Haptics market 2023-2027: A descriptive analysis of parent market, five forces model, market dynamics, and segmentation

NEW YORK, Dec. 13, 2022 /PRNewswire/ — According to Technavio, the global haptics market size is expected to grow by USD 7,523.18 million from 2022 to 2027. The market is estimated to grow at a CAGR of 11.4% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for the largest share of the global market growth during the forecast period.

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Global haptics market – Parent market analysis

Technavio categorizes the global haptics market as a part of the technology hardware, storage, and peripherals market, which covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. The market also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals.

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Global haptics market – Five forces

The global haptics market is fragmented, and the five forces analysis covers–

• Bargaining power of buyers

• Threat of new entrants

• Threat of rivalry

• Bargaining power of suppliers

• Threat of substitutes

• For more details about Porter’s five forces model – buy the report!

Global haptics market – Customer landscape

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on the penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global haptics market – Segmentation assessment

Segment overview

Technavio has segmented the market based on application, component, and region.

• The consumer electronics segment will grow at the highest rate during the forecast period. Consumer electronic devices include gaming consoles, smart bands, smartphones, smartwatches, tablets, and others. Haptics are used significantly in consumer electronics devices, especially in touchscreen interfaces. The demand for advanced touchscreen controls has increased owing to the changing market dynamics and rising consumer expectations. Such factors are expected to drive the growth of this segment during the forecast period.

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Geography overview

Based on geography, the global haptics market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global haptics market.

• APAC will account for 71% of the global haptics market growth during the forecast period. The market in the region is estimated to grow at the fastest pace. The growth of the market in the region is attributed to factors such as the presence of major consumer electronics devices and automotive manufacturers. Moreover, the growth of the smartphone market has encouraged various smartphone OEMs to establish their own manufacturing facilities in APAC.

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Global haptics market – Market dynamics

Key factors driving market growth

• The adoption of HD haptics is driving market growth.

• The implementation of HD haptics enhances user experience. For example, with the help of HD haptics technology, players of video games can feel the bumps and crashes while playing racing games.

• Moreover, there are several opportunities for the use of HD haptics technology in mobile devices. Thus, the increasing adoption of HD haptics in mobile phones is expected to drive the growth of the global haptics market during the forecast period.

Recent trends influencing the market

• The emergence of ultrahaptics is a key trend in the market.

• The use of floating touchscreens can drive the global haptics market in the automotive segment. This technology would enable drivers to use infotainment systems without interference.

• Thus, the emergence of ultrahaptics is one of the major trends that are expected to drive the growth of the global haptics market during the forecast period.

Major challenges hindering market growth

• High power consumption is challenging market growth. Engineers and designers are concerned with the power consumption of haptic technology in battery-critical applications.

• HD haptics requires several actuators, amplifiers, and sensors for multiple effects, which results in higher power consumption. Hence, battery consumption for HD haptics applications in mobile devices is higher when compared to basic haptics.

• Thus, high power consumption will impede the growth of the global haptics market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!

What are the key data covered in this haptic market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the haptic market between 2023 and 2027

• Precise estimation of the size of the haptic market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the haptic market across APAC, North America, Europe, Middle East and Africa, and South America

• Thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of haptic market vendors

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Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Component

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio