OLED Microdisplay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The OLED microdisplay market was valued at USD 123.94 million in 2020 and it is expected to reach USD 518.38 million by 2026, registering a CAGR of 27.69%, during the forecast period of (2021 - 2026). OLED microdisplays offer a compact size with high pixel density. The market is witnessing growth in demand, owing to the increased use of microdisplays in devices, such as smartphones, television, etc. Moreover, low entry barriers and growing avenues of revenue are the prominent attributes in the OLED microdisplay market.

• The launch of virtual reality headsets is distorting the line between the digital and physical worlds and is generating a sense of being present in the virtual environment, which is accelerating the growth of the OLED microdisplay market. For instance, in March 2019, Sony announced that it had sold over 4.2 million PlayStation VR headsets. The growing VR market is expected to influence the OLED microdisplays positively.
• Advancements in the heads-up display (HUD) provide additional information to the driver while driving. The demand for OLED microdisplay in automotive industries is increasing, while the use of VR and AR for automotive prototyping in virtually designing a car is also supporting the market demand. For example, Jaguar Land Rover has incorporated 3D head-up display into its offerings, and Kia Seltos has an unveiled 8-inch head-up display into its interiors.
• Furthermore, governments are encouraging the industry by investing in building capabilities and R&D activities. Recently, the South Korean government invested USD 470 million to establish an OLED R&D center and a manufacturing facility, which will include 61 manufacturing and production systems, including several OLED evaporation systems.
• However, the protection of OLED layers against oxygen and water vapor and luminance and lifetime specifically under high-temperature conditions may hinder the growth of the market.
• The ongoing COVID-19 pandemic has significantly hampered the progress of the microdisplay market worldwide. This is because the lockdown imposed in several countries to curb the spread of the COVID-19 virus has caused huge disruptions in the global supply chain of the parts and components used in microdisplay systems.
• It has put the highlight on this hands-free, interactive technology, and it is unlikely that this focus would move for some time. There would be a need for this technology in many new use cases, which previously did not require hands-free or remote capabilities.

Scope of the Report

An organic light-emitting diode (OLED) is a light-emitting technology produced by placing a series of organic thin films between two conductors; OLED is a next-generation display technology that is replacing LCD. An OLED microdisplay has a very small screen; the display is usually less than two inches in diagonal. The earlier applications of microdisplays included rear-projection TVs and head-mounted display. OLED microdisplay types include near-to-eye and projections; these types find applications in AR/VR, heads-up display, mobile, personal electronics, cameras, full-color projection, among others.  Applications are limited to automotive, healthcare, industrial, consumer electronics, military, and law enforcement. 

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Key Market Trends

Consumer Electronics to Have a Major Share

• The digital camera evolution has helped the microdisplay market to innovate and evolve. The demand from the customer for a display with a clearer image, wide-view angle, and to overcome any limitations have assisted the OLED microdisplay to capture the market.
• The increasing disposable income of consumers has increased the demand for innovative and luxury products. Entertainment has become a medium for these products, which is reflecting the adoption of new display technologies. Consumer electronics, such as virtual reality and digital cameras, are witnessing growth in adoption.
• Consumer electronics, such as VR headset, are witnessing growth in adoption. Youngsters are increasingly adopting VR headsets compatible with smartphones and other devices for an improved gaming experience. Smartphone manufacturers, such as Samsung and HTC, also offer VR headsets along with the purchase of new smartphones. The rising adoption of VR gaming headsets, coupled with shifting consumer preferences toward miniaturization of electronic devices to make them handy and portable, is expected to drive the market’s growth positively over the forecast period.

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