Pune, India, May 12, 2022 (GLOBE NEWSWIRE) -- The haptic technology market size is projected to showcase considerable growth in the forthcoming years due to rising 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 pressures, movements, or vibrations to create a sensory experience. The market's growth has been fueled by the increasing technology integration into consumer electronics devices.
Multiple Disruption in Production to Decline Sales Amid Pandemic
The coronavirus outbreak has resulted in a sharp decline in the business of haptic technology. The constant disruption of supply chain due to lockdown restrictions resulted in declined manufacturing and sales volume. The uplift of lockdown norms in several regions is expected to restart the operation of production facilities across these regions for manufacturing the product. After the situation normalizes, the product is expected to showcase substantial growth due to the increased consumption of electronic products.
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Market Segmentation
On the basis of component, the market for haptic technology is bifurcated into solution and software. By application, the market is segmented into consumer electronics, robotics, education, research, gaming, healthcare, automotive and transportation, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report has details on all the latest technology available in the market. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the Haptic Technology Market.
Drivers & Restraints
Increasing Consumption of Electronic Devices to Spur Growth
The increasing demand for electronic devices such as smartphones, tablets, digital watches, headphones, earphones, notepads, and much more is fueling the requirement of energy storing devices. For example, the Global System for Mobile Communications (GSMA) Association projects that the number of unique subscribers is anticipated to be around 5.9 billion by 2025.The multiple advantages of the technology, such as improved touchscreen, audio, and visual impacts in screen touch applications, are 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 haptic technology market growth.
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Regional Insights
Rising Adoption of Smart Phones in North America to Generate Profits
North America is anticipated to hold a substantial haptic technology market share in the upcoming years. This is because of the high adoption of smartphones in the region. Moreover, as per data by GSMA Intelligence, 80% of the regional population have technology-based smartphones and is expected to grow up to 91% by 2025.
Asia Pacific is projected to showcase considerable growth in the forthcoming years. This is due to the presence of prominent manufacturers in the region and developing countries such as India and China. For example, as per the Indian Brand Equity Foundation, the Indian electronics industry is anticipated to showcase growth at the rate of 41 % by 2020 and reach a landmark of USD 400 billion.
Competitive Landscape
Prominent Players Focus on Product Innovation to Strengthen Their Market Position
The haptic technology market analysis of haptic technology is highly competitive with the presence of multiple prominent manufacturers globally. Several of these manufacturers are multinational companies and have production and sales rights in various regions. In addition to this, heavy investment by the prominent players in research and development has induced a strong dose of innovation in the market and is increasing product launches. The companies are also focused on partnerships with domestic players to expand their footprint across developing countries.
Industry Development:
- February 2021: Faurecia and Immersion Corporation authorized a multi-year license agreement that facilitates Faurecia to obtain 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 Key Players Profiled in the Haptic Technology Market:
- Citizen Electronics Co. Ltd.
- Immersion Corporation
- Cree 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.
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