Growing demands for wearable and HMD devices is anticipated to surge the adoption of microdisplay
The global microdisplay market size is projected to grow from USD 712 million in 2020 to USD 3,609 million by 2025; it is expected to grow at a CAGR of 39.4% from 2020 to 2025. The market has a promising growth potential owing to several driving factors such as increasing demand for microdisplays used in wearable devices and surging adoption of HMD in different sectors such as healthcare.
The microdisplay market is currently in the growth phase and is expected to witness robust growth in the future, owing to the increasing demand for microdisplay in wearable devices. Also, the rising demand for HMD and HUD is expected to provide lucrative opportunities for the growth of the microdisplay market for OLED in the coming years. Magic Leap, Meta, ODG, and Epson are a few key vendors who offer AR HMD using OLED microdisplays.
The market for medical estimated to grow at the highest CAGR during the forecast period
The medical segment of the microdisplay market is projected to grow at the highest CAGR during the forecast period owing to an increase in the number of COVID-19 patients across the world. With the outbreak of COVID-19, microdisplay manufacturers such as eMagin and Kopin are making efforts to develop microdisplays for use in medical applications to extract increased business revenues. Moreover, manufacturers are actively participating in innovating microdisplays, especially for use in the healthcare sector.
Microdisplays to captures the major market share in Asia Pacific
Various industries, such as automotive, electronics, and healthcare, have been witnessing a rapid growth in China, which has boosted the demand for microdisplays in the country. China is projected to lead the microdisplay market in APAC from 2020 to 2025. The growth of the market in APAC can be attributed to the flourishing electronics industry and defense sector in China, Japan, South Korea, and India. These countries are the leading markets for consumer electronics, such as smartphones, cameras, projectors, smart home devices, home appliances, kitchen appliances, wearable devices, and remote-control solutions. The growth of the microdisplay market in APAC can also be attributed to its rapidly transforming automotive manufacturing sector. The sector has witnessed transformational changes in terms of the use of HUD technologies for automobiles. These changes are projected to catalyze the adoption of microdisplays in the APAC region.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 10 %, Tier 2 – 20%, and Tier 3 –70%
- By Designation: C-Level Executives – 45%, Directors – 35%, and Others – 20%
- By Region: Americas– 50%, Europe – 20%, and APAC – 30%
The report segments the microdisplay market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), Product (HMD, HUD, EVF, Projector), Technology (OLED, LCoS, LCD, DLP), Industry (Consumer, Industrial/Enterprise, Aerospace, Automotive, Retail, Entertainment, Medical), Resolution, and Brightness.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the microdisplay market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
- This report includes market statistics pertaining to the industry, technology, product, resolution, brightness, and region.
- An in-depth value chain analysis has been done to provide deep insight into the microdisplay market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on industry, technology, product, resolution, brightness, and region have been conducted to provide an overall view of the microdisplay market.
- The report includes an in-depth analysis and ranking of key players.