The global haptic technology market size is projected to grow from USD 2.6 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 12.0%. The market is expected to decline in 2020, mainly due to the impact of COVID-19. The supply chain disruption caused by the pandemic is expected to affect the market significantly. Also, due to lockdown restrictions, companies were not able to source the required labor for their operations due to travel restrictions.
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Though the market is expected to be impacted in 2020, it is expected to fully recover by 2021. Increasing integration of haptics in consumer devices is the key factor driving the growth of the haptic technology market. Also, the growing use of haptic technology in automobile safety applications is likely to boost the market growth.
Texas
Instruments (US), Johnson Electric (Hong Kong), AAC Technologies
(China), TDK (Japan), Microchip Technology (US), Immersion (US), ON
Semiconductor (US), Precision Microdrives (UK), Synaptics (US),
Ultraleap (UK), Aito BV (Netherlands), Alps Alpine (Japan), Cirrus Logic
(US), Dialog Semiconductor (UK), Hap2U (France), Imagis (South Korea),
Infineon (Germany), Jinlong Machinery & Electronics (China), Nidec
(Japan), and SMK Corporation (Japan) are the key players in the haptic
technology market.
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The haptic technology market is competitive, owing to the presence of several players. Key strategies adopted by these players to expand their product portfolio, increase their market share, and expand their presence in the market are agreements and product launches. Many market players adopted agreement as their primary business strategy. For instance, in September 2020, Immersion signed a multi-year license renewal with LG Electronics (South Korea) for continued use of TouchSense software and haptic technologies in its mobile devices. LG is expected to continue the use of Immersion haptic software in its entire range of smartphones. Apart from this, players have also adopted a product launch strategy to expand their offerings. For instance, in June 2019, TDK launched two evaluation kits for haptic feedback. The BOS1901-Kit is designed for and includes three 60 V actuators. The second evaluation kit is suitable not only for the 60 V PowerHap types but also the 120 V types. It is available in two versions: a driver for one actuator and driver for up to five actuators.
Texas Instruments has extensive technical expertise in the haptic technology market that has helped the company to expand its market share. The company is among the few players that offer both haptic hardware as well as haptic software. Robust technological and engineering capabilities in the haptic technology ecosystem provide the company with a competitive advantage. For consumer devices and automotive applications, the company offers advanced haptic solutions such as piezo haptic drivers and microcontrollers, which set new benchmarks for functionality, performance, and lifetime. Texas Instruments has worked toward building an extensive global distribution network for the sale of its haptic solutions. This has helped the company to expand its haptic offerings to the automotive, consumer, medical, and industrial markets in the last few years.
Johnson Electric offers a wide range of products in the haptic technology market. The company is a world-class provider of haptic actuators, especially for the automotive market. Additionally, the company has been an early entrant in the haptic technology market and hence has an in-depth understanding of the industry challenges, which helps the company stay ahead in the competition. Johnson Electric generates its revenue from all major regions across the globe. This non-dependence on a single region for revenue generation is helping the company to take advantage of the growing haptic technology market in regions such as North America and Europe, along with expanding its end-user markets and customer base. The company has manufacturing facilities for its haptic components in almost all major regions of the world. This has helped the company to lower freight costs and inventory levels, reduced exposure to tariffs and foreign exchange rate fluctuations, and overall diversification of operating risk by not being overly reliant on a single country or factory.
Related Reports:
Haptic Technology Market with COVID-19 Impact by Component (Hardware, Software), Feedback Type (Tactile, Force), Application (Consumer Devices, Automotive & Transportation, Healthcare, Commercial & Industrial, Others) and Region - Global Forecast to 2026
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