Microdisplay Market worth $3.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 23, 2023 /PRNewswire/ -- The global microdisplay market was valued at USD 1.1 billion in 2023 and is projected to reach USD 3.2 billion by 2028; registering a CAGR of 23.7% during the forecast period according to a new report by MarketsandMarkets™. The rise in demand for microdisplay is due to the deployment of display in several products. During the forecast period, the market will grow as a result of factors including compact size and technological advancements in microdisplays, increased adoption of HMDs across a number of industries, rising demand for OLED microdisplays, and rising global adoption of ADAS and HUDs.

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Browse in-depth TOC on "Microdisplay Market" 
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Microdisplay Market Report Scope:

By Product: NTE devices to propel market growth in the forecasted year.

The NTE devices held the major market share of the microdisplay market in 2028.  NTE devices include cameras/EVFs and Head Mounted Display (HMDs). These devices are compact, lightweight and portable. They are equipped with microdisplays to point at the elements that will be viewed or recognized. Microdisplays are currently more in demand for usage in applications involving cameras and electronic viewfinders (EVFs) than HMDs. AR Head Mounted Displays (HMDs) have been used for pre-hospital care, clinical nursing care, and hospital medical therapy. While VR HMDs offer users computer produced experiences within simulated worlds, AR HMDs use microdisplays to miniaturize devices and improve power efficiency. VR HMDs are used in the gaming and entertainment, healthcare, retail, and eCommerce industries.

By Resolution & Brightness: Higher FHD resolution accounted for the largest share of the microdisplay market in 2028.

The higher than FHD resolution segment accounted for the highest CAGR in 2028. The resolution of microdisplays with higher FHD is greater than 1920X1080. Because they provide a smooth, immersive experience and better picture quality, microdisplays in this category are frequently chosen in HMDs. The microdisplay market's 500 to 1000 units' brightness segment is expected to experience the fastest CAGR growth throughout the anticipated time period. This market sector is anticipated to increase as a result of the rising use of microdisplays with a brightness range of 500 to 1000 units in AR HMDs and HUDs. 

By Vertical: In 2028, automotive segment accounted for the largest share of the microdisplay market.

Automotive segment accounted for the largest share of the microdisplay industry, by vertical, in 2028. Head Mounted Display (HMDs) and Head Up Display (HUDs) have significant applications in the automotive sector. A few high-end cars have recently started using HUDs, which help project the necessary information without compromising drivers' views. HUDs are being used by a number of automakers, including Audi AG, BMW AG, Toyota Motor Corporation, General Motors, and Mercedes Benz in their high-end, luxurious, and sports automobiles. HUDs for automobiles are mostly supplied by Continental, and Pioneer Corporation has merged HUDs with infotainment systems.

The development of AR technology has made it possible for automakers to provide consumers with a wide variety of AR HUD models with their specifications. Modern car designs that use HUDs sometimes include microdisplays or picture generation units. Car displays often have tiny to medium-sized panels. In addition to helping drivers by presenting the necessary information, they are used in instrument clusters, dashboard displays, central control units, entertainment systems, navigation systems, and security systems.

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Asia Pacific is likely to hold the largest share of microdisplay market during forecast period.

Asia Pacific is projected to lead the microdisplay market from 2023 to 2028. In addition to the significance that Japan is home to several important EVF vendors, Asia Pacific is anticipated to continue to have the largest demand for microdisplays to be used in NTE devices during the projected period. Asia Pacific is home to the majority of camera manufacturers. Over 90% of the market for cameras is dominated by Canon, Nikon, and Sony. As a result, Japan's demand for microdisplays rises, which in turn drives growth in the microdisplay industry throughout the region.  Moreover, Asia Pacific is expected to account for the largest size of the LCD microdisplay market from 2023 to 2028. LCD microdisplays have a significantly huge demand in cameras/EVF and projectors and a majority of camera/EVFs and projectors vendors are based in this region.

Moreover, key players offering projectors in microdisplay companies such as Seiko Epson Corporation (Japan), Sony Group Corporation (Japan), Canon Inc. (Japan), NEC Corporation (Japan), Panasonic Holdings Corporation (Japan), Hitachi Ltd. (Japan) and Toshiba Corporation (Japan), are based in this region. The market in this region is expected to grow at a significant pace, mainly led by the growing economies and an increasing number of small- and medium-scale businesses, along with mandatory regulations pertaining to digital transformation imposed by governments.

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