The Haptic technology for mobile devices market is estimated to be valued at US$ 2,670.0 Mn in 2023 and is expected to exhibit a CAGR of 18.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Haptic technology provides tactile feedback to users through touch by applying forces, vibrations, or motions to the user. It allows users to interact with virtual or remote environments in a natural way, enhancing the overall user experience of applications. Key applications of haptics in mobile devices include enhancing gaming experiences, providing navigation assistance to visually impaired users, and simulating tactile sensations during telemedicine procedures.
Market Dynamics:
The increasing integration of virtual and augmented reality technologies as well as the need for more immersive user experiences are expected to be the major drivers for the haptic technology market over the forecast period. Virtual and augmented reality headset manufacturers are actively working on integrating haptic feedback to generate realistic sensations of touch, force, and motion. This is anticipated to boost the demand for haptic actuators, controllers, and software. Additionally, factors such as advancements in micro-electromechanical systems (MEMS) technology coupled with declining prices of haptic components are also projected to support the market growth.
Market key trends:
The haptic technology for mobile devices market has been witnessing rising demand for more immersive and interactive user experiences. One of the key trends driving the market growth is the increasing integration of haptics in mobile gaming. Game developers are increasingly incorporating haptics feedback to simulate textures, actions and reactions within the games for an enriched gaming experience. For instance, haptic feedback can recreate the feeling of driving over different road surfaces or firing weapons with varying recoil. This has significantly boosted realism and engagement among gamers.
SWOT Analysis
Strength: Haptics offer robust safety features as it allows users to interact with devices through touch rather than visuals, making operations more intuitive.
Weakness: Designing sophisticated and efficient haptic actuators require heavy R&D investments which can be challenging for smaller players.
Opportunity: Growth of VR/AR applications open up new opportunities for haptic technology providers to offer novel and immersive user experience.
Threats: Stiff competition from alternative force feedback technologies coupled with pricing pressures from OEMs can threaten profit margins of haptic vendors.
Key Takeaways
The Global Haptic Technology For Mobile Devices Market is expected to witness high growth, exhibiting CAGR of 18.6% over the forecast period of 2022-2030, due to increasing demand for more interactive and engaging user experiences offer by haptics. Regionally, North America captured the largest market share in 2021 led by strong technological advancements while Asia Pacific is expected to witness fastest growth rate over the forecast period due to massive smartphone user base and proliferating gaming culture.
Key players operating in the haptic technology for mobile devices are Immersion, Texas Instruments Incorporated, Precision Microdrives Limited, Johnson Electric Holdings Limited, AAC Technologies, Analog Devices, Inc., ALPS ALPINE CO., LTD., Microchip Technology Inc., Cypress Semiconductor Corporation, Methode Electronics, NIDEC COPAL ELECTRONICS, SMK ELECTRONICS CORPORATION U.S.A, Visteon Corporation, Semiconductor Components Industries, LLC, Synaptics Incorporated, Apple Inc., and SAMSUNG. The key players are actively investing in R&D to develop novel haptic actuators and feedback solutions for a wide array of applications spanning gaming, virtual assistant, navigation etc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
