Micro Display Market Analysis

Global Micro Display Market Overview:

Micro Display Market Size was valued at USD 0.9 Billion in 2023. The Micro Display industry is projected to grow from USD 1.026 Billion in 2024 to USD 2.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.33% during the forecast period (2024 - 2032). Increasing use in automotive applications, as well as growing demand for AR and VR devices are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Micro Display Market Trends

Rising demand for AR and VR devices propels market growth.

The market CAGR for micro display is predicted to rise substantially in the following years, owing to rising demand for AR and VR gadgets. Micro displays are an important component of AR and VR devices because they produce high-resolution images and videos, which are required for producing immersive experiences. AR and VR gadgets are becoming increasingly popular in a variety of industries, including gaming, entertainment, healthcare, and education. In the healthcare industry, for example, AR and VR gadgets are being utilized to train medical practitioners and enhance patient outcomes. AR and VR technologies are being used in education to develop interactive learning experiences that engage students and improve learning outcomes.

The growing popularity of AR and VR gadgets is boosting the demand for micro displays, as manufacturers strive to produce devices that provide high-quality images and movies. Furthermore, the rising availability of low-cost micro displays is boosting the growth of the Micro Display Market by enabling the creation of affordable AR and VR devices. With the increasing usage of AR and VR devices in numerous industries, the need for micro displays is likely to rise dramatically in the future years.

The growing demand for wearable gadgets is another driver of the Micro Display Market's expansion. Wearable gadgets such as smartwatches, fitness trackers, and augmented reality glasses are gaining popularity among consumers because they provide a variety of features and capabilities that can improve their daily life. Micro screens are an important component of wearable devices because they produce high-resolution images and movies, which are required for a smooth user experience. Smartwatches, for example, use micro displays to provide notifications, messages, and other information, whereas AR glasses use micro displays to superimpose digital information on the real world.

Additionally, the increasing use of micro screens in automotive applications. Micro displays are utilized in a wide range of vehicle applications, including heads-up displays (HUDs), rearview mirrors, and entertainment systems. HUDs are becoming more popular in automobiles because they project critical information such as speed, navigation directions, and warnings onto the windshield, letting drivers to keep their eyes on the road. Micro screens are also being utilized in rearview mirrors to provide a larger and clearer image of the surroundings, which improves safety and reduces blind spots.

Micro Display Market Segment Insights:

Micro Display Technology Insights

The Micro Display Market segmentation, based on Technology includes LCD, OLED. The LCD sector is expected to dominate the market through 2030. The extensive use of LCD microdisplays in HUDs, HMDs, and Electronic Viewfinders (EVFs) might be linked to the segment's rise. Furthermore, the Liquid Crystal on Silicon (LCoS) segment is expected to develop significantly during the projected period because to its small size and improved efficiency.

Micro Display Product Insights

The Micro Display Market segmentation, based on Product, includes Projectors, Smart bands, Binoculars. In 2022, the Projectors sector accounted for a sizable revenue portion of the entire Microdisplay market. This is because virtual reality headsets for gaming and entertainment are becoming increasingly popular. Furthermore, increased demand for DLP (Digital Light Processing) projectors in a range of industries, such as education and corporate training, is likely to drive expansion in the projection industry.

Figure1: Micro Display Market, by Product, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Micro Display End-Users Insights

The Micro Display Market segmentation, based on end-users, includes Automotive, Healthcare and Industrial. The Industrial segment is one of the fastest-growing categories in the Micro Display Market. The increasing popularity of micro displays in different industrial applications like as automation, robotics, and machine vision is driving the growth of the Industrial segment. Micro screens are utilized in these applications to deliver high-quality images and videos that are required for monitoring and regulating industrial processes.

Micro Display Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Micro Display Market area will dominate this market, because of the increasing usage of ICT technologies in the educational sector, traditional classroom teaching is being transformed, which is driving the regional market. The United States' high military spending (about 4.0% of total GDP) is driving up spending on microdisplay applications such as night vision HUDs and thermal imaging.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Micro Display Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Micro Display Market accounts for the second-largest market share because of the growing use of micro displays in a variety of applications such as consumer electronics, automotive, and military and defence. Further, the German Micro Display Market held the largest market share, and the UK Micro Display Market was the fastest growing market in the European region

The Asia-Pacific Micro Display Market is expected to grow at the fastest CAGR from 2024 to 2032. This is because of the region's growing demand for mini screens for cameras, smartphones, EVF machines, and projectors. Moreover, China’s Micro Display Market held the largest market share, and the Indian Micro Display Market was the fastest growing market in the Asia-Pacific region.

Micro Display Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Micro Display Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Micro Displayindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Micro Display industry to benefit clients and increase the market sector. In recent years, the Micro Display industry has offered some of the most significant advantages to medicine. Major players in the Micro Display Market, including RAONTECH (South Korea), WiseChip Semiconductor Inc. (Taiwan), Syndiant (US), Jasper Display Corp. (Taiwan), Microtips Technology, LLC (US) and others, are attempting to increase market demand by investing in research and development operations.

LG Display is a leading manufacturer and provider of thin-film transistor liquid crystal display (TFT-LCD) panels, OLEDs, and flexible displays in the globe. LG Display is based in Seoul, South Korea, and currently has nine fabrication plants and seven back-end assembly plants in Korea, China, Poland, and Mexico. LG Display, formerly known as LG, was founded in 1999 as a joint venture between the Korean electronics business LG Electronics and the Dutch corporation Philips to make active matrix liquid crystal displays (LCDs).Philips LCD, however in late 2008, Philips sold off all of its interests. In January 2021, LG Display Co. Ltd. announced the release of its next-generation OLED TV display. The new 77-inch OLED panel makes substantial progress in picture quality by adding a layer to the display, increasing its efficiency by roughly 20%. A higher efficiency means better brightness and more vibrant visuals.

Himax Technologies, Inc., founded on June 12, 2001, is a prominent supplier and fabless semiconductor manufacturer headquartered in Tainan City, Taiwan. The company is publicly traded and trades under the name HIMX on the Nasdaq Stock Market. Himax Technologies Limited operates as a holding company under Cayman Islands Companies Law. In  January 2020, Himax Imaging Inc., a subsidiary of Himax Technologies Inc., has announced the commercial availability of the HM0360, an ultra-low-power and low-latency back-illuminated complementary metal-oxide semiconductor (CMOS) image sensor with autonomous modes of operation for 'always on and intelligent visual sensing features such as human presence detection and tracking, gaze detection, behavioural analysis, and pose estimation, for growing markets such as smart homes and buildings, he said.

Key Companies in the Micro Display market include

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  Seiko Epson Corporation (Japan)

  
  


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  Kopin Corporation (US)

  
  


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  Himax Technologies, Inc. (Taiwan)

  
  


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  Yunnan OLiGHTEK Opto-Electronic Technology Co., Ltd. (China)

  
  


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  RAONTECH (South Korea)

  
  


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  WiseChip Semiconductor Inc. (Taiwan)

  
  


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  Syndiant (US)

  
  


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  Jasper Display Corp. (Taiwan)

  
  


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  Microtips Technology, LLC (US)

  
  


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  Dresden Micro display GmbH (Germany)

  
  


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  Japan Display Inc. (Japan)

  
  


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  MICROOLED (France)

  
  


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  HOLOEYE Photonics AG (Germany)

  
  


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  eMagin Corporation (US)

  
  

Micro Display Industry Developments

February 2024: There have been reports that the introduction of the next-generation Apple Watch Ultra, which will include a microLED display, has been postponed. It would imply that Apple is having difficulty constructing the supply chain that is required for the gadget to be released by the year 2026 without any problems.

A Taiwanese research organization called TrendForce predicted that the next-generation Apple Watch Ultra will be released in 2026, which is a departure from the predictions of other sources, who said that it would be released in 2025. On the other hand, The Elec asserts that the microLED Apple Watch Ultra may have a delay in mass production due to continuing issues associated with high manufacturing costs and production demand, which might potentially push the release date back to 2026.

For over a decade, Apple has been working to perfect the technology behind its bespoke microLED displays. Enhanced brightness, color accuracy, dynamic range, viewing angles, and efficiency are some of the features that this cutting-edge display provides. Its primary objective is to produce pictures that are very similar to paintings produced on glass.

Despite the fact that the present Apple Watch Ultra is equipped with a display measuring 1.93 inches, it is speculated that the next microLED model will include a screen measuring 2.12 inches. This is expected to provide customers with a more satisfying experience when it comes to watching material. Despite this, the production of a screen with such a high pixel density continues to be a substantial obstacle. Based on the simulated demand, it is estimated that the production of a microLED screen measuring 2.12 inches may cost the corporation up to $150. This is four times the cost of the OLED display that is already in use, which is just 38 dollars. Products that have a panel price of $150 often sell for somewhere in the neighborhood of $1,500.