Market Trends of OLED Microdisplay Industry
This section covers the major market trends shaping the OLED Microdisplay Market according to our research experts:
Consumer Electronics Segment is Expected to Hold Significant Market Share
- The rising product utilization is creating a positive outlook for the market in the consumer electronics industry worldwide. Also, to provide a better gaming experience, OLED microdisplays are frequently used in digital cameras and virtual reality headsets that are compatible with various devices, including smartphones. Accordingly, the market growth is aided by consumers' shifting preferences for smaller electronic devices with displays with clearer images and a wide field of view.
- Additionally, many technological advancements, including the release of ultra-high-definition and high-definition (UHD/HD) OLED microdisplays that offer high optical performance and excellent contrast ratio, are boosting the market growth.
- Also, the microdisplay market has benefited from the innovation and development of digital cameras. The OLED microdisplay has gained market share thanks to consumer demand for a display with a clearer image, a wide viewing angle, and the ability to overcome limitations. Consumers' rising disposable income increased the demand for cutting-edge and upscale goods. These products now use entertainment as a medium, which reflects the adoption of new display technologies. Digital cameras and other consumer electronics, such as virtual reality, are becoming more widely used.
- The use of consumer electronics is expanding, including VR headsets. For a better gaming experience, kids use VR headsets that are more frequently compatible with smartphones and other gadgets. Besides new smartphones, manufacturers like Samsung and HTC also sell VR headsets.
- During the forecast period, the market is predicted to grow favorably due to the rising popularity of VR gaming headsets and a shift in consumer preferences toward smaller, more portable electronic devices.
- Additionally, the percentage of 5G smartphones is expected to increase in the upcoming years. The penetration rate of OLED folding mobile phones will grow as display technology develops. The smartphone penetration rate would increase as smartphone brands launch new flagship folding devices regularly, driven by improved specifications and more affordable pricing. According to Ericsson, the number of smartphone subscriptions globally surpasses six billion in the current year. It is forecast to grow further by several hundred million in the next few years.
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Asia Pacific is Expected to be the Fastest Growing Market
- The Asia-Pacific is one of the prominent regions for the market studied due to the rising urbanization and technological advancements in display screens. There is a massive potential for OLED microdisplays in Asia-Pacific due to the presence of major players across the region, increasing adoption of advanced technology, increasing capital investments, and rapidly growing economies.
- China has emerged as the leading destination in the Asia-Pacific’s micro-OLED display market. The large customer base, along with investor-friendly regulations, is attracting new players to enter the market. The increasing demand for advanced consumer electronic products and innovative display technologies are also creating a favorable market scenario for the growth of the market studied.
- Furthermore, the increasing demand for OLED displays is also encouraging new and existing vendors to enter the market to increase their investment in new manufacturing facilities. For instance, in June this year, BCDTEK, a leading OLED microdisplay developer, announced that it would construct a 12-inch OLED microdisplay production site in Huainan, China, according to the company, would have a production capacity of 20,000 monthly substrates.
- The increasing demand for HMDs and HUDs is expected to propel the market in Japan as Japan also comprises major suppliers of HMDs and HUDs. Automotive, consumer, industrial, and enterprise are key industries in Japan in which microdisplay-based devices are used. Major microdisplay providers in Japan include Seiko Epson, Sony, and Citizen Finedevice.
- Apart from the countries like China, Japan, and South Korea, the growth of the electronics sector across countries such as Taiwan and India is also favoring the market’s growth. Furthermore, the increasing disposable income among the middle-class population across these countries is also creating new opportunities for the market studied.
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