Microdisplay Global Market Report 2024

The microdisplay market size has grown exponentially in recent years. It will grow from $1.45 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The expansion witnessed in the historical period can be attributed to heightened adoption in consumer electronics, a surge in demand for entertainment and gaming, the incorporation of microdisplays in automotive head-up displays (HUDs) and augmented reality (AR) displays, the rise in popularity of virtual reality (VR) and augmented reality (AR) technologies, and a reduction in manufacturing costs.

The microdisplay market size is expected to see rapid growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%. Anticipated growth in the forecast period can be linked to the integration of 5G technology, the emergence of micro-LED technology, expansion within the healthcare industry, heightened utilization in Internet of Things (IoT) devices, and increased demand in the aerospace and aviation sectors. Key trends expected in the forecast period encompass advancements in holographic displays, the adoption of sustainable display technologies, the development of foldable and flexible displays, continuous product innovations, and the integration of microdisplays with biometric sensors.

The increasing utilization of microdisplays in the automotive industry is poised to drive the growth of the microdisplays market in the future. The automotive sector, encompassing various entities engaged in the design, development, manufacturing, marketing, selling, and maintenance of motor vehicles, is benefiting from the flexibility, low power consumption, high luminance and contrast, and high pixel density provided by microdisplays in automotive applications. For example, as reported by the Bureau of Transportation Statistics (BTS), a US-based agency focusing on transportation systems, new vehicle sales surged to 11,741 (Thousands of vehicles) in 2021 from 11,041 (Thousands of vehicles) in 2020. Consequently, the expanding automotive industry is a significant driver of the microdisplay market.

The burgeoning military and defense industries are anticipated to contribute to the growth of the microdisplays market. The military, associated with the armed forces, and defense, involving activities to protect against assault, leverage microdisplays to enhance situational awareness, improve targeting accuracy, and provide soldiers with a crucial tactical advantage. As of April 2022, based on an analysis by the World Bank, a US-based international financial institution, global military spending reached 2.08 trillion in 2021, up from 1.95 trillion in 2020, with the United States allocating $800,672,200,000 billion in 2021. Consequently, the expanding military and defense industries are key drivers of the microdisplay market.

The prominent trend gaining traction in the microdisplay market is technological advancements, with major companies actively focusing on developing cutting-edge solutions to meet specific demands and maintain their competitive positions. An illustration of this trend is evident in the actions of Sony Semiconductor Solutions Corporation (SSS), a Japan-based company specializing in imaging and sensing solutions, including microdisplays. In August 2023, SSS introduced the ECX344A, a large-size, high-definition 1.3-type OLED Microdisplay featuring 4K resolution. This innovative OLED Microdisplay distinguishes itself by delivering 4K resolution on a 1.3-type large-size display, achieved through miniaturization processes developed by SSS during the creation of camera electronic viewfinders (EVFs). The proprietary pixel drive circuits contribute to smooth image quality, enhancing the sense of reality. The application focus of this new OLED Microdisplay is primarily on head-mounted displays for virtual reality (VR) and augmented reality (AR) applications.

Major players in the microdisplay market are actively engaging in strategic partnerships to strengthen their market positions. A strategic partnership involves a commercial collaboration between two or more businesses, typically formalized through one or more business contracts. As an example, in December 2023, Hon Hai Technology Group, a China-based electronics manufacturer and technology service provider, entered into a partnership with Poro Technologies Ltd., a US-based semiconductor technology company. This strategic collaboration combines Foxconn's patented technologies in semiconductor wafer manufacturing, packaging, IC drivers, module assembly, and system assembly with Porotech's leading innovations in PoroGaN MicroLEDon-Silicon (uLEDoS), Dynamic Pixel Tuning (DPT), and the GaN-on-Silicon platform.

In May 2023, Samsung Display Co. Ltd., a prominent South Korea-based electronics company, completed the acquisition of eMagin Inc. for a notable sum of $218 million. This strategic move allowed Samsung Display Co. Ltd. to significantly broaden its presence in the microdisplay market. By incorporating eMagin Inc., a leading US-based manufacturer specializing in active-matrix organic LED (AM-OLED) microdisplays on silicon, Samsung Display Co. Ltd. aimed to unlock the full potential of its next-generation microdisplay technology. The acquisition strategically positioned Samsung Display Co. Ltd. to leverage the resources and expertise brought by eMagin Inc., enabling the scaled production necessary to meet the demands of a growing market. This acquisition marked a pivotal step in Samsung Display Co. Ltd.'s strategic expansion within the microdisplay industry.

Major companies operating in the microdisplay market report are Sony Semiconductor Solutions Corporation, Panasonic Corporation, Kopin Corporation, Micron Technology Inc., Toshiba Corporation, LG Display Co. Ltd., Sharp Corporation, Kyocera Corporation, Seiko Epson Corporation, AUO Corporation, Konica Minolta Inc., Himax Technologies Inc., Universal Display Corporation, CEA-Leti, WiseChip Semiconductor Inc., Microtips Technology LLC, MicroOLED SAS, Vuzix Corporation, HOLOEYE Photonics AG, Jasper Display Corp., Syndiant Inc., Jade Bird Display Ltd., Dresden Microdisplay GmbH, Fraunhofer FEP, Microvision Inc., Miyota Co. Ltd., Yunnan OLiGHTEK Opto-Electronic Technology Co. Ltd., Samsung Display Co. Ltd., Pixel Display Inc.

North America was the largest region in the microdisplay market in 2023. Asia-Pacific is expected to be the fastest-growing region in the microdisplay market report during the forecast period. The regions covered in the microdisplay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the microdisplay market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product categories within the microdisplay market encompass near-to-eye (NTE) devices, head-up displays (HUDs), projectors, and other applications. Near-to-eye devices refer to wearable gadgets positioned in close proximity to the user's eyes, delivering visual information and immersive experiences. Brightness options are categorized as less than 500 nits, 500–1,000 nits, and more than 1,000 nits. Resolution choices span lower than HD (high definition), HD (high definition), FHD (full high definition), and higher than FHD (full high definition). Various technologies, including liquid crystal display (LCD), liquid crystal on silicon (LCOD), organic light-emitting diode (OLED), and digital light processing (DLP), are employed across different verticals such as consumer, automotive, industrial and enterprise, military, defense, aerospace, retail and hospitality, medical, education, sports and entertainment, and more.

The microdisplay market research report is one of a series of new reports that provides microdisplay market statistics, including microdisplay industry global market size, regional shares, competitors with a microdisplay market share, detailed microdisplay market segments, market trends, and opportunities, and any further data you may need to thrive in the microdisplay industry. This microdisplay market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The microdisplay market consists of sales of active-matrix liquid crystal displays and TFT (Thin-Film Transistor) microdisplays. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.