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Increasing integration of haptics into consumer devices is expected to fuel the demand for haptic technology. The growing demand for haptic technology for automobile safety applications is expected to play a vital role in the growth of the haptic technology market. Moreover, growing adoption of haptic technology in automobile safety applications will drive the demand for this technology in the near future.
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Industry Trends of the Global Haptic Technology Market:
1. Ultraleap signed an agreement with IPlan Ideas Events and its division, IPlan Ideas Technologies (IPI Tech), a subsidiary of UAE-based Hawas Group, to bring Ultraleap’s hand tracking and mid-air haptic technologies to clients in the UAE. IPI Tech will introduce the technology to a range of sectors, including kiosk makers, retail, advertising and marketing, and cinemas, among others.
2. Immersion signed a multi-year license renewal with LG Electronics (South Korea) for continued use of Touch Sense software and haptic technologies in its mobile devices. LG is expected to continue the use of Immersion haptic software in its entire range of smartphones.
3. Microchip Technology announced the opening of a new R&D center in Chennai, India. The new R&D center is aimed at catalyzing the development of the local ecosystem for integrated circuit design and specialized embedded systems development and employs around 1,200 employees.
What are the Driving Factors of Evolution of technologies and consolidation of Haptic Technology Market?
The haptic technology market is expected to grow from USD 2.6 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 12.0%.
Haptics hardware component expected to hold the largest market share during the forecast period
Haptics hardware component is estimated to have the largest market share by value and are expected to exhibit a similar growth trend during the forecast period. Increased adoption of haptic technology in various devices has been observed owing to factors such as increased accuracy, increased input command speed, and improved user satisfaction. Technological advancements in devices is one of the driving factors for market growth.
Haptic Technology Market : Top Leading Companies Profiles Key Benefits For Stakeholders:Consumer devices application is estimated to be the largest market
The haptic technology market for the consumer devices application is expected to hold the largest market share during the forecast period. The increasing demand for consumer devices such as smartphones, tablets, and other wearable devices is one of the major driving factors for the haptic technology market. Almost all smartphones and tablets are inbuilt with haptics, and the trend has been shifting to smartwatches and wristbands.
Major players in the haptic technology market include Texas Instruments (US), Johnson Electric (Hong Kong), AAC Technologies (China), TDK (Japan), Microchip Technology (US), Immersion (US), ON Semiconductor (US), Precision Microdrives (UK), Ultraleap (UK), and Synaptics (US).
Haptic Technology Market – Geographical Regional Vision by MarketsandmarketsTMAsia Pacific, likely to emerge as the largest haptic technology market
The market in APAC is expected to hold the largest market share during 2021–2026. The global market players are experiencing increased demand for haptic solutions from countries such as China, Japan, and South Korea. Increasing demand for consumer electronic devices such as smartphones, tablets, and wearables in China, Japan, South Korea, and India is expected to drive the growth of the haptic technology market in the region.
Regions & Countries Covered:
North America – (U.S., Canada, Mexico)
Europe – (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific – (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America – (Brazil, Argentina, Rest Of Latin America)
The Middle East & Africa – (GCC Countries, South Africa, Rest Of the Middle East & Africa)
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