The Europe Haptic Technology Market would witness market growth of 13.4% CAGR during the forecast period (2020-2026). Haptic technology offers an enhanced multi-modal experience to the user by involving sight, sound, and touch. This technology is gaining traction in consumer electronics like smartphones and tablets as it offers tactile feedback to its users.
The significant driver of the haptic technology market is the rising need for product differentiation in consumer electronics. The growth of the market is expected to be fueled by the growing demand for touchscreens in consumer electronics like media players and home appliances for improved customer experience. In addition to it, the growing demand for gaming applications and evolving technologies is further anticipated to boost the market demand.
The demand for haptic technology is boosted by the increasing utilization of consumer electronic devices like smartphones, tablets, and other wearable devices. Nowadays, the majority of smartphones and tablets are in-built with haptics, and the tendency is moving toward their incorporation into smartwatches and wristbands. Haptic feedback acts as an effective tool and is used significantly in wearable devices like smartwatches, wristbands, and fitness trackers, having better controls, improved battery life, and user-friendly interactions. Haptic in these wearable devices transfers information and offer real-life experiences.
The haptic technology market is anticipated to observe slow growth because of the COVID-19 pandemic. Governments across the world imposed lockdowns and restrictions on social gathering and movement; this has presented various challenges to the industry like supply chain disruptions and the closedown of distribution units. This has resulted in a high reduction in the sales of consumer electronics and other touchscreen devices influencing the demand of the market. Additionally, consumer focus has been constantly shifting toward buying necessary commodities, and the interim shutdown of manufacturing, distribution, and service industries around the world will hamper the growth of the market.
Based on Component, the market is segmented into Hardware and Software. Based on Feedback Type, the market is segmented into Tactile and Force. Based on End User, the market is segmented into Consumer Devices, Education & Research, Automotive & Transportation, Healthcare, Commercial & Industrial and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: Haptic Technology Market in Europe is expected to register a CAGR of 13.4% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG, TDK Corporation, Microchip Technology, Inc., Dialog Semiconductor PLC, ON Semiconductor Corporation, Synaptics, Inc., Immersion Corporation, SMK Corporation, HaptX, Inc., and Ultraleap Limited (Leap Motion, Inc.).
By Component
By Feedback Type
By End User
By Country
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