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The transparent display market was valued at $524.7 million in 2018, and it is predicted to register a CAGR of 46.2% during the forecast period (2019–2024), reaching $4,933.6 million by 2024.
Among all regions, Asia-Pacific (APAC) is expected to be the fastest growing market for transparent displays in 2018. This is attributed to the rising demand for these products from China, Japan, and South Korea. The combined share of these countries in the global transparent display market reached 40.1% in 2018. The low cost associated with the development of the displays in China has made it possible for advertisers to invest in them.
Fundamentals Governing Transparent Display Market
The transparent display market is witnessing the increased adoption of transparent OLED displays, owing to the advantages offered by them over the transparent LCD displays. OLED displays use self-illuminating pixels, which do not require any backlighting. Further, the OLED technology offers a high image resolution and better viewing angles, which are often required in digital signage applications. OLED displays are much thinner as compared to LCD displays, which leads to better aesthetic appeal for viewers, and hence provides better marketing advantages to end users. Owing to this, companies, including LG Electronics Inc. and Leyard Optoelectronic Co. Ltd., have started producing large transparent OLED displays in 2019 for commercial use, to cater to the demand for appealing advertisements in the retail and hospitality industries.
The transparent display market is exhibiting an increasing demand for transparent displays for outdoor advertisement applications, as they increase the aesthetic appeal of advertisements. Companies are increasingly adopting transparent displays to promote their products through digital signage. The rising transparent digital signage popularity can be attributed to the growing out-of-home (OOH) advertisement industry, which is propelled by the development of advanced technology-based retail stores. Additionally, the overall spending in the advertisement industry is rising at a significant rate, owing to the increasing competition among companies in the retail sector. This has created a significant demand for transparent displays, which show the information regarding products, services, discounts, and offers in a more aesthetic way.
Increasing technological advancements in the healthcare industry is paving the way for the use of transparent displays in applications, such as surgery and patient checkup. Transparent displays are being deployed to assist surgeons during critical operations. These show patients’ vital signs, such as heartbeats, blood pressure, and oxygen levels. Globally, the healthcare industry is exhibiting a substantial growth Y-o-Y, for example, the U.S. healthcare industry registered a growth rate of 4.4% in 2018, with a spending of over $3.6 trillion.
Structural Analysis of Transparent Display Market
Based on technology, the LCD category generated the highest revenue in 2018, in the transparent display market. LCD displays have the ability to significantly reduce the power consumption. Advertisements often run on the screens for long durations on a daily basis, and the screens require uninterrupted power supply, which makes it important for advertisers to consider their electricity consumption. Transparent LCDs are mostly used for showcasing products in a box, as these inherently require some backlight for displaying the contents.
On the basis of application, the heads-up display (HUD) category is expected to witness the highest CAGR, in the transparent display market, during the forecast period. HUDs are majorly used in the automotive and aerospace and defense sectors. In the automotive sector, they are used to display the speed and direction, which helps in reducing road accidents. This, in turn, is increasing the popularity of HUDs in the market.
On the basis of display size, large displays held the largest revenue share, in the transparent display market, in 2018. This is owing to the fact that large displays are used for several products, including digital signage and smart appliances. Smart appliances, for example, smart refrigerators, are gaining traction for advertisement and infotainment purposes. Smart refrigerators with transparent displays are being used by major food & beverage companies to increase their sales.
On the basis of end user, automotive is expected to grow at the highest CAGR, in the transparent display market, during the forecast period. With the increasing demand for luxury cars and premium-range vehicles, the demand for transparent displays is projected to significantly rise in the coming years. Car manufacturers, such as Volkswagen Group (Audi), Bayerische Motoren Werke AG (BMW), and Daimler Group (Mercedes-Benz), are retrofitting their vehicles with HUD, to offer better assistance to drivers.
Geographical Analysis of Transparent Display Market
Globally, Asia-Pacific (APAC) held the largest share, in the transparent display market, in 2018. The regional market is primarily driven by the growing adoption of transparent displays in the automotive as well as retail sectors, especially in China and Japan. China is expected to be the leading country in the APAC transparent display market, reaching $135.0 million, in 2024. This is due to the introduction of heads-up display (HUD)-integrated vehicles by automakers in their luxury car segments. Further, augmented reality (AR)-based HUDs are increasingly being deployed in vehicles to offer drivers better navigational support. Such HUDs are much more complex in terms of implementation than the traditional variants, as these are required to be integrated with cars’ advanced driver-assistance systems (ADAS). So, with the increasing deployment of ADAS, the demand for AR-based HUDs is proliferating in the region.
Competitive Landscape of Transparent Display Market
The transparent display market is consolidated, with the top four companies accounting for the major share in 2018. The market is presently characterized by players such as LG Electronics Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Hangzhou Hikvision Digital Technology Co. Ltd., Japan Display Inc., NEC Corporation, BenQ Corporation, Leyard Optoelectronic Co. Ltd., Crystal Display Systems Ltd., AU Optronics Corporation, Shenzhen NEXNOVO Technology Co. Ltd., Pro Display, and Vuzix Corporation.
Recent Strategic Developments of Major Transparent Display Market Players
The major players in the global transparent display market are focusing on product launches to increase their consumer base. For instance, in June 2019, LG Electronics Inc. launched the LG transparent OLED digital signage display for commercial usage, especially for the retail and hospitality sectors. The display is available in a 55-inch size, in two variants: touch and non-touch.
Moreover, in May 2019, Leyard Optoelectronic Co. Ltd. launched Planar LookThru Transparent OLED Display. This product uses self-illuminating pixels, thus requiring no backlighting for displaying content on the screen.
Key Questions Answered in the Report