Microdisplay Market by Product (HMD, HUD, EVF, Projector), Technology (OLED, LCoS, LCD, DLP), Industry (Consumer, Industrial/Enterprise, Aerospace, Automotive, Retail, Entertainment, Medical), Resolution, Brightness, and Region - Global Forecast to 2024
“Microdisplay market expected to grow at CAGR of 24.3% from 2018 to 2024”
The microdisplay market is estimated to grow from USD 972 million in 2018 to USD 3,583 million by 2024, at a CAGR of 24.3% from 2018 to 2024. Factors such as the compact size and technological advancements of microdisplays; increased adoption of HMDs in several industries; escalated demand for OLED microdisplays; and adoption of ADAS and surge in demand for head-up displays are driving the market toward high growth.
Saturation in shipments for digital cameras and projectors is eventually slowing down microdisplay market growth, while designing and manufacturing power-efficient microdisplays with high-resolution and brightness; reducing display latency; and complex manufacturing process and high cost of microdisplays are a few major challenges faced by microdisplay providers in the market.
“HMDs to dominate microdisplay market, in terms of value, during forecast period”
The microdisplay market for HMDs is expected to grow at the highest CAGR from 2018 to 2024. AR and VR HMDs are emerging applications of microdisplays. The compactness of microdisplays makes them suitable for use in HMDs where size is one of the key constraints. Thus, the increasing demand for HMDs in different applications such as industrial, education, medical, entertainment, defense, military and aerospace has gradually led to an increase in the demand for microdisplays. The development of microdisplays for VR HMDs provides significant opportunities to the players in the microdisplay market. In VR HMDs, such as Sony PlayStation, Oculus Rift, and HTC Vive, direct-view OLED panels, ranging from 2 to 6 inches, are used. These displays have several disadvantages, such as lower ppi and lower brightness, compared to what microdisplays can offer. Looking at high growth in the VR HMD market, microdisplay developers are now focusing on VR applications. The LOMID project developed microdisplays for VR applications, which is a major step in the market, and it offers several opportunities for the microdisplay market growth for VR HMDs.
Consumer industry accounted for major share of microdisplay market
Major microdisplay-based products used in the consumer industry are projectors and EVFs; about 5% of AR HMDs are used in the consumer segment currently. At present, microdisplays are in great demand for projectors and EVFs; therefore, the consumer segment accounts for the largest market share. The global demand for AR HMDs is expected to grow exponentially. Though the demand for microdisplay-based AR HMDs from the consumer industry will be less than 10% during the forecast period, the growth of the market for AR HMDs in the consumer industry is expected to be higher than any other microdisplay-based products.
“Microdisplay market in North America expected to grow at highest CAGR during forecast period”
In North America, consumer; industrial and enterprise; and military, defense, and aerospace are the major industries in which microdisplays have a greater demand for their integration into most used devices such as HMDs and HUDs. The US is expected to dominate the North American market by accounting for the largest market share during the forecast period. Magic Leap, Meta, ODG, Vuzix, Google, Microsoft, and Oculus Rift are key HMD vendors in North America. Tech giants such as Apple and Intel are also developing HMD technologies. Major projector suppliers in North America include CoStar Group, Digital Projection, HP, InFocus Corporation, and 3M, while Visteon, Honeywell, and Esterline are among a few key manufacturers and suppliers of HUDs in North America. With the presence of a huge customer base in the US, coupled with innovative developments in the field of HMDs, the microdisplay market in North America is expected to grow at a high CAGR during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profiles of primary participants has been given 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: North America – 50%, Europe – 20%, APAC – 30%.
Sony (Japan); Seiko Epson (Japan); eMagin Corporation (US); Kopin Corporation (US); OLiGHTEK (China); Himax Technologies (Taiwan); HOLOEYE Photonics (Germany); WiseChip Semiconductor (Taiwan); Raystar Optronics (Taiwan); and WINSTAR Display (Taiwan) are among a few key players in the microdisplay market.
The report defines, describes, and forecasts the microdisplay market on the basis of product type, technology, resolution, brightness, industry, and geography. It provides detailed information regarding the major factors influencing the growth of the microdisplay market (drivers, restraints, opportunities, and industry-specific challenges). It also analyzes the competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches carried out by key players to grow in the market.
Reasons to Buy the Report:
Illustrative segmentation, analysis, and forecast pertaining to the microdisplay market based on product type, technology, resolution, brightness, industry, and geography have been conducted to provide an overall view of the microdisplay market.
Major drivers, restraints, opportunities, and challenges for the microdisplay market have been detailed in this report.
The report includes a detailed competitive landscape of the key players in the market and their revenues.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook