Overview of the global automotive haptic technology market
The global automotive haptic technology market is anticipated to grow at a steady rate and will post a CAGR of more than 6% during the forecast period. The increased fuel efficiency in haptics-enabled accelerators will drive the growth prospects for the global automotive haptic technology market until the end of 2021. The growing need for safety, security, and comfort has compelled the manufacturers to introduce a large number of electronic content in vehicles to ensure the safety of drivers and passengers. For instance, one of the driver assistance systems can control a good amount of fuel spent in a vehicle. Also, the increasing popularity of connected cars and autonomous vehicles is driving the functionality such as the dynamic response capability of a vehicle. Some of the components that have replaced manual systems in a vehicle include systems such as steer by wire, shift by wire, throttle by wire, and automated manual transmission (AMT). At present, the vendors are increasingly focusing on developing future vehicles to improve the performance by using dynamic driving interface and HMI. Also, to improve present vehicles, the manufacturers are deploying appropriate dynamic response systems that are enabled with developing sensor technologies, which will drive the market for haptic accelerator pedals.
The introduction of ultrasonic haptic technology will propel the growth prospects for the global automotive haptic technology market in the forthcoming years. The ultrasonic haptic technology is an advanced form of haptic technology that enables users to touch and feel virtual objects and receive tactile feedback. One of the major contributing factors for the increasing number of its adoption is its use in automobiles that improves safety level by eliminating driver distraction.
Competitive landscape and key vendors
The global automotive haptic technology market is highly diversified and competitive due to the presence of a large number of vendors across the globe. Some of these vendors offer applications in automotive, information processing and networking equipment, consumer electronics, voice and data communication systems, building automation and security, business machines, personal care, food and beverage, home technologies, medical devices, heating, ventilation, and air conditioning, aerospace, defense, and industrial equipment sectors.
Key vendors in this market are -
Other prominent vendors in the market include DAESUNG, Marquardt, Methode Electronics, SMK, and TOKAIRIKA.
Segmentation by application and analysis of the automotive haptic technology market
The accelerator segment accounted for the maximum market share during 2016 since it highly contributes to safety and fuel efficiency. However, due to the high cost of production, the market is expected to decline in the coming years. Also, haptic human-machine interface (HMI) is expected to dominate the market during the forecasted period due to the increased demand for premium and luxury vehicles.
Segmentation by geography and analysis of the automotive haptic technology market
In terms of geography, EMEA accounted for the maximum market share in 2016 because most of the luxury and premium automobile manufacturers are based in Europe. However, it has been estimated that APAC will dominate the market for the next few years since it presents a lucrative growth opportunity for players that offer the automotive haptic technology.
Key questions answered in the report include
What will the automotive haptic technology market size and growth rate be in 2021?
What are the key factors driving the global automotive haptic technology market?
What are the key market trends impacting the growth of the global automotive haptic technology market?
What are the challenges to market growth?
Who are the key vendors in the global automotive haptic technology market?
What are the market opportunities and threats faced by the vendors in the global automotive haptic technology market?
What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the global automotive haptic technology market?