AR and VR Display Market Projected to Grow at 21.8% CAGR during 2019-2024
AR and VR display market projected to grow at 21.8% CAGR during 2019–2024.
The AR and VR display market is expected to grow from USD 1.6 billion in 2019 to USD 4.4 billion by 2024, at a CAGR of 21.8% during the forecast period. Increasing adoption of AR and VR devices in various applications, increasing demand for OLED in AR and VR devices, rising technological advancement and growing use of microdisplays in AR and VR devices are the major factors fueling the growth of the overall market. However, the deployment of full-screen alternatives, competition from existing devices with traditional displays, and limited content availability are the major factors restraining the growth of the market.
VR HMDs to lead AR and VR display market during the forecast period.
The use of VR HMDs in gaming and entertainment in the consumer space is the primary driver for the growth of the VR HMD panel market.New entrants in the form of local vendors coming in from APAC countries would be major consumers of VR HMD panels.
The commercial sector is expected to grow at the highest growth rate owing to the use of VR HMDs on a large scale in tourism and sight-seeing, as well as in the retail sector. The realistic and interactive real-time environment offered by these devices make them ideal for gaming and entertainment.
Enterprise application to lead the AR display market during the forecast period.
AR is a cutting-edge technology involved in the Industry 4.0 trend. The use of AR devices helps minimize human errors, improves efficiency, and reduces expenses. The AR devices have a wide range of use cases, namely in operations for installation and assembly, maintenance and remote assistance, training, quality control, safety management, and for design and visualization. There is a growing number of use cases of AR HMD for maintenance and repair, allowing a worker to repair an engine by superimposing images and information in his actual line of sight. Complex procedural repairs can be broken down into a series of simple steps offering instructions at a glance. This would help enterprise applications to lead the AR display market during the forecast period.
APAC to register the highest CAGR in AR and VR display market by 2024
The presence of significant AR and VR display manufacturers in countries such as China, South Korea, Japan, and Taiwan is the primary driver of the AR and VR display market.The majority of the demand for AR and VR displays is expected to derive from consumer, enterprise, commercial, and automotive applications.
These applications offer huge potential for the AR and VR market because of the increasing awareness among consumers and the rising adoption of new technologies in various industries, especially in countries such as China, India, and South Korea. APAC will grow at the highest CAGR and is also expected to lead the AR and VR display market by 2024.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the AR and VR display marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 36%, Tier 2 – 44%, and Tier 3 – 20%
• By Designation: C-level Executives – 61%, and Managers – 39%
• By Region: North America – 35%, Europe – 32%, APAC – 21%, South America – 7%, and Middle East & Africa – 5%
The report profiles key players in the AR and VR display market with their respective market ranking analysis. Prominent players profiled in this report are Samsung Electronics (South Korea), Sony (Japan), eMagin (US), Kopin (US), LG Display (South Korea), Japan Display (Japan), Syndiant (US), AU Optronics (Taiwan), Barco (Belgium), Seiko Epson (Japan), BEO Technology (China), HOLOEYE Photonics (Germany), Himax Technologies (Taiwan), Jasper Display (Taiwan), Raontech (South Korea), Innolux (Taiwan), OLiGHTEK (China), Fraunhofer (Germany), Universal Display (US), ITRI (Taiwan), New Vision Display (China), INT Tech (Hong Kong), EverDisplay Optronics (China), and CREAL3D (Switzerland).
This research report categorizes the global AR and VR display market based on technology, device type, application, and geography. The report describes the major drivers, restraints, challenges, and opportunities about the AR and VR display market and forecasts the same till 2024.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the AR and VR display market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches, partnerships, acquisitions, collaborations, and capital funding.