The Microdisplay market to grow from USD 972 million in 2018 to USD 3,583 million by 2024, at a Compound Annual Growth Rate (CAGR) of 24.3% during the forecast period.
The major factors that are expected to be driving the microdisplay market are compact size and technological advancements of microdisplay, increased adoption of HMDs in several industries, and escalated demand for OLED microdisplays. The objective of the report is to define, describe, and forecast the microdisplay market size based on product (HMD, HUD, EVF, and projectors), technology (OLED, LCoS, LCD, and DLP), resolution and brightness, industry, and region.
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Projectors and cameras/EVFs have been dominating the microdisplay market by accounting for the largest market size, with major players such as Epson and Sony active in the projector and camera market. However, saturation in projector and camera shipments would lead to slower growth of the microdisplay market than that for other emerging products. Shipment growth will mainly be driven by accelerating demand for microdisplays to be deployed in HMDs and HUDs during the forecast period. The increasing use of AR glasses in the industrial and enterprise industry for providing on-the-job training to field workers, warehouse management, maintenance and inspection activities, and so on creates significant demand for HMDs. With high growth in unit shipments in AR HMDs, the market is expected to grow tremendously during the forecast period.
At present, microdisplays are in great demand for projectors and EVFs; therefore, the consumer segment accounts for the largest market share. However, products such as AR HMDs, HUDs, and VR HMDs are expected to gain significant market share during the forecast period, which will result in high growth of the market for microdisplay used in other industries such as industrial and enterprise; automotive; and military, defense, and aerospace. The increasing use of HMDs and HUDs in military, defense, and aerospace industry drive the microdisplay market growth. With the growing trend for ADAS, the automotive sector is witnessing surging demand for HUDs. HUDs project key information directly in drivers’ line of sight; it also assists the drivers to get directions, receive calls, texts and control music without looking away from the road; therefore, it is a safer and less distractive tool. With the growing market for ADAS, the automotive sector is witnessing surging demand for HUDs.
High-resolution microdisplays are used in HMDs in industries such as medical, military, defense, and aerospace to obtain a clear view of the image or object. Moreover, high-resolution microdisplays offer better viewing experience to users, which results in their increasing popularity for high-resolution display devices. The increasing demand for high-resolution microdisplays in HMDs is expected to drive the use of high-resolution microdisplays.
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APAC exhibits the highest demand for microdisplays, especially for products such as cameras/EVFs, projectors, and HUDs. Huge market size in APAC is because of the rapid industrialization, as well as the presence of a large number of OEMs and many consumers in the region. Consumer; industrial and enterprise; automotive; military, defense, and aerospace are the major industries in APAC that contribute significantly to the microdisplay market growth. The presence of a substantial number of microdisplay manufacturers in the region has led to the decrease in prices of microdisplays and the increase in the penetration of microdisplay-based devices in the market. Moreover, the majority of the demand for microdisplays is from China, Japan, and South Korea.
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