Published: June 2020 | Report Code: SE12029 | Available Format: PDF | Pages: 173
The microdisplay market size was $1.0 billion in 2019, and it is projected to witness a CAGR of 13.4% during the forecast period (2020–2030). The growing adoption of heads-up display (HUD)-integrated advanced driver-assistance systems (ADAS) and increasing number of near-to-eye (NTE) applications are the key factors driving the global microdisplay market. However, the market saturation of digital cameras is emerging as one of the key factors restraining the growth of the industry.
COVID-19 has impacted the original equipment manufacturers (OEMs) in China and other countries, which, in turn, has negatively affected the global shipments. The manufacturing plants have faced shutdowns amid the lockdown, which, in turn, has hampered the production of displays, globally.
Till 2019, the OLED category witnessed the fastest growth in the microdisplay industry, on the basis of technology, and it is expected to maintain its pace over the forecast period. This is because of the increasing use of OLED microdisplays in smartphones, televisions, other consumer appliances. With the growing demand for smartphones around the world, the displays used in such devices are also witnessing a similar surge. OLED microdisplays offer a compact size with high pixel density that are encouraging the industry players to focus on OLED displays.
The HUD product category is projected to witness the fastest growth in the microdisplay market, during the forecast period. This can be attributed to the various advantages offered by these displays, thereby leading to their wide adoption in the automotive industry. The increase in the awareness about passenger and vehicle safety and convenience offered by the combination of the satellite navigation technology and HUD systems are expected to support the market growth in this category.
During the forecast period, the less-than-500-nits category is expected to hold the largest share in the brightness segment. This is attributed to the early adoption of low-resolution microdisplays, offering low luminance or brightness, by end users in the consumer electronics, military & defense, and aerospace sectors. The more-than-1,000-nits category is expected to witness the fastest growth in the coming years, owing to the increasing adoption of augmented reality (AR)/virtual reality (VR) devices and use of high-brightness microdisplays in head-mounted displays (HMDs) in industries such as medical, military & defense, and aerospace.
In the microdisplay market, the consumer electronics end-user category held the largest revenue share in 2019, and it is further expected to hold the largest share in during the forecast years. This can be ascribed to the adoption of microdisplays in VR devices and growing demand for displays that can provide clearer images and wide-angle views to the user. Additionally, the increasing demand for compact and lightweight VR glasses and use of HMDs in the sports & entertainment (including gaming) sector is expected to further drive the market.
During the historical period (2014–2019), APAC held the largest microdisplay market share, due to the presence of a substantial number of microdisplay manufacturers in the region, which has led to a decrease in the prices of these products and increase in the penetration of microdisplay-based devices. China, India, and Japan are the major hubs for industries including consumer electronics and automotive in the world. As per Organisation Internationale des Constructeurs d’Automobiles (OICA), passenger car production reached 3.6 million units in India in 2019 while commercial vehicle production reached around 1.1 million units. The increasing demand for ADAS in automobiles, along with the growing automotive industry, is expected to drive the microdisplay market in APAC during the forecast period.
The rapid population growth and rise in urbanization rate in the region have led to a massive surge in the demand for consumer electronics, such as smartphones, projectors, wearables, and hand-held products, making APAC the most lucrative region for microdisplay products. The growing digitalization and advent of new technologies, such as AR and VR, are expected to further drive the market over the forecast period.
The prominent trend in the microdisplay market is the increasing use of OLED microdisplays in the consumer electronics and automotive industries. OLED microdisplays are being widely incorporated in consumer electronics, especially VR devices, which themselves are witnessing a surge in adoption, due to their compact size, better picture quality, and high resolution. In addition, the use of wearable devices in the defense, sports and fitness, industrial, enterprise, and consumer electronics applications is benefitting the microdisplay market.
The advent of ADAS, coupled with the surging demand for HUDs, is a key factor driving the microdisplay market. ADAS is becoming an important part of automobiles and is widely being adopted in both passenger and commercial vehicles. The strict government regulations for road safety are leading to a massive demand for ADAS, especially in China, the U.S., and Japan. As per the Federal Motor Carrier Safety Administration (FMCSA), in 2019, the U.S. started a project on the adoption of ADAS in the trucking industry, because of the feature’s demonstrated potential in reducing fatalities, injuries, and crashes. The increasing awareness on passenger and vehicle safety is pushing OEMs to adopt HUDs, for convenience and displaying vital driving-related information.
The increasing adoption of NTE devices is another major driver for the microdisplay market growth. NTE-device-based applications, such as HUD, AR/VR, personal electronics, such as mobile phones and cameras, as well as full-color projection devices, are increasingly being equipped with microdisplays. The increasing demand of the media and entertainment and gaming industries for AR and VR devices is one of the major drivers for the demand for these products. Similarly, the rising adoption of HUDs in the military and automotive industries is driving the sale of microdisplays.
The microdisplay industry is highly competitive in nature, with the presence of many global market players, such as eMagin Corporation, Himax Technologies Inc., Jasper Display Corp., Yunnan OLiGHTEK Opto-Electronic Technology Co. Ltd., and WiseChip Semiconductor Inc. They are focusing strongly on developing patented technologies to gain a larger market share. For instance:
Microdisplay market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Technology
Based on Product Type
Based on Brightness
Based on End User
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