The Microdisplay Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Microdisplay Global Market Report 2024, The microdisplay market size has grown exponentially in recent years. It will grow from $1.45 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to increased adoption in consumer electronics, increased demand in entertainment and gaming, automotive huds and ar displays, rise in virtual reality (vr) and augmented reality (ar), reduction in manufacturing costs.
The microdisplay market size is expected to see rapid growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%. The growth in the forecast period can be attributed to 5g technology integration, emergence of micro-led technology, healthcare industry expansion, increased use in iot devices, demand in aerospace and aviation. Major trends in the forecast period include advancements in holographic displays, sustainable display technologies, foldable and flexible displays, product innovations, integration with biometric sensors.
The surging use of microdisplays in the automotive industry is expected to propel the growth of the microdisplays market going forward. The automotive industry is a sector that encompasses numerous organizations and firms involved in the design, development, manufacture, marketing, selling, and maintenance of motor vehicles. Microdisplays provide flexibility, low power usage, high luminance and contrast, and high pixel density in automotive applications. For instance, according to the Bureau of Transportation Statistics (BTS), a US-based agency that publishes information on transportation systems, new vehicle sales increased to 11,741 (Thousands of vehicles) in 2021 from 11,041 (Thousands of vehicles) sales in 2020. Therefore, the growing automotive industry is driving the microdisplay market.
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The microdisplay market covered in this report is segmented –
1) By Product: Near-To-Eye (NTE) Devices, Head-Up Displays (HUDs), Projectors, Other Products
2) By Brightness: Less Than 500 Nits, 500–1,000 Nits, More Than 1,000 Nits
3) By Resolution: Lower Than HD(High Definition), HD(High Definition), FHD (Full High Definition), Higher Than FHD (Full High Definition)
4) By Technology: Liquid Crystal Display (LCD), Liquid Crystal On Silicon (LCOD), Organic Light-Emitting Diode (OLED), Digital Light Processing (DLP)
5) By Vertical: Consumer, Automotive, Industrial And Enterprise, Military, Defense, And Aerospace, Retail And Hospitality, Medical, Education, Sports And Entertainment, Other Verticals
Technological advancements are a key trend gaining popularity in the microdisplay market. Major companies operating in the microdisplay market are focused on developing technically advanced solutions to meet specific demands and sustain their position in the market. For instance, in August 2023, Sony Semiconductor Solutions Corporation (SSS), a Japan-based company develops imaging and sensing solution business which includes microdisplay, launched ECX344A, a large-size, high-definition 1.3-type OLED Microdisplay with 4K resolution. The new OLED Microdisplay has a unique feature in that it delivers 4K resolution with a 1.3-type large-size display by utilizing miniaturization processes achieved by SSS while developing camera electronic viewfinders (EVFs), as well as its own pixel drive circuits, allowing for smooth image quality with an enhanced sense of reality. The new OLED Microdisplay is mainly designed for head-mounted display applications in virtual reality (VR) and augmented reality (AR).
The microdisplay market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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