Analysis of the global haptic technology market [2022-2029] |
Pune, India, May 12, 2022 (GLOBE NEWSWIRE) — The haptic technology market size is expected to show considerable growth in the coming years due to the increasing use of smart electronics. This information is published by Fortune Business Insights in its report, titled “Haptic Technology Market, 2022-2029“. The technology is a kind of three-dimensional transmission technology that uses pressure, movement or vibration to create a sensory experience. Market growth has been fueled by the increasing integration of technology into consumer electronic devices.
Multiple interruption of production to reduce sales in the midst of a pandemic
The coronavirus outbreak has led to a sharp decline in haptic technology business. Ongoing supply chain disruption due to lockdown restrictions has resulted in lower manufacturing volume and sales. The raising of lockdown standards in several regions is expected to revive the operation of production facilities in those regions for the manufacture of the product. Once the situation normalizes, the product is expected to show substantial growth due to the increased consumption of electronic products.
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On the basis of components, the haptic technology market is divided into solution and software. By application, the market is segmented into consumer electronics, robotics, education, research, games, healthcare, automotive and transportation, etc. Based on geography, the market is divided into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
What does the report contain?
The report contains details of all the latest technologies available in the market. The technological advancements being made in the industry were highlighted and the potential opportunities associated with them. The report establishes the market challenges and offers different solutions. It also mentions the growth-promoting factors, restraints, consumption pattern, distribution channels, and all other vital information associated with the Haptics Technology market.
Drivers and Constraints
Increase consumption of electronic devices to drive growth
The growing demand for electronic devices such as smartphones, tablets, digital watches, headphones, earphones, notepads and more is fueling the need for energy storage devices. For example, the Global System for Mobile Communications (GSMA) association predicts that the number of unique subscribers should be around 5.9 billion by 2025. electronics.
The growing trend of integrating technology into augmented reality-enabled gadgets and gaming applications promises growth in the haptic technology market.
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Growing Smartphone Adoption in North America to Drive Profits
North America is expected to hold a major share of the haptic technology market in the coming years. This is due to the high adoption of smartphones in the region. Moreover, according to data from GSMA Intelligence, 80% of the regional population owns technology-based smartphones and is expected to reach 91% by 2025.
Asia-Pacific is expected to show considerable growth in the coming years. This is due to the presence of leading manufacturers in the region and in developing countries such as India and China. For example, according to the Indian Brand Equity Foundation, the Indian electronics industry is expected to grow by 41% by 2020 and reach a record $400 billion.
Leading Players Focus on Product Innovation to Strengthen Their Market Position
The Haptics Technology Market analysis of Haptics Technology is highly competitive with the presence of several prominent manufacturers globally. Many of these manufacturers are multinational corporations and have production and sales rights in various regions. In addition, heavy investment by leading players in research and development has led to a strong dose of innovation in the market and increased product launches. Companies are also focusing on partnerships with domestic players to expand their presence in developing countries.
- February 2021: Faurecia and Immersion Corporation have authorized a multi-year licensing agreement that allows Faurecia to obtain Immersion’s haptic technology solutions. Faurecia will be able to create an interactive and complex haptic user interface incorporating cutting-edge technology from Immersion Corporation.
List of Key Players Featured in Haptics Technology Market:
- Citizen Electronics Co. Ltd.
- Immersion society
- Cris Inc.
- Everlight Americas Inc.
- LG INNOTEK
- Merck KGaA
- Lumileds Holding B.V.
- Nichia Corporation
- OSRAM GmbH
- Seoul Semiconductor Co.Ltd.
- Stanley Electric Co.
- Toyoda Gosei Co.Ltd.
Pre-book – Haptic Technology Market:
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