The global OLED microdisplay market size was US$ 151.9 million in 2021. The global OLED microdisplay market is forecast to grow to US$ 921.0 million by 2030 by growing at a compound annual growth rate (CAGR) of 21.6% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The display industry is witnessing evolution in terms of advancements. Furthermore, the demand for displays is increasing in various industries, such as electronics, automotive, healthcare, etc. The rising demand for wearable devices is also expected to offer lucrative growth opportunities for the OLED microdisplay market during the forecast period.
Smartphones and television have become a basic necessity due to growing digitalization. As a result of the growing adoption of smart devices, the demand for OLED microdisplays will also increase in the coming years.
OLED displays offer numerous benefits in terms of size, power, color space, contrast, etc. In addition, the surging demand for VR glasses, EVF, industrial cover AR smart glasses, and AR helmets for pilots will drive the OLED microdisplay market forward.
Furthermore, growing investments by tech giants, such as Google and Apple, will accelerate the growth of the OLED microdisplay market. For instance, Google invested in Owlchemy Labs and Eyefluence, a Texas-based video game developing company. Google is also unveiling various strategies to establish a strong foothold in augmented reality, which will be beneficial for the global OLED microdisplay market.
COVID-19 Impact Analysis
The ongoing COVID-19 pandemic has slowed the growth of the microdisplay due to changes in consumer purchasing power. Many countries have implemented a complete shutdown to prevent the spread of the coronavirus, which wreaked havoc on the global economy. It also disrupted the supply chain for materials and components used in microdisplay systems. Demand for electronics also declined steeply as consumers stopped buying luxury items. The employment rate triggered by the COVID-19 affected developing countries. Thus, it hampered the growth of the OLED microdisplay market.
Regional Analysis
Globally, the Asia-Pacific OLED microdisplay market is forecast to exhibit the highest growth rate, owing to the presence of a prominent electronics industry in the region. Furthermore, the region's well-developed electronics manufacturing ecosystem and the vast urban population will contribute to the growth of the OLED microdisplay market. Further, the demand for wearable electronics is increasing in the region, which will be opportunistic for the industry players. In addition, the region is home to some of the prominent OLED microdisplay providers, such as Winstar Display Co. Ltd., Seiko Epson Corp., Sony Semiconductor Solutions Corp., etc. All of these factors will drive the Asia-Pacific OLED microdisplay market forward.
Competitors in the Market
Market Segmentation
The global OLED microdisplay market segmentation focuses on Type, End-Use, and Region.
By Type Outlook
By End-Use Outlook
By Regional Outlook
