DUBLIN, March 13, 2023 /PRNewswire/ — The “AR and VR Display Market by Device Type (AR HMDs, VR HMDs, AR HUDs, VR Projectors), Technology, Display Technology (LCD, OLED, Micro-LED), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) & Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The AR and VR display market is projected to grow from USD 1.8 billion in 2023 to USD 8.2 billion by 2028; it is expected to grow at a CAGR of 35.6% from 2023 to 2028.
Growing adoption of AR and VR HMDs in different industries, the growing popularity of Metaverse, growing adoption of AR and VR devices in various applications, the adoption of AR and VR devices in the gaming industry, and the increasing demand for OLED displays in AR and VR devices are key driving factors for the market.
The growing popularity of Metaverse
Metaverse is a virtual reality platform that is considered an extension of the physical world. It is a parallel virtual universe wherein digital avatars of users can practically do everything they do in real life using AR and VR devices. AR technology allows for the integration of virtual components into the real world, whereas VR incorporates 3D technology to develop graphics and designs in the platform.
Consumer applications to grow at a higher CAGR in the AR and VR display market during the forecast period
The growing use of HMDs for gaming will propel the market for consumer applications. Virtual reality technology offers remarkable visual effects when used in gaming and sports broadcasts. The demand for head-mounted displays is high in consumer applications because of their use in gaming and sports & entertainment.
North America would lead the virtual reality market for consumer applications owing to the high demand for gadgets such as HMDs and projectors. However, the market for consumer applications in Asia Pacific is expected to grow at the highest CAGR owing to the increased adoption of VR HMDs for consumer applications in the region.
Asia Pacific to grow at the fastest rate in the forecast period
The AR and VR display market is expected to grow at a faster pace in the next few years, on account of surging consumer demand for AR and VR devices, mainly for gaming and industrial applications. The increased spending on the aerospace & defense sector in recent years by governments of Asian countries such as China, Japan, India, and South Korea is expected to spike the demand for AR and VR HMDs and EVFs.
Further, VR and AR technologies have shown significant progress in Asia Pacific in recent years, and there exists a huge market potential for these technologies. The growing number of consumer applications of AR and VR technologies, with increasing investments by countries such as Japan, India, and China, is also likely to boost the demand for regional AR and VR display-based HMDs
. The increased use of HMDs in consumer verticals of Asia Pacific, owing to the easy availability of affordable AR and VR devices in the region, facilitates market growth.
Major players profiled in this report:
The AR and VR display market is dominated by a few established players such as Samsung Electronics (South Korea), Sony (Japan), LG Display (South Korea), eMagin Corporation (US), Kopin Corporation (US), AU Optronics (Taiwan), Japan Display (Japan), Barco (Belgium), BOE Technology (China), and Syndiant (US).
- Asia-Pacific to Dominate AR and VR Display Market During Forecast Period
- VR Technology to Account for Larger Market Size During Forecast Period
- Automotive Application to Dominate AR Display Market by 2028
- Consumer Applications to Lead VR Display Market by 2028
- AR Hmd Devices to Grow at Highest CAGR During Forecast Period
- Oled Display Technology to Hold Major Share of AR and VR Display Market in 2028
- AR and VR Display Market to Register Highest CAGR in Asia-Pacific During Forecast Period
- 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
- Growing Popularity of Metaverse
- Development of Widescreen Alternatives
- Limited Availability of Relevant Content
- Health Issues Associated with Excessive Use of AR and VR Devices
- Growing Demand for AR and VR Devices Post-COVID-19 Outbreak
- Rising Investments in AR and VR Ecosystem
- Rising Technological Advancements and Growing Use of Microdisplays in AR and VR Devices
- Surging Adoption of AR Technology for Enterprise Applications
- Display Latency and Limited Field of View
- Complex Processes Involved in Manufacturing AR and VR Displays
- Developing User-Friendly AR/VR Systems
Value Chain Analysis
- Research & Development
- Assembly, Packaging, and Integration
- Material & Equipment Supply and Distribution
- Marketing and Post-Sales Services
- AR in Corporate
- AR in Warehouse Management
- AR in Retail
- VR in Manufacturing
- VR in Corporate
- AR in Marketing
- High Adoption of AR Smart Glasses to Improve Work Efficiency
- Increased Demand for AR for Rugged Display Applications
- Microdisplays for VR
- Web AR
- Mobile Augmented Reality (MAR)
- Samsung Electronics
- Lg Display
- Au Optronics (Auo)
- Emagin Corporation
- Kopin Corporation
- Japan Display Inc.
- Boe Technology
- Tianma Microelectronics
- Truly International
- Himax Technologies
- Innolux Corporation
- Seiko Epson
- Holoeye Photonics
- Jasper Display Corp. (Jdc)
- Yunnan Olightek Opto-Electronic Technology
- Universal Display Corporation
- Everdisplay Optronics
- New Vision Display (Nvd)
For more information about this report visit https://www.researchandmarkets.com/r/nea3ew
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