The wearable display market is expected to grow at a high CAGR of 20% and a valuation of USD 3.16 billion during the forecast period 2020-2027
Globally, the wearable display market is expected to grow at a high CAGR of 20%, at a valuation of USD 3.16 billion during the forecast period 2020-2027 driven by owing to the increasing use of smart devices and consumer electronics.
The manufacturing of various digital devices like smart glass, fitness trackers, smartwatches, smart clothes, and wearable cameras all are made with the use of wearable displays like substrates, coatings, and adhesives are the leading products in the wearable display market in the global market. Because of the shifting trend to a healthy lifestyle, there is tremendous growth in the wearable display market in the global market. Also the increasing development of the internet of things, as a result of the demand for consumer electronics and smart devices which ultimately leads to the boost of the wearable display market in the global market.
Owing to the global pandemic of COVID 19 the growth of the wearable display market has shown a downfall in the global market which falls the economies into forced recession and due to this fact, the global market demand for wearable displays has reduced many times because of manufacturing shutdown during lockdown period.
The wearable display market is expected to recover from this global pandemic in the second quarter of the coming year. The main reason behind this can be attributed to the rising funding and investment that helps in the expansion of the global market product portfolio and hence, cater to the rising needs of the global target audience during the ongoing forecast period of 2020-2027.
Owing to the increase in the phenomenon of the Internet of Things (the IoT), and its interconnected capacity with various devices like computers, laptops, tablets, smartphones, etc. it has to drive the wearable display market in the global market. This has made the life of consumers easy and comfortable as it can easily be connected with smart sensors, drones, driving cars, and various wearable displays. There has been the rise of trends that support the increased use of flexible OLED displays in smartwatches, rising demand for OLED displays for use in smart wearable devices, and hence, a reliable technological shift and development of energy-efficient and high-specification display products are likely to emerge as some of the major factors driving the growth of the market during the forecast period that will be ending in 2028. With the increasing adoption of AR and VR devices and the development of micro-LED displays for smart wearable devices, the global wearable display market share is expected to witness significant growth during the forecast period that is projected to end in 2027.
The opportunity in the development of hybrid and multi-function wearable devices that will integrate all the functions in one compact device. The demand for these products will increase during the forecasted period.
The wearable display market is growing at a very fast speed but some factors restraints its growth like the high cost because of rapid evolution and development of consumer electronics and hence the products of old technology become obsolete within a short period. Also, it is a big challenge to update at the speed at which technology is growing. Also, consumers want their products to be of the latest technology as a result, more cost is incurred for the installation of new technology now and then. Also, it affects the production cycle of the products.
With the advent of the wearable displays market in the global market, the life of the consumers has become very easy and comfortable as now they have devices that can easily monitor their health all the time. This will reduce the burden of doctors and staff as now the health conditions can easily be monitored using wearable displays to improve the treatment and diagnosis. These wearable displays help in motivating the customers as they help in keeping the track of their goals and accomplishments and help in self-improvement.
The wearable display market share is projected to undergo an excellent degree of expansion and hence, the growth of the global market can be attributed to the rising demand of the target audience followed by the enhanced ability of the market to cater to these needs. The global wearable display market has been segmented based on the following:
Display Size (Diagonal):
The largest share in the global wearable display market is held by the Asia-Pacific region which is expected to show a high CAGR of 14.5% during the forecasted period that is projected to be ending in 2027. Under this region, China has the leading market. Indian market is also showing tremendous growth in the global market and is expected to rise more during the forecasted period.
The second position is held by the North American region owing to an increase in disposable income of the people and a shifting trend towards smart devices has led to the growth in the North American region.
Some of the major key players in the wearable display market in the global market are as follows:
To increase the market share of the wearable display market in the global market these prominent players use various strategies like product collaboration and launching and tapping the untapped market for the potential customer base.
The global wearable display market research report consists of the following aspects:
This wearable display research reports tell about the growth opportunities and drivers in the global market along with the impact of COVID 19 on the global market demand. The future expected growth rate and value are also estimated and mentioned.
The research methodology has both primary and secondary data and top-down and bottom-up approaches to estimate the size of the market along with dependent submarkets. Key players in the wearable display industry are identified through secondary research. It includes company press releases, annual reports, investor presentations of companies, and many others. All this study is verified using primary research and analyzed to get quantitative and qualitative data.
|Market Size||USD 3.16 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Display Technology, Panel, Display Size, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Samsung Electronics Co., Ltd. (South Korea), LG Display (South Korea), Apple (US), AU Optronics (Taiwan), Japan Display (Japan), Sharp Corporation (Japan), BOE Technology (China), Tianma Microelectronics (China), Kopin Corporation (US), Truly Semiconductors (China), eMagin Corporation (US), and Hannstar Display (Taiwan)|
|Key Market Opportunities||The presence of a significant number of wearable display panel manufacturers and increasing adoption of the latest technology-based display devices.|
|Key Market Drivers||
The most prominent market player in the global market is Master Bond Inc. (U.S.), Covestro AG (Germany), Solvay (Belgium), 3M (U.S.), Arkema SA (France), Wacker Chemie AG (Germany), DowDuPont (U.S.), BASF SE (Germany), and many others.
The wearable display market in the global market is expected to show a high CAGR of 20.33% and is expected to reach USD 3.37 billion during the forecasted period.
The largest share in the wearable display market in the global market is held by the Asia-Pacific region as it is expected to show a high CAGR of 14.5% owing to an increase in the advancement in technology followed by North America.