Micro Display Market Growth Analysis | 2022-2028

Market Insights

"The micro display market was estimated at USD 990.37 million in 2021 and is likely to grow at a CAGR of 38.14% during 2022-2028 to reach USD 9556.28 million in 2028."

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Market Dynamics

Introduction

A micro display is a compact, high-resolution screen typically used in applications like augmented reality (AR), virtual reality (VR), head-up displays (HUDs), and camera viewfinders. It utilizes OLED, LCD, or LCoS technology to deliver sharp images in a small form factor, often integrated into wearable or embedded systems.

COVID-19 Impact

The COVID-19 outbreak impacted the growth of the micro display market negatively. The spread of coronavirus led to the enforcement of lockdown to curb the spread of the virus. This led to travel restrictions and supply chain disruptions, which affected the product supply for a short period.

Market Drivers

The growth of the micro display market is primarily driven by widespread product use in a broad range of end-use industries such as automotive, healthcare, consumer electronics, and military & defense. Expanding the electrical & electronics industry is propelling market growth substantially. In addition to this, increasing investment in research and development activities to develop new products is likely to create lucrative opportunities for the players operating in the global market in the coming years.

Market Restraints

The key restraints in the micro display market include:

• Major disadvantages connected with technologies of micro display like micro LED, which include high price, which does not allow expanding their usage.
• Competitive pressures from established display technologies such as LCD and OLEDs that are somewhat cheaper and easier to scale up.
• Difficulties in fabricating micro displays for the large market with high yields, and the requirement of fine equipment to do so.
• Inadequate compatibility and modularity of components and micro display platforms hinder manufacturers in the integration of the platforms into different gadgets.
• There are reputational risks dampened by regulatory pressures and safety and environmental concerns that may hike operational difficulties and expenses among manufacturers.
• These restraints only point out the need to carry on with research and development, reducing costs for micro displays and integration with device makers in a bid to expand the use of these more enhanced display technologies.

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Segment Analysis

By Application Type

"The consumer electronics segment accounted for the largest market share."

The micro display market has been bifurcated into military & defense, automotive, healthcare, consumer electronics, and others. The consumer electronics segment accounted for the largest market share in 2021 and is projected to register significant growth during the review period. The segment growth can be attributed to increasing demand for consumer electronics across geographies.

Regional Insights

"North America accounted for the largest market share."

The market in North America accounted for the largest market share in 2021 and is projected to grow at a significant CAGR during the assessment period. The regional growth can be attributed to the presence of established end-use industries and key market players such as Universal Display Corporation (US) and Micron Technology, Inc. (US). The market in Asia-Pacific is expected to be driven by expanding industrialization in developing countries such as China and India.

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Key Players

Key players operating in the market are:

• LG Display (South Korea)
• Universal Display Corporation (US)
• Syndiant Inc (US)
• Sony Group Corporation (Japan)
• MicroVision, Inc. (US)
• Micron Technology, Inc. (US)
• KopIn Corporation Inc (US)
• Himax Technology Inc (Taiwan)
• eMagin Corporation (US)
• AU Optronics (Taiwan).

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s micro display market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The micro display market is segmented into the following categories:

By Product

• Near to Eye (NTE) Display Devices
• Projection Devices
• Others

By Application Type

• Military & Defense
• Automotive
• Healthcare
• Consumer Electronics
• Others

By End-Use Type

• LCD
• LCoS
• DLP
• OLED
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Click here to learn the market segmentation details.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.