LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive haptic technology market is expected to grow at a CAGR of more than 30% during the forecast period.
This research report titled ‘Global Automotive Haptic Technology Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global automotive haptic technology market is expected to grow to USD 6.96 billion by 2021, with maximum incremental growth originating from APAC. The need for enhanced safety with a reduction in driver distraction is one of the major drivers of the market.
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Based on application, the report categorizes the global automotive haptic technology market into the following segments:
Haptic technology has a large potential for growth in the automotive sector. Original equipment manufacturers (OEMs) and tier I suppliers have been promoting their ability to address the emission and safety standards to increase market penetration.
“With advanced driver assistance system already mandatory in several countries, the inclusion of navigation, traffic information, vehicle diagnostics, and various other features of telematics will soon be standard for all automotive vehicles. This move presents a positive proposition for the haptic accelerator pedals, which will drive the market segment,” says Neelam Barua, one of the lead analysts at Technavio for automotive electronics research.
Human-machine interface (HMI)
The human-machine interface (HMI) segment of the automotive haptic technology market is expected to be the fastest-growing segment, forecast to showcase a CAGR of almost 48% through 2021. This growth will mainly be driven by increasing demand from premier and luxury vehicle segment, and high-end automotive infotainment systems.
Additionally, the haptic technology is already produced on a massive scale for the consumer electronics sector. OEMs in the automotive sector can save on R&D costs by directly sourcing the technology for haptic HMI systems, thereby bringing down the manufacturing costs. This will lower the cost of haptic systems, thereby increasing adoption.
“The haptic steering segment is expected to witness robust growth during the forecast period, driven by its ability to prevent distracted driving. Haptic steering can be integrated with the in-vehicle navigation system to assist in providing directions without the need to look at the display of the navigation system,” says Neelam.
Haptic steering has features like traffic jam assist system and an adaptive cruise control system. This will push for high adoption from the level 3 autonomous vehicle market. Other key driving factors for this segment are an increased demand for safety systems and driver assistance, marked decrease in accidents, and a decrease in drive time due to features like traffic jam assist and park assist systems.
Currently, haptics-enabled seats are limited to high-end premium and luxury vehicles and is expected to trickle down to the entry-level- and mid-segment-vehicles through the forecast period. To stay competitive in this market, haptics-enabled seats are used by luxury brands as a product differentiator. Also, bundling of these seats with other luxury offerings like seat massagers will be used by OEMs to increase adoption of haptics-enabled seats.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Alps Electric
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