Haptics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Haptics Market: Overview
Haptics is increasingly integrated into different consumer devices, and it leads to increased demand opportunities in the market. The automobile industry is also using haptics technology for safety applications, and it may serve as a driving factor for the growth in the haptics market.
There is a rapid increase in consumer electronic devices such as different wearable devices, tablets, and smartphones. This increasing application also serves as a key factor to boost growth in the haptics market. The majority of tablets and smartphones are haptics equipped, and these haptics technologies are also integrated into wristbands and smartwatches. Haptics technology serves as a powerful tool in different wearable devices such as fitness trackers, wristbands, and smartwatches.
These devices provide user-friendly interaction, better battery life, having faster controls, and fitness trackers. Haptics technology in these devices ensures real-time experiences and conveys information. These extensive applications and features are anticipated to fuel demand opportunities in the haptics market in the upcoming years.
Haptics Market: Key Trends
Haptics technology in the present time is not limited to consumer devices, rather it finds extensive applications in novel areas such as robotics and education. In the field of robotics, haptic technology is used in the form of haptic gloves. These gloves are used by different robot operators for the manipulation of robotic hands or other different end effectors. The application of haptics glove enables robot operators to precisely control the arms of robots while staying miles away from the actual factory floor. This extensive range of applications is expected to create demand avenues in the haptics market.
The transportation and automotive industry is also applying haptics technology for better outcomes, and it further leads to growth opportunities in the haptics market. This growth may be attributed to the constant demand for high-performing electronic systems in hybrid vehicles that are operated with electricity. In addition, haptics technology is increasingly adopted for touchscreens in GPS and in-car infotainment systems. These increasing applications are anticipated to accelerate demand opportunities in the haptics market.
Haptics Market: Competitive Dynamics and Key Developments
The key players in the haptics market are adopting different strategies to boost demand in the market. For instance, Ultralead has signed a contract with IPlan Ideas Events and IPlan Ideas Technologies (a division of IPlan Idea Events) in November 2020. The motive of this agreement is to bring mid-air haptics technologies and Ultraleap’s hand tracking in the UAE. IPI Tech is introducing advanced technology for different sectors such as cinemas, advertising and marketing, retail, kiosk makers, and others.
Immersion has signed a license renewal agreement with LG Electronics from South Korea in September 2020. This contract is signed for continuous usage of haptics technologies and TouchSense software in mobile devices of LG.
Some of the key players in the haptics market include:
Haptics Market: Regional Assessment
The haptics market is operating at distant locations across the globe. The key regions serving in the market include North America, Asia Pacific, Europe, and the rest of the world. Among these regions, Asia Pacific is anticipated to project tremendous growth opportunities in the market. This increasing growth in the region is on the back of rising disposable income and increasing capacity to invest in the adoption of customer devices.
China is estimated to dominate the haptics market as it is the home of different leading smartphone companies. Furthermore, the country is also serving as the largest end0user for different devices such as tablets and smartphones. The automation industry is also applying haptics services for touchscreen-enabled applications and infotainment systems. These factors are anticipated to create lucrative demand opportunities in the haptics market.
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