(IT-NEWSWIRE.COM, February 15, 2023 ) The AR and VR display market size is valued at USD 1.8 billion in 2023 and is anticipated to USD 8.2 billion by 2028; growing at a CAGR of 35.6% from 2023 to 2028. The key factors fueling the growth of this market include growing adoption of AR and VR devices in various applications, increasing demand for OLED displays in AR and VR devices, growing adoption of AR and VR HMDs in different industries, adoption of AR and VR devices in gaming industry, and growing popularity of Metaverse.
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AR and VR display market based on technology has been segmented into AR and VR. High growth opportunities can be found in the emerging use cases of display panels such as smart mirrors, smart home appliances, and smart wearable display segments—AR and VR HMDs and smartwatches. Displays are integrated with AR and VR devices to create immersive virtual experiences. Display panels for smart wearables, such as AR and VR devices and smartwatches, have revolutionized the electronics industry by offering users interactive capabilities. Thus, display panels play an important role in the ecosystem of AR and VR devices. AR technology uses a computer-simulated environment to connect virtual objects and reality, whereas VR uses software simulation to create an artificial environment. The high adoption of VR HMDs is the major driver for the growth of VR technology in the AR and VR display market.
Based on device type the market has been fragmented into head-mounted displays (HMDs), head-up displays (HUDs), and projectors. The high demand for VR HMDs in gaming and entertainment would drive the market for AR and VR displays in terms of volume. The use of HUDs in automotive applications would drive the growth of the AR HUDs segment during the forecast period. However, AR HMDs are likely to capture the highest CAGR during the forecast period.
The AR and VR display market is based on display technology organic light-emitting diode (OLED), liquid crystal display (LCD), liquid crystal on silicon (LCoS), digital light processing (DLP), and Micro-LED. OLED displays can be used for various applications, including consumer electronics, gaming, automotive, medical devices, lighting, and transportation. Moreover, the cost of OLED displays is expected to reduce in the coming years; thus, OLED technology is likely to be rapidly adopted in AR and VR devices and gain a major market share during the forecast period.
Asia Pacific dominated the AR and VR display market and is expected to maintain the position through the forecast period. Asia Pacific is expected to hold the largest share of the VR display market by 2028. It is expected to grow at the highest CAGR during the forecast period. The growth of the market in Asia Pacific can be attributed to the presence of major VR display manufacturers such as Samsung, Sony, and Epson. With growing consumer demand for VR gear, mainly for gaming and industrial applications, the market growth is expected to propel further.
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