The Global Haptic Technology for Mobile Devices Market, by Type (Actuators, Drivers and Controllers, Software, and Others), by Application (Smart phones, Tablets, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global Forecast to 2027” is expected to exhibit a CAGR of 18% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Haptic technology is type of technology that interfaces the user with a virtual environment through sense of touch by applying vibrations to the user. By using these haptic devices, user not only send information to these devices but also receives information through vibration in the body. Additionally, haptic technologies are used in controllers, joysticks, and in video games, which enhances the user experience by engaging sound, vibrations, and touch which allows the users to feel virtual world in real time. Moreover, growing demand for haptic technology from consumer electronics and gaming application are the factors that are expected to drive the growth of the market over the forecast period.
The global haptic technology for mobile devices market is expected to exhibit a CAGR of 18% during the forecast period (2019-2027).
Increasing demand for smart wearables is expected to drive growth of the global haptic technology for mobile devices market during the forecast period.
Smart wearables such as smart watches are using haptic technology, which is expected to drive the market growth over the forecast period. The increasing demand of smart watches from athletes and fitness are driving smart watches market. Currently, smart watches are used by cyclists, runners, and athletes, owing to the wide range of monitoring capabilities. For instance, according to Coherent Market Insights report, the number of adoption of smart wearables, across the globe increased from 523.3 million in 2017 to 832.3 million in 2020. These smart watches are synchronized with the smartphones, which allows user to control notification, alarms, music, and other functions and this is expected to drive growth of the haptic technology market over the forecast period.
Moreover, rising health awareness, among populace is also expected to drive the market growth during the forecast period. Consumers are very health conscious and spend lots of money in these monitoring devices such as smart watches and smartphones. For instance, in 2018, Apple Inc., launched Apple Watch Series 4, which is used to track heart rate and health related issue such as obesity and diabetes with the help of haptic technology, which is used in these smart watches. By consulting doctors, users can take precautions in advance using these smart watches. Doctors can easily monitor patient health related issues and treat them as per requirement. For instance, in October 2019, SAMSUNG launched SAMSUNG GALAXY WATCH ACTIVE 2 that is used to monitor blood pressure and track person health related issues. SAMSUNG is measuring person blood pressure and make aware of the people with their health issues. Hence, these factors are expected to drive the market growth during the forecast period.
Growing need for product differentiation in consumer electronics are expected to hamper growth of the global haptic technology for mobile devices market over the forecast period
The mobile market is very competitive and constantly changing. It became important for the smartphone manufactures to make their product different from the competitors. Consumers are looking for an innovative product, which uses advanced technology from others. For this reason, mobile manufacturers need to find a way to enhance the user experience in the consumer electronics and provide the consumer with new advanced additional feature in their devices. The trend of tablets are increasing tremendously in the market. For instance, in 2014, LG Electronics launched new additional features to the G series of tablets. This tablet have LG's Knock Code feature which allow users to unlock devices with a series of taps. The tablets also have Q Pair which synchronize tablets with a smartphone during phone calls and text messages passed on to the tablet in real time. These factors are expected to hamper demand for haptic technology for mobile devices, and thereby expected to restrain the market growth over the forecast period.
Key companies operating in the haptic technology for mobile devices market include 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.