physically pulling at the tips of the fingers as they move across the screen that provides a dynamic sense of touch.
  • The prototype was showcased at the Consumer Electronics Show (CES) in 2017.
  • Tanvas has stated that the technology could be adopted for any touchscreen smartphone or tablet and will be useful for the retail industry.

3) HAPTIC ADS

  • Immersion is one of the companies that have applied haptic technology in advertising.
  • Its ad for Stolichnaya Vodka allowed consumers to simulate the feel of a cocktail being made in their hands.
  • According to a study by IPG and Magna, TouchSense ads have performed better than standard video ads as they have led to a 62% increase in feelings of connection to brands.
  • Haptic ads for automobiles place users in the driver’s seat in ways that traditional ads cannot do.
  • The technology emulates the sensation of consumers being in an actual car.

4) HAPTIC GLOVES

  • HaptX’s haptic gloves allow users to feel the size, weight, temperature, and impact of virtual objects.
  • Haptic gloves could be used for entertainment, designing, manufacturing, and training.
  • Plexus Immersive Corp has also created a pair of VR gloves that integrate haptic feedback technology and interface with multiple tracking standards.

EMERGING COMPANIES THAT ARE HAVING A BIG IMPACT ON THE INDUSTRY

1) BHAPTICS

  • Founded in 2015, Bhaptics specializes in using haptic feedback technology for VR applications.
  • Its products connect users with the virtual world.
  • Unlike other haptic suits on the market, the Bhaptics system focused on comfort.
  • The software designed by the company allows users to access and send information to video games and apps that have been integrated with haptic technology.

2) HAP2U

  • Founded in 2015, Hap2U owns seven global patents in hardware and software based on haptic technology.
  • The company has developed a patented technology that enhances users’ experience in the digital world by allowing them to use the sense of touch in tactile devices.
  • It has participated in the 2018 CES to showcase a touch interface product that uses haptic technology.
  • The product allows users to experience a sense of touch that feels like they are actually turning the handle or pushing the cursor.

3) PLEXUS IMMERSIVE

  • Founded in 2017, Plexus Immersive offers high performance, affordable haptic gloves for VR and AR platforms.
  • The haptic gloves work with VR platforms such as SteamVR, Oculus Rift, and Microsoft’s Mixed Reality VR.
  • It is made with silicon fiber and haptic feedback is built into every finger.

Part
02
of two
Part
02

Haptic Technology Market Size

In 2018, the global haptic technology market size was $6.370 billion, and it is expected to grow at a CAGR of 14.5% from 2019-2025. The key players in the haptic technology industry are Immersion, AAC Technologies, Lofelt, and Johnson Electric.

GLOBAL MARKET SIZE FOR HAPTIC TECHNOLOGY

  • The haptic technology market is expected to grow at a CAGR of 14.5% between 2019 and 2025.
  • The haptic technology market in the US is expected to be worth $22 billion by 2023 due to its increasing adoption across various sectors.

5 -10 years growth projection for haptic technology

  • From our calculations, the market size of haptic technology is expected to reach $18.8 billion by 2026.

KEY PLAYERS IN THE INDUSTRY

The key players in the haptic technology industry are Immersion, AAC Technologies, Lofelt, and Johnson electrics.

IMMERSION CORPORATION (USA)
  • Immersion Corporation is a US company that was founded in 1993.
  • The company provides high quality, low-power tactile feedback in consumer devices.
  • Immersion technology has been broadly adopted in over 3 billion consumer devices, including console game controllers, mobile phones, wearable, and automotive interfaces.
  • The company has more than 15 award-winning designs and products.
  • Immersion offers software and IP solutions to OEMs to create tactile user experiences, to help device makers, developers, and content providers enhance their applications and services with haptics.

AAC TECHNOLOGIES
  • AAC Technologies is a world-leading solutions provider for smart devices.
  • The company combines integrated technology, design, and manufacturing to ensure that its customers get the highest quality products at competitive prices.
  • They have extensive experience and expertise in designing and manufacturing a diverse range of components, including acoustics, antennas, optics, haptics, and Li-ion polymer batteries for mobile devices.
  • Their products are used in a variety of applications including mobile handsets, tablets, notebooks, LED TV, game consoles, e-readers, MP3 players, MP4 players, and many other consumer electronics.

LOFELT
  • The company is spearheading the adoption of high-definition haptics in mobile, AR/VR, headset, and gaming industries.
  • The company's first consumer product was the Basslet (a wearable watch-sized subwoofer).

JOHNSON ELECTRIC
  • The company is a global leader in motion products, control systems, and flexible interconnects.
  • Their products and services cover a broad range of industries including automotive, building automation and security, business machines, defense and aerospace, food and beverage, home technologies, HVAC, industrial equipment, medical devices, personal care, power equipment, and power tools.
  • The company is a global company with innovation and product design centers located in Hong Kong, China, Switzerland, Germany, Italy, Israel, Japan, the UK, and the US.

CALCULATIONS FOR THE GROWTH PROJECTION OF THE HAPTIC TECHNOLOGY INDUSTRY IN THE NEXT 5-10 YEARS


The growth projection of the haptic technology industry was calculated using the 2018 market size and CAGR. The calculations are presented below;

2018 market size = $6.370 billion; CAGR of 14.5%

2019 MARKET SIZE
  • $6.37 billion x 14.5% (0.145) = $923,650,000
  • $6,370,000,000 + $923,650,000 = $7,293,650,000

2020 MARKET SIZE
  • $7,293,650,000 x 14.5% (0.145%) = $1,057,579,250
  • $7,293,650,000 + $1,057,579,250 = $8,354,229,250

2021 MARKET SIZE
  • $8,354,229,250 x 14.5% (0.145%) = $1,211,363,241.25
  • $8,354,229,250 + $1,211,363,241.25 = $9,565,592,491.25

2022 MARKET SIZE
  • $9,565,592,491.25 x 14.5% (0.145%) = $1,387,010,911.231
  • $9,565,592,491.25 + $1,387,010,911.231 = $10,952,603,402.481

2023 MARKET SIZE
  • $10,952,603,402.481 x 14.5% (0.145%) = $1,588,127,493.359
  • $10,952,603,402.481 + $1,588,127,493.359= $12,540,730,895.841
2024 MARKET SIZE
  • $12,540,730,895.841 x 14.5% (0.145%) = $1,818,405,979.897
  • $12,540,730,895.841 + $1,818,405,979.897 = $14,359,136,875.738

2025 MARKET SIZE
  • $14,359,136,875.738 x 14.5% (0.145%) = $2,082,074,846.982
  • $14,359,136,875.738 + $2,082,074,846.982 = $16,441,221,722.721

2026 MARKET SIZE
  • $16,441,221,722.721 x 14.5% (0.145%) = $2,383,975,699.794
  • $16,441,221,722.721 + $2,383,975,699.794 = $18,825,197,422.515

Research Strategy:

To obtain the market size of haptic technology in the US, your research team searched through media and research publications from sites such as Business Wire, MarketWatch, MarketandMarkets, ABNewswire, Research & Markets, among others. While the team was able to find data on the market size and growth projection of the haptic technology industry, the complete details of the key players in the industry were unavailable. All the site databases visited listed out the key players, but information on why those players were chosen was hidden behind a paywall.

A rigorous search through other public databases like Forbes and Reuters also gave the same result. The team selected four key players based on the number of mentions on reputed research websites such as NBC29.com and GlobeNewswire, to list a few.

Sources
Sources

From Part 01
Quotes
  • "Teslasuit motion capture system uses sensors to transfer the precise position of the body into virtual environments. The full-body haptic feedback and motion capture in a thermo-controlled suit takes the wearer even deeper into a virtual world."
Quotes
  • "Tactsuit is a wireless kit which delivers appropriate haptic feedback for VR content."
Quotes
  • "TanvasTouch — a layer between a device’s touchscreen and your fingers — acts like an electromagnet for skin, physically pulling at the tips of your fingers as they move across the screen. The result is a palpable, dynamic “sense” of touch that vibration-based feedback like Apple’s 3D Touch doesn’t come close to replicating."
Quotes
  • "Tanvas wants to add the ability to feel texture on a touchscreen with a new haptic feedback technology showcased at CES."
Quotes
  • "Auto ads are probably some of the best ads for haptic design since we can emulate all these sensations — like the growl of an engine, and even the motion of the car/truck.”"
Quotes
  • "Hap2U designs and develops patented technology to enhance experiences in the digital world by integrating the sense of touch in tactile devices."
  • "Founded in 2015, hap2U has built on several years of research and development, with seven global patents in hardware and software based on the science of haptics."
Quotes
  • "HAP2U participated in "CES(Consumer Electronics Show) 2018 Unveiled" held on January 7, 2018 in Las Vegas, USA to introduce a touch interface to which its own technologies are applied."
  • "HAP2U applied the haptic technologies developed on its own to the inside of the screen. With this technology, supersonic vibration is generated while the friction between the fingers and the active plate are controlled in real time."
Quotes
  • "HaptX is making it happen. The Seattle startup, previously known as AxonVR, today unveiled its first product, the HaptX Gloves, which use microfluidic technology and motion tracking to let users to move through virtual environments and feel virtual objects with their hands."
From Part 02