The global microdisplay market was valued at $1,145.6 million in 2020, and it is predicted to generate a revenue of $5,535.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 17.1% from 2020 to 2030 (forecast period). The major factors driving the expansion of the market are the increasing use of heads-up display (HUD)-integrated advanced driver assistance systems (ADAS) and surging number of near-to-eye (NTE) applications.
The rising incidence of road accidents is pushing up the requirement for ADAS, especially in China, Japan, and the U.S. According to the World Health Organization (WHO), around 1.3 million deaths are recorded every year because of road accidents. According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project in order to promote the incorporation of ADAS in the trucking industry in 2019, owing to the ability of ADAS to mitigate the prevalence of road accidents and fatalities.
The government made an investment of $0.65 million in the project, which is predicted to be completed by the end of 2021. Besides, the soaring need for microdisplays in NTE applications is also propelling the microdisplay market across the globe. These screens are being increasingly used in NTE devices, such as HMDs, augmented reality (AR)/virtual reality (VR) headsets, full-color projection devices, and personal electronics, such as cameras and mobile phones.
Depending on technology, the microdisplay market is divided into liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), digital light processing (DLP), and liquid crystal display (LCD) categories. Out of these, the OLED category is predicted to register the highest growth rate in the market in the coming years. This is ascribed to the mushrooming utilization of OLED screens in electronic devices and appliances, such as smartphones and TVs. Additionally, these screens provide a high pixel density and compact size, which is further boosting their popularity globally.