Rising demand for multi-touch applications and richer media experience is expected to fuel haptic technology market growth over the forecast period. Haptic technology offers enhanced customer experience by engaging sound, sight and touch, and is widely used for vibrating alarms in mobile phones. Increasing demand for consumer electronics such as smart-phones, tablets, media players and home appliances and need for their product differentiation is expected to be the key growth factor for the haptic technology market. Additionally, technology advancements and rising demand for advance gaming applications are further expected to favor overall market growth over the next six years.
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Size and design limitations in handsets may act as a restraint for the market. High power consumption increases the maintenance cost for haptic technology-enabled consumer electronics, which is also expected to hinder market growth over the forecast period. Increasing implementation of this technology in sectors such as education and home appliances along with emerging applications for differently abled population is expected to provide new opportunities for market growth. Low technology awareness is a critical factor to be resolved by industry participants for the next six years.
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The market can be segmented on basis of technology, component, device type and end-use. Consumer electronics is expected to be the key end-use segment over the forecast period. Industrial use such as automotive is also expected to grow at a considerable rate. Asia Pacific is estimated to be the key regional segment for the next six years. North America and Europe are also expected to witness significant growth. Key market players include Senseg, Immersion and SMK Electronics etc.
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