Pune, India, May 12, 2022 (GLOBE NEWSWIRE) – The market size of haptic technology is expected to show a lot of improvement in the coming years due to the increasing use of smart electronics. This information was published by Fortune Business Insights in its report, titled “Haptic Technology Market, 2022-2029“. Technology is a type of three-dimensional transmission technology that uses pressure, motion, or vibrations to create a sensory experience.
Many Production Disruptions to Reduce Sales Amid the Pandemic
The coronavirus epidemic has resulted in a sharp decline in the haptic technology business. The constant disruption of the supply chain due to lock-in restrictions has resulted in a reduction in the volume of production and sales. The raising of lockout rules in many regions is expected to restart the operation of production facilities in these regions for product production. After the normalization of the situation, the product is expected to show a lot of growth due to the increase in consumption of electronic products.
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On a component basis, the market for haptic technology is divided into solution and software. Through application, the market is divided into consumer electronics, robotics, education, research, games, healthcare, automotive and transportation, and more. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
What’s in the Report?
The report has details of all the latest technologies available in the market. The technological advances made in the industry are highlighted and the potential opportunities associated with that. The report builds on the challenges of the market and advises on its various solutions. It also discusses the factors that drive growth, constraints, consumption patterns, distribution channels, and all other important information related to the Haptic Technology Market.
Drivers and Control
Increasing Consumption of Electronic Devices to Grow
The growing demand for electronic devices such as smartphones, tablets, digital watches, headphones, earphones, notepads, and many more is increasing the need for energy storage devices. For example, the Global System for Mobile Communications (GSMA) Association projects that the number of unique subscribers is expected to reach 5.9 billion by 2025. The many advantages of the technology, such as improved touchscreen, audio, and visual effects in touch screen applications, is likely to contribute to the rapid adoption of the electronics sector.
The growing trend of technology integration in augmented reality-enabled gadgets and gaming applications promises to grow in the haptic technology market.
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Rising Adoption of Smart Phones in North America to Make Us
North America is expected to have a large share of the haptic technology market in the coming years. This is due to the high adoption of smartphones in the region. In addition, according to GSMA Intelligence data, 80% of the region’s population has technology -based smartphones and is expected to grow to 91% by 2025.
Asia Pacific is expected to show a lot of growth in the coming years. This is due to the presence of prominent manufacturers in the region and in developing countries such as India and China. For example, according to the Indian Brand Equity Foundation, India’s electronics industry is expected to show a growth rate of 41% by 2020 and reach a landmark of USD 400 billion.
Prominent Players Focus on Product Transformation to Strengthen Their Market Position
Analyzing the market of haptic technology haptic technology is more competitive in the presence of many famous manufacturers around the world. Several of these manufacturers are multinational companies and have production and sales rights in different regions. In addition to this, the heavy investment of renowned players in research and development is driving a strong dose of market innovation and increasing product launch. The companies are also focused on partnering with domestic players to expand their footprint in developing countries.
- February 2021: Faurecia and Immersion Corporation have approved a multi-year licensing agreement that facilitates Faurecia’s acquisition of Immersion’s haptic technology solutions. Faurecia will be able to create an interactive, complex haptic user interface that incorporates Immersion Corporation’s cutting-edge technology.
List of Top Player Profiles in Haptic Technology Market:
- Citizen Electronics Co. Ltd.
- Immersion Corporation
- Cree Inc.
- Everlight Americas Inc.
- LG INNOTEK
- Merck KGaA
- Lumileds Holds BV
- Nichia Corporation
- OSRAM Ltd.
- Seoul Semiconductor Co. Ltd.
- Stanley Electric Co.
- Toyoda Gosei Co. Ltd.
Pre Book – Haptic Technology Market:
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