Advanced driver assistance systems (ADAS) are increasingly being integrated in both commercial and passenger vehicles, which can be owing to the rising need for safety on roads. The automotive industry has been focusing widely on enhancing the safety features of vehicles for providing drivers with improved driving experience and making roads safer and more secure.
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Moreover, governments of several countries have also implemented various policies that mandate vehicles to have certain safety systems. All these factors are leading to the growing adoption of heads-up displays (HUD) for displaying important driving-related information and convenience. HUDs are a product type of microdisplays, which is a display that has a very small screen, usually less than 2 inches diagonal.
The microdisplay market is expected to generate a revenue of $4.0 billion by 2030, increasing from $1.0 billion in 2019, and is projected to advance at a 13.4% CAGR during the forecast period (2020–2030). In terms of technology, the market is categorized into digital light processing, liquid crystal display, OLED, and liquid crystal on silicon.
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Owing to the growing adoption of these displays, the global microdisplay market is predicted to progress at a considerable rate in the years to come. These days, the utilization of organic light-emitting diode (OLED) microdisplays demand has been growing rapidly as well. These displays are increasingly being utilized in consumer electronics, particularly virtual reality devices, as they have a compact size, high resolution, and better picture quality than traditional display technologies.
Among all these, the OLED category is projected to advance at the fastest pace during the forecast period. This is owing to the growing utilization of OLED microdisplays in televisions, smartphones, and other consumer appliances. Moreover, the demand for smartphones is surging across the globe, which is further driving the demand for OLED microdisplays.
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