Microdisplay Market Research Report: By Technology (LCD, LCOS, OLED, DLP), Product Type (Near-To-Eye Device, Heads-Up Display, Projector), Brightness (1,000 Nits), End User (Consumer Electronics, Industrial, Automotive, Military & Defense, Sports & Entertainment, Retail & Hospitality, Medical) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Microdisplay Market Research Report: By Technology, Product Type, Brightness, End User - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982474/?utm_source=GNW
The global microdisplay market generated a revenue of $1.0 billion in 2019, as per the findings of P&S Intelligence, a market research firm based in India. Furthermore, due to the rising incorporation of heads-up display (HUD)-integrated advanced driver assistance systems (ADASs) in vehicles and the ballooning number of NTE (near-to-eye) applications, the market is predicted to attain a valuation of $4.0 billion in 2030, exhibiting a CAGR of 13.4% between 2020 and 2030.
The rising prevalence of road accidents has made road safety a priority concern area for many governments and traffic regulatory authorities. As a result, the governments of many countries such as the U.S., Japan, and China are rapidly implementing stringent regulations and policies regarding vehicular safety. These policies mandate the integration of ADASs in automobiles. According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project in 2019 aimed at promoting the integration of ADASs in trucks.
The main purpose of the project is to reduce the occurrence of road crashes, injuries, and deaths in the trucking industry in the country. Furthermore, the rising public awareness about vehicular safety is making the original equipment manufacturers (OEMs) install HUDs in their vehicles. These HUDs will enhance the driving experience by providing the driver with essential driving-related information. The growing integration of HUDs is massively pushing up the demand for microdisplays and driving the growth of the market.
Another key factor fueling the growth of the market is the rising usage of NTE devices such as augmented reality (AR)/virtual reality (VR), HUD, and personal electronics such as cameras, full-color projection systems, and mobile phones across the world. The rapid advancements in technology are boosting the usage of VR and AR devices in the gaming and media and entertainment industries. Additionally, the rising utilization of HUDs in the automotive and military industries is propelling the expansion of the market.
Depending on technology, the microdisplay market is categorized into liquid crystal on silicon (LCOS), digital light processing (DLP), liquid crystal display (LCD), and organic light-emitting diode (OLED). Out of these, the LCD division is predicted to dominate the market in the forthcoming years. The growing consumer preference for LCDs over other devices, on account of their several advantages such as compact size, low cost, and less power requirements is the primary factor responsible for the advancement of this category.
Historically, the Asia-Pacific (APAC) microdisplay market was the most prosperous one in the entire world, mainly because of the existence of numerous microdisplay manufacturing companies in the regional countries and the subsequent fall in the costs of these devices. In addition to this, the surge of the automotive and consumer electronics industries in India, Japan, and China positively impacted the sales of microdisplays, which, in turn, caused the growth of the industry in the region.
Thus, it can be said without any doubt that the market will demonstrate rapid expansion all over the world in the upcoming years, mainly due to the rising integration of HUDs-integrated ADASs in automobiles, growing usage of NTC devices in various industries, and the presence of flourishing consumer electronics and automotive industries, especially in the APAC region.
Read the full report: https://www.reportlinker.com/p05982474/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001