Wearable Display Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2943
Wearable Display Market size is anticipated to grow substantially over the forecast time span owing to growing usage of flexible OLED displays in smart wearable devices and the increasing adoption of Augmented Reality (AR) and Virtual Reality (VR) headsets. Growing demand for OLED displays has forced the manufacturers to develop and adopt this technology in wearables. These displays offer various advantages such as sharp color performance, excellent contrast, and better viewing angles.
Growing popularity of IoT services and connected devices has forced the manufacturers to provide consumers with this feature in wearables. IoT solutions are in enormous demand among the consumers and this demand is driving the need for these services in various devices. These demands are captured by the manufacturers, allowing them to cater to a wide market of IoT services and ensuring the growth of the wearable display market. The growth of these services in the market will enhance the development of this industry.
With the advent and incorporation of new technologies, features, and functions into smart wearables, the prices of the devices will grow substantially high, thereby hindering the wearable display market growth. This makes it difficult for the consumers to afford the products at these prices. This untapped market can be explored by the manufacturers through the introduction of new technologies with lesser manufacturing costs and prices. Fluctuations in the average selling prices of the OLED-based display are also affecting the cost of manufacturing of these components, which will affect the market prices of the wearable products and account for the variability in demands.
Head Mounted Displays (HMD) account for a high share in the wearable display market segments by product. In the defense sector, they are mainly used for the training simulation and tracking and analyzing of military maneuvers. The other uses of HMD in the defense sector are implementation in night vision system, situational awareness, navigation, security monitoring, visual enhancements, inspection, and remotely-piloted vehicle interfaces. AR & VR devices in mobile and gaming applications are driving the growth of this market segment. Various sectors such as engineering, logistics, automotive and firefighting also have applications in these devices.
OLED display technology is growing in demand and has acquired a vast share in the wearable display market. Many smart bands and fitness watches adopt PMOLED displays, offering smaller size, greater contrast, and higher efficiency. More advanced and sophisticated watches use AMOLED displays, offering better resolution and high performance. This technology is also used in AR & VR devices, offering high image quality, power efficiency, and fast refresh rate. The growth in the demand for OLED displays in smartwatches, high specification display products, technological shift & development of energy-efficient products are the major factors responsible for the growth of the market size and market attractiveness of the wearable display market.
The healthcare sector is the most dominating segment in the wearable display market as it accounts for the high market attractiveness and usage. With the growth in the wearable display market, it is expected that the healthcare industry will experience large benefits. These devices are very helpful and useful in tracking calories, exercise, and various health measures. With an increase in various health problems and diseases, it becomes very important to have a regular track of the various health parameters to stay healthy and disease-free. The demand for these health bands and wearables is a major driver for the growth of this market.
The Asia Pacific wearable display market is expected to grow rapidly over the forecast timespan. Applications in various sectors such as healthcare, consumer electronics, industrial & military are contributing to the growth of the wearable display market. This region consists of several manufacturers, which are implementing the latest technologies by adopting various market strategies such as product differentiation, market segmentation, and market positioning. There is a high availability of manufacturers and suppliers in this region, which is increasing the higher production and demand for these devices. This region consists of both developed and developing countries, where major adoptions of new technologies can be witnessed. Also, a high demand for smartphones and rising internet mobility in the region account for the growth in the wearable display market over the forecast period.
Key players in wearable display market are LG Display, AU Optronics, Samsung Electronics, Japan Display, BOE Technology, Tianma Electronics, Truly Semiconductors, Hannstar Display, Kopin Corporation, Sharp, Apple, Inc., Fitbit, Inc., Qualcomm Technologies, Sony Corporation, Adidas Group, Misfit, Inc., Xiomi Technology Co., Ltd., Garmin Ltd., and LifeSense Group B.V. These players are the major competing companies in the industry. They are adopting various strategies and techniques to acquire the customers and managing their share in the wearable display market. In August 2018, Samsung Electronics launched Galaxy Watch with OLED display covered with Gorilla Glass DX+ built particularly for wearables. The displays are waterproof, sweatproof, and scratch-resistant, allowing them to be used as workout assistants.
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