AR and VR Display Market
The AR and VR display market is expected to grow from USD 1.6 billion in 2019 to USD 4.4 billion by 2024, at a CAGR of 21.8% during the forecast period. Increasing adoption of AR and VR devices in various applications, increasing demand for OLED in AR and VR devices, rising technological advancement and growing use of microdisplays in AR and VR devices are the major factors fueling the growth of the overall market.
Currently, most VR devices are integrated with direct-view OLED displays ranging from 2 to 6 inches. However, these displays are less capable of offering high brightness and fast response time at low power consumption. Several companies provide microdisplays for VR HMDs; however, no major vendor has implemented microdisplays in its VR HMDs due to their high price. Kopin has developed microdisplay, especially for VR HMDs, while the project that includes the manufacturing of large, cost-effective OLED microdisplays (LOMID) has developed CMOS/OLED microdisplays for VR HMDs. Due to the limitation of direct-view displays, microdisplays can emerge as mainstream display modules for VR HMDs once the cost of microdisplays comes down to USD 100 for VR HMDs.
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AR technology-based displays are expected to grow at a higher CAGR as compared to VR. Displays are integrated into AR and VR devices to create immersive virtual experiences. High growth opportunities can be found in the emerging use cases of display panels such as smart mirrors, smart home appliances, and smart wearable display segments—AR and VR HMDs and smartwatches.
The increasing awareness of driving safety and technological advancements in HUD is expected to drive the market for AR HUDs. Vehicles are evolving with added safety features. The growth rate of safety features is expected to increase exponentially in the coming years. The main objective behind the implementation of these features in the vehicle is to provide a safer, efficient, and convenient driving experience. The adoption of AR HUDs is expected to be high in all regions, and hence North America, along with APAC and Europe, would grow at a high rate in the AR and VR display market of AR HUDs.
The major opportunities in the AR and VR display market include growing investments in AR and VR devices from tech-giants, technological advancements in gaming, and emerging displays technologies, such as micro-LED. Micro-LEDs are gaining traction in the display and lighting industry, and the technology is viewed as a perfect solution for resolving limitations related to the low light efficiency of LCDs. Micro-LED displays can offer high-brightness designs owing to the simple structure and self-illuminating properties of the displays that do not cause any loss of light.
