The development of advanced driver assistance systems (ADASs) and the soaring requirement of heads-up displays (HUDs) are some of the key factors pushing the demand for microdisplay systems all over the world. Due to the increasing prevalence of road accidents, the integration of ADASs is rapidly becoming necessary in vehicles. Additionally, the implementation of stringent government regulations and policies in various countries such as the U.S., Japan, and China is massively contributing toward the surging adoption of safety systems such as ADASs in vehicles, which is in turn, propelling the sales of microdisplay systems across the world.
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According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project aimed at promoting the incorporation of ADASs in trucks throughout the country, in 2019, on account of the ability of the ADASs to significantly reduce accidents, injuries, and fatalities. Furthermore, the rising awareness amongst the original equipment manufacturers (OEMs) and the people about vehicular and passenger safety is pushing the integration of HUDs in vehicles for displaying all the essential information related to driving, which is in turn, propelling the growth of the microdisplay market.
Across the globe, the microdisplay market recorded the highest growth in the Asia-Pacific (APAC) region during the historical period (2014—2019). This is primarily ascribed to the existence of a large number of microdisplay manufacturing companies in the region, reducing prices of these devices, and the increasing penetration of the microdisplay-based products in the region. Furthermore, the microdisplay market is predicted to record substantial growth in Japan, India, and China during the forecast period, on account of the countries being the biggest hubs for automotive and consumer electronics industries across the world.
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The growing popularity of various near-to-eye (NTE) systems is another important factor boosting the demand for microdisplay devices across the globe. This is credited to the increasing integration of microdisplays in various NTE system-based applications such as augmented reality/virtual reality (AR/VR), personal electronics such as cameras and mobile phones, HUDs, and full-color projection devices. The burgeoning demand for VR and AR devices in the gaming and media and entertainment industries is another major factor fuelling the surge of the microdisplay market.
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