The global 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 enables tactile feedback in electronic devices and mobile phones. It provides the sense of touch during interaction with virtual objects. Mobile devices with haptic technology allow users to feel buttons and textures through vibrations or motions. Haptic technology enhances the user experience by adding a tactile dimension to the fingertips. It has applications in smartphones, wearables, tablets and other electronic devices. The need to make interactions more intuitive and immersive is driving the adoption of haptic technology across various mobile devices.
Market key trends:
One of the key trends in the haptic technology for mobile devices market is the rapid adoption of haptic feedback features. Major smartphone manufacturers are increasingly integrating haptic motors and actuators to provide tactile feedback. For instance, Apple began including Taptic Engine haptic technology in iPhone 7 and beyond, which delivers a wide range of haptic feedback. Rising demand for enhanced user experience is also driving innovations around haptic feedback technology. Companies are developing more advanced micro-electromechanical systems (MEMS) based haptics with varied vibration patterns and localized feedback. Growing demand for virtual and augmented reality experiences on portable devices will further fuel innovations around haptic interfaces.
Porter's Analysis
Threat of new entrants: The technological expertise and high capital requirements to develop haptic technology suitable for mobile devices pose a moderate barrier for new entrants.
Bargaining power of buyers: Individual consumers have moderate bargaining power as they can choose from multiple options available. However, OEMs dealing in large volumes have high bargaining power over technology providers.
Bargaining power of suppliers: Leading technology providers like Immersion and Texas Instruments have significant control over pricing and innovation in the market owing to their strong patent portfolio and technological expertise.
Threat of new substitutes: While VR and AR related technologies offer novel experiences, haptics remains crucial for realistic feedback and is not easily substitutable in the near future.
Competitive rivalry: Being a niche and innovative domain, competition remains moderate to high among technology providers to gain greater market share through rapid innovation and integration into mobile devices.
Key Takeaways
The Global Haptic Technology For Mobile Devices Market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for more immersive user experience in applications like gaming, navigation and e-commerce on mobile platforms.
The Asia Pacific region is expected to dominate the market during the forecast period. High growth in adoption of advanced consumer electronics in China, South Korea and India is driving the demand for haptics in the region. Rising disposable incomes and innovative marketing initiatives by technology providers are further supporting market growth in Asia Pacific.
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. Major players are focusing on accelerating integration of their haptic solutions into consumer products and capture greater market share.
Read More: https://www.newsanalyticspro.com/haptic-technology-for-mobile-devices-market-scope/
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