July 18, 2024
Haptic Technology For Mobile Devices Market

Haptic Technology For Mobile Devices Market Is Estimated To Witness High Growth Owing To Trends In Miniaturization Of Haptic Components

The Haptic Technology For Mobile Devices Market is estimated to be valued at US$ 3755.61 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Haptic technology allows users to experience tactile feedback from devices such as mobile phones through various feedback methods such as vibration, motion, or force. It enables touch-based mobile devices to create texture, pressure, and movement for users. Haptic technology enhances user experience and makes their interaction with devices more intuitive and realistic without visual feedback.

Market key trends:
Global Haptic Technology For Mobile Devices Market is witnessing high growth due to the miniaturization of haptic components. Various consumer electronics manufacturers are focusing on developing smaller haptic actuators and sensors with increased force and frequency. For instance, ERM and Precision Microdrives have developed micromotors for haptic feedback that fit into thin mobile devices. Startups like Tactus are developing optical adhesive tactile technologies with increased resolution. Automotive haptic controls are also incorporating haptic technologies for touchscreen dashboards and infotainment systems. Advances in MEMS, piezoelectric actuators and electro-active polymer technology is further driving the miniaturization of haptic feedback in various smart devices and virtual/augmented reality systems.

Porter’s Analysis

Threat of new entrants: The haptic technology for mobile devices market requires significant investments in R&D to develop new technologies. This poses a moderate threat of new entrants.

Bargaining power of buyers: Major smartphone manufacturers hold a significant bargaining power over haptic technology suppliers due to their large procurement volumes and presence of substitutes.

Bargaining power of suppliers: Leading haptic technology suppliers such as Immersion and Synaptics enjoy significant bargaining power owing to their specialized product portfolio and patents.

Threat of new substitutes: Alternative input methods such as touchscreens and motion sensing pose a medium threat as substitutes for haptics in certain applications.

Competitive rivalry: The market is moderately competitive due to presence of few technology providers and collaborative approach adopted by market players to further haptic innovations.

SWOT Analysis

Strengths: Growing demand for enriched user experience and feedback in smartphones and advancements in haptic actuation and sensing methods.

Weaknesses: High development costs of haptic solutions and technological limitations in replicating complex tactile sensations.

Opportunities: Incorporation of haptics for VR/AR applications and expansion into automotive and IoT markets.

Threats: Supply chain disruptions affecting component procurement and economic slowdowns impacting new product development cycles.

Key Takeaways

The global haptic technology for mobile devices market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing demand for more immersive user experiences in smartphones. Growing demand for premium smartphones with hi-tech experiences will drive manufacturer interest in haptics.

Regional analysis: North America is projected to dominate the global market throughout the forecast period. Significant R&D investments by US technology firms and a large consumer base adopting haptic-enabled phones drive the North American market. Asia Pacific follows in terms of market share and is expected to grow at the fastest pace due to burgeoning smartphone manufacturing in China and local players exploring haptics solutions.

Key players operating in the haptic technology for mobile devices market 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. Leading firms continue investing in advanced haptic actuation methods to gain a competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it