Haptic Actuators Market - Growth, Trends and Forecast to 2025
As per credible estimates, haptic actuators market is set to record a remunerative growth rate through 2025. Shifting preference for touch response solutions owing to rising acceptance of visual feedback technology is a major factor driving the market growth. Consumer electronics integrated with haptic feedback technology enhances the user experience and offers better guidance through various applications. Innovations in touch-based systems have enhanced the adoption of haptic technology in order to improve interactions between smart devices and consumers. Rising popularity and subsequent incorporation of haptic technology in medical, automotive, gaming consoles as well as smartphones & tablets is augmenting the market outlook.
Other determinants are strict government regulations and rising concerns pertaining to vehicle safety which are compelling the automotive manufacturers to adopt infotainment and ADAS in vehicles, in turn fueling the market expansion. Booming semiconductor and consumer electronics industry, growing inclination towards smart wearables and rapid digitalization of manufacturing and industrial processes are fostering the demand for haptic actuators across the globe.
As per product type, haptic actuators market is categorized into ERM (Eccentric Rotating Mass) Actuators, LRAS (Linear Resonant Actuators) and others. Eccentric rotating mass actuators market segment is expected to expand moderately during the forecast period. These actuators are relatively inexpensive and comprise of minimum complexities. However, factors such as lack of precision and inconsistency may restrain the usage of ERM actuators.
Citing the application spectrum, the market is fragmented into mobile terminal (tablet/smartphones), automotive, wearable devices, household appliances and others. Haptic actuators market share from wearable devices application is presumed to grow significantly during the study period. Increasing integration of haptic technology in smartphones along with advancements in touch screen technology are contributing towards popularity of haptic actuators. Flourishing smartphone and electronics industry owing to evolving consumer lifestyle and rising per capita income are aiding the segmental growth.
Alternatively, household appliances application of haptic actuators is predicted to record a modest growth rate through 2025. Escalating disposable income and shifting preferences for smart home have enhanced the adoption of IoT enabled household appliances which are integrated with haptic technology, thereby impelling the industry landscape.
Based on the regional analysis, global haptic actuators market is divided into North America, Middle East & Africa, Europe, South America and Asia-Pacific with primary focus on economies such as Mexico, Canada, U.S., South Africa, Nigeria, Egypt, Saudi Arabia, Italy, Russia, UK, France, Germany, Argentina, Brazil, India, Korea, Japan, China and Southeast Asia.
Meanwhile, North America haptic actuators industry is poised to witness lucrative growth in the subsequent years. Advancements in healthcare infrastructure along with increasing incorporation of touch screen technology in wearable medical devices are promoting the business scenario in North America. Growing inclination towards wearable devices such as smartwatches is also supplementing the expansion of North America market.
ACC Technologies, Novasentis, TDK, Precision Microdrives, Jinlong Machinery & Electronics, Jahwa, Nidec Corporation, Bluecom, Texas Instruments, Johnson Electric, PI Ceramic and MPlus Co. Ltd. are the key players prevailing in the global haptic actuators industry.