The global microdisplay market was valued at $1,145.6 million in 2020, and it is predicted to generate a revenue of $5,535.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 17.1% from 2020 to 2030 (forecast period). The major factors driving the expansion of the market are the increasing use of heads-up display (HUD)-integrated advanced driver assistance systems (ADAS) and surging number of near-to-eye (NTE) applications.
The rising incidence of road accidents is pushing up the requirement for ADAS, especially in China, Japan, and the U.S. According to the World Health Organization (WHO), around 1.3 million deaths are recorded every year because of road accidents. According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project in order to promote the incorporation of ADAS in the trucking industry in 2019, owing to the ability of ADAS to mitigate the prevalence of road accidents and fatalities.
The market is also classified into automotive, military and defense, industrial, consumer electronics, retail and hospitality, sports and entertainment, and medical devices. Amongst these, the consumer electronics category held the largest share in the market during the last few years. This was because of the extensive use of microdisplays in virtual reality (VR) devices and digital cameras. Moreover, the high requirement for displays that can provide a wide viewing angle and clearer image also boosted the progress of the category between 2015 and 2020.
Across the world, the Asia-Pacific (APAC) region contributed the highest revenue to the microdisplay market in the years gone by, and it is predicted to be the fastest-growing region in the upcoming years as well. This is attributed to the existence of numerous original equipment manufacturers (OEMs) and consumers and rapid industrialization in the region. Industrial, consumer, military and defense, aerospace, and automotive are the leading consumers of microdisplays in the region. Thus, the surge in these industries is contributing massively toward the boom of the regional market.
Thus, the demand for microdisplays will soar all over the world in the forthcoming years, primarily because of the rising adoption of HUD-integrated ADAS in automobiles.
