The global Haptic Motors Market is presently worth USD 2.9 billion and is poised to amplify with a CAGR of 12.0% over 2022-2030, accumulating a valuation of USD 7.21 billion by end of the assessment timeframe.
Haptic motors are referred to as a type of advanced haptic technology equipped with the ability to integrate tactile feedback to electronic equipment or devices using sense of vibrations. These motors are predominantly used in portable, handheld, and touch-screen induced electronic items. The popularly used haptic actuators are linear resonant actuator and eccentric rotating mass motor.
Growth determinants and restraints pertaining to this market sphere
The rising inclusion of haptic technology in consumer electronics, technological innovations in the field, and the surging adoption of smart devices are primarily augmenting the outlook of this industry sphere. Alongside, the increasing integration of haptics into automobile safety applications is creating lucrative opportunities for this market sphere to prosper.
Furthermore, the rising disposable income of individuals which in turn has increased the sales of electronic devices along with the benefits offered by haptics technology such as better battery life, faster controls, and user-friendly interactions are adding momentum to the industry progression,
Also, growing focus of manufacturers to develop efficient haptic technology integrated products is positively swaying the dynamics of this marketplace. Moreover, the surging integration of this technology into robotics is stimulating the overall industry outlook.
On the contrary, prevalence of technical challenges associated with the integration of haptic technology in electronic devices along with their high costs are hindering the remuneration scope of this market sphere.
Moreover, the market sphere experienced a massive decline due to the emergence of the COVID-19 pandemic. Stringent lockdowns and travel bans imposed in various nations brought the manufacturing of electronic devices to a halt. This decreased the demand for haptic motors across the globe.
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The growing use of consumer electronic devices such as smartphones, tablets, and other wearable devices is one of the major factors increasing the demand for haptic technology.
Almost all smartphones and tablets are equipped with haptics, and the trend is shifting toward their integration into smartwatches and wristbands.
Haptic feedback finds applications and acts as a powerful tool in wearable devices, such as smartwatches, wristbands, and fitness trackers, having faster controls, better battery life, and user-friendly interactions.
Haptics in these wearable devices convey information and provide real-life experiences.
The major challenge in the haptic technology market pertains to the technical challenges faced by the product manufacturers for enabling haptic functionality in several devices such as smartphones, tablets, surgical instruments, automobile dashboards, and gaming consoles.
Haptic technology is certainly a valuable addition for providing user-friendliness and direction to any device, although before incorporating haptic feedback into a product, it is imperative to consider which components would best fit into a particular system.
The key facts that are taken into consideration under system constraints for providing ideal feedback performance include the actuator design and associated driver features.
The manufacturers should also investigate how effectively they can integrate the controller feature into the overall product design.
Segmental evaluation of the marketplace
By Key Players
- Actronika
- Adamant Namiki Precision Jewel Co., Ltd.
- Bluecom
- Boréas Technologies
- CyberGlove Systems Inc.
- Feel Peak
- HaptX Inc.
- Jahwa
- Jinlong Machinery & Electronics
- Microchip Technology Inc.
- MinebeaMitsumi Inc.
- MPlus Co.LTD
- Need-For-Power Motor Co., Ltd.
- Nidec Corporation
- Novasentis
- PI Ceramic
- Precision Microdrives
- Tactile Labs Inc.
- TDK
- Texas Instruments
By component
- Hardware
- Software
The software segment is slated to amass notable gains over 2022-2030. This is credited to the surged adoption of haptic-enabled consumer electronics worldwide.
By feedback
- Tactile
- Force
The tactile segment is expected to garner significant returns over the assessment timeline due to the rising penetration of smart devices.
By application
- Automotive & transportation
- Commercial & industrial
- Education & research
- Healthcare
- Consumer devices
- others
The automotive & transportation segment is projected to showcase lucrative growth trends over 2022-2030 ascribing to the escalating demand for high performance electronic systems in hybrid electric automobiles.
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Expounding the geographical landscape and competitive terrain of this industry
North America, Middle East & Africa, Europe, Latin America, and Asia Pacific are the major benefactors to the expansion of this marketplace. Among these, Asia Pacific is predicted to expand with a substantial CAGR over the estimated timeline. This is attributable to the rising adoption of consumer electronics, increasing disposable income, presence of potential vendors, and surging internet penetration.
The prominent players defining the competitive landscape of global haptic motors market are Samsung Electronics, Texas Instruments, Inc., Johnson Electric Holdings Ltd., Synaptics Incorporated, Cypress Semiconductor Corporation, Microchip Technologies, Inc., Immersion Corporation, Senseng Oy, Precision Microdrives Ltd., and Cypress Semiconductor Corporation.
Notably, in November 2020 Ultraleap inked an agreement deal with IPlan Ideas Technologies to expand its reach and enhance its product portfolio.
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