Haptic Technology for Mobile Devices Market Is Estimated To Witness High Growth Owing To Rising Consumer Penetration And Advancements In Haptic Feedback
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| Haptic Technology For Mobile Devices |
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 2023-2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Haptic technology refers to the tactile feedback in mobile devices. It
enables devices to recreate tactile sensations and textures that simulate
control and response similar to physical interactions. Haptic technology
provides realistic feedback by applying forces, vibrations, or motions to the
user. This enhances user experience while interacting with interfaces in mobile
devices.
Market Dynamics:
The growth of the haptic technology for mobile devices market is majorly driven
by rising consumer penetration of smartphones and advancements in haptic
feedback. As of 2023, over 6 billion people worldwide own a smartphone. With
rising disposable income, consumers are willing to pay premium for enhanced
tactile experiences like haptic feedback in smartphones. Additionally,
advancements in haptic actuators, digital signal processors, and controller ICs
are enabling more immersive haptic experiences like simulated textures and
sensations of weight, inertia, friction, and collisions. Leading manufacturers
are focusing on enhancing gestures, clicks, vibrations, and other tactile effects
to optimize the overall experience. This is expected to fuel the demand for
haptic technology over the forecast period.
SWOT Analysis
Strength: Haptic technology enhances user experience and increases customer
satisfaction by providing tactile feedback. It allows devices to mimic
real-world interactions and textures. Developers have more flexibility to
innovate immersive applications.
Weakness: Initial costs associated with integrating haptics into devices is
high. Current haptic solutions have limitations in providing rich tactile
experiences.
Opportunity: Growing demand for immersive experiences will drive adoption of
haptics across more applications and products. Increasing preference for
personalized and adaptive interfaces presents an opportunity.
Threats: Alternatives like visual and audio feedback could reduce the need for
haptics. Stricter regulations around privacy and security may limit
personalization capabilities.
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, due to increasing
customer demand for enhanced user experiences. Haptics allow realistic tactile
feedback that engages users through touch instead of just visuals and audio.
Regional analysis - North America dominated the market in 2021 with a share of
over 35%, owing to high penetration of advanced technologies. Asia Pacific is
expected to grow at the fastest pace during the forecast period, due to rising
disposable incomes and increasing adoption of haptic-enabled mobile devices
among consumers in countries such as China, India.
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.
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