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|Title||Why Are Microdisplays Becoming Essential for Consumer Electronics?|
|Category||Media News --> Newsletters|
|Meta Keywords||microdisplay market|
\With the increasing purchasing power of people, the sale of smartphones and tablets is rising. Apart from practical devices that people use to connect with people and the online world, they have also become style statements. People nowadays purchase smartphones and tablets that match their personalities and customize them with colorful and quirky covers. Hence, with consumer electronics companies trying to cater to the burgeoning demand for such devices by coming up with increasingly modern ones, their demand for the various components of such objects is rising.
Therefore, according to P&S Intelligence, the microdisplay market will grow from $1,145.6 million in 2020 to $5,535.6 million by 2030, at a high 17.1% CAGR between 2020 and 2030. Microdisplays are small, high-resolution displays, which have become important considering the continuous reduction in the size of consumer electronics. The key products into which such displays are integrated include head-up displays (HUDs), projectors, near-to-the-eye (NTE) devices, monocular and binocular systems, thermal imaging glasses, and rifle scopes.
Among these, the integration of microdisplays is rising the fastest in HUDs, which have been a common feature of third-, fourth-, and fifth-generation fighter jets and are becoming increasingly common in automobiles. The key reason behind the installation of HUDs in terrestrial vehicles is the growing demand for advanced driver assistance systems (ADAS). Due to the rising prevalence of road accidents, several countries have mandated the installation of ADAS in automobiles.
Because of such reasons, the consumer electronics category dominated the end use segment of the microdisplay market during 2015–2020 (historical period), while the automotive category will witness the fastest growth during the forecast period. Most of the road accidents happen due to the fault of humans (pedestrians and drivers), which is why the installation of ADAS is rising. ADAS has a number of sub-systems, including adaptive cruise control, automatic emergency braking, blind spot detection, lane keeping assistance, adaptive front light, cross traffic alerts, driver monitoring, intelligent park assist, and night vision. They generate a lot of data, which is displayed to the driver on HUDs.
In terms of technology, liquid crystal display has been the most-popular among entities and individuals who use microdisplays. This is because it offers low power consumption, cost-effectiveness, and compact size. In recent years, the LCD technology has allowed for the size reduction of consumer electronics, which continues to this day. Apart from LCD, the micro light-emitting diode (LED) and organic LED technologies are also being advanced and incorporated. Although OLED displays are more expensive than LCD displays, they are better in terms of the picture quality.
Therefore, due to the rapid technological advancements in displays and their surging demand in consumer electronics, Asia-Pacific (APAC) is set to dominate the microdisplay market throughout the forecast period. The region’s vast population is becoming interested in advanced consumer electronics, as its disposable income increases. Moreover, most of the globally well-known consumer electronics companies and the firms that manufacture components are based in APAC. Similarly, the rising demand for cars with ADAS is propelling the requirement for microdisplays in the region.