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The wearable display is a device featuring powerful sensors that once worn the human body, collect and deliver information about their surroundings. Market Research Future (MRFR) has published a research report about the global wearable display market that determines rise for this market at 20% CAGR (Compound Annual Growth Rate) during the forecast period between 2018 and 2023. By value, the market has been figured to be worth the US $ 3.16 bn by the end of the forecast period.
The key factor driving the global wearable display market is the growing demand for organic light-emitting diode (OLED) displays for smart wearable devices. Other factors aiding the market growth include increasing use of flexible displays in smart watches and technological shift and development of energy-efficient as well as high-specification display products. During the forecast period, increasing adoption of augmented reality (AR) or virtual reality (VR) devices and development of micro-LED displays for smart wearable devices are expected to drive this market. However, latency in AR/VR systems can hamper market growth. Factors such as high power consumption by wearable devices and high costs associated with new display technology-based products can also slow down the market growth.
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The key players in the global wearable display market include Apple (USA), AU Optronics (Taiwan), BOE Technology (China), eMagin Corporation (USA), Hannstar Display (Taiwan), Japan Display (Japan), Kopin Corporation (USA), LG Display (South Korea), Samsung Electronics Co. Ltd. (South Korea), Sharp Corporation (Japan), Tianma Microelectronics (China), and Truly Semiconductors (China).
The global wearable display market has been segmented on the basis of display size, panel type, product type, technology, vertical and lastly, region. Based on display size, this market has been segmented into less than 1 inch, 1 to 2 inches, and more than 2 inches. By panel type, the market has been segmented into flexible, rigid, and microdisplay.
The technology-based segmentation segments this market into a light-emitting diode (LED)-backlit Liquid-crystal display (LCD) and OLED. On the basis of vertical, the market has been segmented into commercial, consumer, enterprise, healthcare, military & defense, and others.
The regional segmentation of the global wearable display market can segment the market into the regional markets known as North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, the Asia Pacific region is expected to dominate the global market due to the presence of many key market players, and the increasing adoption of the latest technology-based display devices in this region. The primary country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
During the forecast period, North America has been anticipated to emerge as the fastest growing regional wearable display market share due to affluent, health-conscious, and tech-savvy population in developed countries of the region such as the USA and Canada. In these countries, the demand for wearable technology and the growing adoption of wearable displays are driving the market. Mexico is another important country-specific market in this region.
In Europe, the market is growing due to the technological advancement that is second only to North America, and the health-conscious lifestyle of people. In this region, the fundamental country-specific markets are France, Germany, Italy, Spain, and the UK.
The RoW segment covers the countries of Latin America and the Middle East & Africa (MEA). Latin America is a smaller market because the availability of advanced technology is limited in this region. Argentina and Brazil are two strong economies that have the potential to rise as lucrative markets in the future. In the MEA region, the market is small due to poor countries, lack of awareness, lack of education, lack of skilled labor, and lack of technological advancement.
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Michael Owens serves as the marketing advisor of Head45 in Cardiff Bay. He is a specialist in customer experience and an expert brand strategist who is keen to take on challenges that will help the business expand. Michael puts his creative energy into penning posts that are both interesting and useful for the most popular blogging sites.