Market Trends of Transparent Display Industry
Retail Sector to Hold a Significant Market Share
- Transparent displays are significantly used in the retail sector, as they are gaining popularity for their ability to create immersive and interactive experiences. They allow retailers to showcase products visually appealingly while providing information. The development can be attributed to advancements in display technology, reduced costs, and the desire to captivate customers with innovative presentations. These displays are being utilized for advertising, product demonstrations, and even as interactive information panels, enhancing the overall shopping experience.
- The transparent displays allow products to be showcased with accompanying digital content, providing a unique and engaging way for customers to view and interact with merchandise. Also, retailers can create interactive and immersive experiences by integrating touch or gesture controls with transparent displays, enabling customers to learn more about products or access additional information.
- Transparent displays can seamlessly integrate with other technologies, such as augmented reality (AR) or virtual reality (VR), providing customers with more engaging and personalized experiences. As technology advances, transparent displays are likely to play an increasingly crucial role in shaping the future of retail by combining the physical and digital aspects of shopping.
- The rise in the number of retail outlets and an upsurge in the use of transparent displays for head-up display products are some factors responsible for driving the growth of the retail evident display demand. During fiscal year 2023, Reliance Retail had over 18 thousand retail stores across India. Aggressive store expansion and spurt in same-store sales were the primary drivers behind Reliance Retail's revenue growth for the same year. Reliance Retail is one of the country's highly profitable subsidiaries of Reliance Industries Limited.
- Further, since transparent displays can be integrated into store windows or other strategic locations without obstructing the view, retailers optimize limited space for promotional and functional purposes. Such benefits in the retail sector may further create demand for the transparent display.
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Asia-Pacific is Expected to Witness Rapid Growth
- The growing demand for transparent displays across the region’s various industries like automotive, retail, consumer, and others is expected to drive the market.
- The region's automotive industry is expected to be one of the significant industries contributing to the market's growth. ITA reports that China remains the global leader in annual vehicle sales and manufacturing output, projecting a production of 35 million vehicles by 2025. The Chinese automobile industry has played a significant role in driving the country's economic growth, as stated by CAAM. Despite a slowdown in development, the industry is expected to continue contributing to the economy. In 2022, China witnessed the sale of approximately 23.56 million passenger cars and 3.3 million commercial vehicles. CAAM anticipates that China's auto production and sales volumes will maintain steady growth, with an estimated increase of over 3% by 2024.
- The growth in various end-user industries in Japan is expected to fuel market demand, attracting more companies to invest in advanced technologies. For instance, in June 2023, Japan Display Inc. (JDI) unveiled a groundbreaking innovation - the world's inaugural transparent liquid crystal meta-surface reflector. This cutting-edge technology enables the manipulation of mmWave reflection in any desired direction. The transparent liquid crystal meta-surface reflector can seamlessly integrate into window glass, advertising media, or any other setting where transparency is advantageous. This remarkable development significantly enhances the versatility and adaptability of installations.
- The Indian Retail industry is expected to be one of the significant industries contributing to the market's growth. According to Invest India, by 2032, it is projected that the Indian retail market will achieve a value of USD 2 Trillion. This growth can be attributed to various socio-demographic and economic factors, including urbanization, income growth, and increased nuclear families.
- Furthermore, India is anticipated to become the third-largest online retail market by 2030 and will have approximately 6 million MSME merchants by 2027. As technology progresses and consumer expectations change, transparent glass screens offer a thrilling prospect for retailers to differentiate themselves from competitors and engage the interest of contemporary shoppers.
- Similarly, India's electronics market is renowned for its immense consumption, making it one of the largest in the world. As per ICEA, India boasts one of the most substantial electronic markets globally in terms of consumption, which is expected to soar to USD 109 billion by 2026. The high demand for various consumer electronics such as mobile devices, PCs, and similar products primarily fuels the market's remarkable potential.
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