Market Research Future (MRFR) expects the global wearable display market 2020 to gain extensive ground by progressing at an attractive rate from 2018 to 2023 (forecast period).
Growth Boosters and Main Restraints:
The wearable display market can gain considerable gains, in conjunction with the rising popularity of smart appliances like tablets and smartphones coupled with the surge in internet penetration across the globe. The growing adoption of Virtual Reality (VR) and Augmented Reality (AR) headsets, rising use of mobile workforce management across industries, compact size, and the accelerated use of flexible OLED displays in various smart wearable devices can also boost the market expansion rate in the ensuing period.
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Wearable display offers a host of benefits including excellent contrast, sharp color performance and better viewing angles, to name a few. With Internet of Things (IoT) services and connected devices gaining massive traction, leading players are compelled to offer their consumers the mentioned advanced features in wearables. IoT solutions note significant demand among consumers, which pushes the need for wearable display in a variety of devices. These demands have been noticed by the renowned companies, who are working on catering to a vast market of IoT services, thus benefitting the wearable display industry.
On the downside, the market can hit a roadblock in the form of reduced demand for the product due to its high cost. That said, the surge in research and development by manufacturers to offer enhanced battery runtime in wearable displays can lead to emergence of lucrative opportunities for the global market. Also, the rising popularity of wearable display glasses in the construction industry can benefit the global market in the approaching years. The market for wearable display glasses can also progress on the back of increasing demand in the automotive industry, expansion of application areas in various industries, and extensive advancements ongoing in the field.
Emergence of the Vufine Wearable Technology
Vufine refers to a high definition wearable display that easily integrates with any technology, and helps unlock its full potential. It can be used for devices like laptop, drone or smartphone. Vufine connects using a HDMI cable to offer a second monitor or mirrored display. This trend is bound to emerge rapidly in the global wearable display market and also boost the demand for wearable video display in the near future.
Product type, technology, panel type, display size and vertical are the primary segments based on which the wearable display market has been extensively covered in the report.
The product types considered in the report are smart watches, head-mounted displays and smart bands.
Technology-wise, the market segmentation comprises LED-backlit LCD as well as OLED.
The types of panels discussed in the report are flexible, rigid, and microdisplay.
Depending on the display size, the market segments are less than 1 inch, 1 to 2 inches, along with more than 2 inches.
The verticals across which the use of wearable displays is increasing include military & defense, commercial, consumer, enterprise, healthcare, and others.
The wearable display market share, across the globe, can expand at a notable rate between 2018 and 2023. This growth can be the most apparent in the primary regions of North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
There is a strong possibility of APAC gaining the leading position in the global market, thanks to factors like the high concentration of wearable display panel manufacturers and the rising adoption of next-gen technology-based display devices. Surging use of flexible OLED displays, especially in smart watches combined with the escalating demand for wearable LED display in smart wearable devices can also boost the growth prospects of the regional market in the following years.
North America can be the fastest expanding market, on account of the presence of health-conscious, affluent and tech-savvy population in developed economies like the US and Canada. Also, the market for wearable heads up display can mount in the region, in terms of share, owing to the product's low cost as well as easy integration with smartphones. Advanced solution offerings like augmented reality and global positioning system that can be easily integrated with the wearable heads up display system also leads to expansion of the industry in the region.
Leading Industry Participants:
Leading industry participants profiled in the report are Apple (US), Truly Semiconductors (China), Japan Display (Japan), Sharp Corporation (Japan), LG Display (South Korea), AU Optronics (Taiwan), Kopin Corporation (US), eMagin Corporation (US), BOE Technology (China), Samsung Electronics Co., Ltd. (South Korea), Tianma Microelectronics (China), Hannstar Display (Taiwan), and others.
Some other contenders in the global market for wearable display include Lumus Vision (Israel), Yunnan OLiGHTEK (China), TCL Display Technology (China), Varitronix International (China), to mention a few.
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