July 20, 2024

Haptic Technology for Mobile Devices Market Set to Register a CAGR of 18.6% over 2023-2030

The Global 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 2023-2030.

Market Overview:

 Haptic technology enables tactile feedback for touch-enabled devices like smartphones, tablets, and wearables. The integration of haptic systems improves user experience by adding the sense of touch to the digital world. Haptic technology offers various advantages in applications such as gaming, navigation, and interaction. The increasing demand for more immersive user experience across different industries drives the need for haptic feedback. The growing adoption of advanced technologies in mobile devices is a major factor influencing market growth.

Market key trends:

One of the key trends in the haptic technology for mobile devices market is the rising integration of haptics with virtual and augmented reality devices. Leading technology companies are focusing on developing haptic gloves and wearables to enhance immersive VR/AR experiences. Significant investments are being made to integrate tactile sensations with VR content. Another major trend is the implementation of haptics for gesture recognition and interaction. Advanced haptic feedback aids touchless control and adds more intuitive ways to engage with smartphones and tablets. The growing popularity of haptic-enabled wearables is also a notable trend in the market. Major players are developing smartwatches, fitness trackers, and wristbands with haptic feedback features. This improves user interface and creates new revenue streams for market participants.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to high capital investment required to build haptic technology for mobile devices and the brand loyalty of existing players.

Bargaining power of buyers: The bargaining power of buyers is high as there are many existing players providing haptic technology for mobile devices. Buyers can negotiate on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers providing components for haptic technology like actuators, sensors etc.

Threat of new substitutes: The threat of new substitutes is low as haptic technology provides a unique tactile user experience compared to non-haptic mobile devices.

Competitive rivalry: The competitive rivalry is high among key players to gain greater market share and expand their product portfolio.

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 smartphones and gaming applications.

The Asia Pacific region is expected to dominate the haptic technology for mobile devices market owing to high smartphone penetration, growing gaming industry and presence of key players in countries like China, South Korea and Taiwan. China and India are the fastest growing markets in the region.

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. The players are focused on new product launches and partnerships to expand their market share.

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