Increasing applications in various industries, most prominently in automobile and consumer electronics are propelling the growth in the global haptics market. Solutions and products in the global haptics market are being integrated into various consumer electronic devices, such as wearable devices, smart phones, and tablets. Rising demand for wearable devices such as wristbands, smart watches, and fitness trackers is expected to favor the growth in global haptics market in coming years. Furthermore, innovative usage in diverse industries, such as education and robotics is also providing the players and manufacturers in the global haptics market with lucrative new revenue opportunities.
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Key players and manufacturers operational within the global haptics market include Texas Instruments, AAC technologies, Microchip Technology, Johnson Electric, and TDK, among others. Many major players and vendors in the global haptics market are employing several strategies in order to capture a larger share in the global haptics market. For example, IPlan Ideas Events and IPlan Technologies signed a contract with Ultraleap in November of 2020. This agreement is aimed at bringing Ultraleap’s mid-air haptics and hand tracking technological solutions in the United Arab Emirates. Another company, IPI tech is launching a new technology for marketing, cinemas, retail, and kiosk makers.
Regionally, the global haptics market can be categorized into four geographical regions, Asia Pacific, Europe, North America, and rest of the World. Among these, Asia Pacific region is expected to showcase tremendous growth in the global haptics market in coming years. This trend can be attributed to rising capacity to invest in terms of customer electronic devices owing to increase in the disposable income of the regional population. Furthermore, rising demand from industrial sector in the region is also favoring the expansion of the Asia Pacific global haptics market.
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