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(IT-NEWSWIRE.COM, September 15, 2018 ) According to the new research report "Wearable Display Market by Product Type (Smart Bands, Smartwatches, Head-Mounted Displays), Display Technology (LED-Backlit LCD, OLED), Panel Type (Rigid, Flexible, Microdisplay), Display Size, Vertical, and Geography - Global Forecast to 2023", the wearable display market, the market is expected to reach USD 3.37 Billion by 2023 from USD 1.34 Billion in 2018, at a CAGR of 20.33% between 2018 and 2023. The increased use of flexible OLED displays in smartwatches, rising demand for OLED display for use in smart wearable devices, and technological shift and development of energy-efficient and high-specification display products are the major factors driving the growth of the market.
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The report covers the market by display technology, panel type, product type, display size (diagonal), vertical, and geography. Head-mounted displays are likely to hold the largest share of the wearable display market, by product type, throughout the forecast period. Increasing use of AR HMDs or smart glasses in enterprise and industry applications is expected to drive the growth of the market for OLED-based head mounted displays. Moreover, AR can be used to teach complex maintenance procedures for factory equipment overlaying animation-based instructions and reference materials directly onto the physical gear. Many AR HMD or smart glass manufacturers are expected to target the enterprise and industry segment in the coming years.
The market for HMDs is likely to grow at a high CAGR between 2018 and 2023 due to their expected use in various upcoming applications. The major application areas of VR healthcare include game-based rehabilitation, mental and behavioral health, neurocognitive assessment and training, and virtual humans. Displays such as OLED and LCDs are increasingly being used in AR/VR devices as they offer reduced response time and better time latency compared with older technologies.
OLED display panels offer advantages such as small thin form factor, sharp color performance, and low power consumption over LCD panels. OLED-based displays also offer higher refresh rates, better viewing angle, and excellent contrast. Rising awareness about the OLED technology among consumers has prompted makers of smart wearable devices to incorporate this technology in their offerings. These factors are driving the growth of the market for OLED-based wearable displays.
Asia Pacific to hold the major share of the wearable display market throughout the forecast period
Applications such as consumer electronics, industrial, healthcare, and military contribute significantly to the growth of the wearable display market in APAC. The region has become a global focal point for huge investments and business expansions. The region comprises both developed and developing countries; hence it is witnessing major changes in the adoption of new technologies and advancements. Due to the presence of a significant number of wearable display panel manufacturers in the region, there is an increasing adoption of the latest technology-based display devices in APAC.
Major players in the market are Samsung Electronics (South Korea), LG Display (South Korea), AU Optronics (Taiwan), Japan Display (Japan), Sharp (Japan), BOE Technology (China), Tianma Microelectronics (China), Kopin Corporation (US), Truly Semiconductors (China), eMagin Corporation (US), and Hannstar Display (Taiwan), among others.
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