The report “AR and VR Display Market with COVID-19 Impact Analysis by Device Type (AR HMDs, VR HMDs, AR HUDs, VR Projectors), Technology (AR, VR), Display Technology (LCD, OLED, Micro-LED, DLP, LCoS), Application, and Geography – Global Forecast to 2026″, size was valued at USD 994 million in 2021 and is projected to reach USD 5,102 million by 2026. It is expected to grow at a CAGR of 38.7% during the 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, and adoption of AR and VR devices in gaming industry are the key driving factors for the AR and VR display market.
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HMDs to hold major share of the AR and VR display market during the forecast period.
The use of AR HMDs for enterprise and healthcare applications will be the major factor driving the growth of the market in the next 5 years. AR HMDs are used in different applications, including consumer, commercial, enterprise, aerospace & defense, automotive, and healthcare. The use of AR HMDs in retail would drive the market growth for AR HMDs for commercial applications. HMDs are generally used as visual displays for AR/VR, mixed reality (sometimes referred to as hybrid reality, encompassing both AR and VR), and telepresence applications. HMDs are small and lightweight, offer a wide field of view and stereo capability, and display images in accordance with the motion of the user’s head. An HMD consists of an image projector or display, optical system, sensors, and electronic components, along with housing, and is mounted on the user’s head via a headband or a helmet. They can be wired or wireless. Significant improvements in terms of mass, cost, volume, simplicity, and optical performance are expected to boost the adoption of HMDs by customers.
Consumer application to hold major share of the AR and VR display market during the forecast period.
The consumer application held the largest size of the VR display market in 2020. The introduction of VR in consumer technologies has led to the launch of many innovative products in the market. Moreover, continuous decline in the cost of VR devices, software developments, and relevant content developments are driving the market for VR. The demand for AR displays for consumer applications mainly stems from the gaming industry. AR technology has garnered considerable interest from the gaming industry, in particular, as it can be used to enhance gaming experience. APAC is likely to be the fastest-growing AR display market for consumer applications during the forecast period, owing to the presence of major display manufacturers in the region. The economic powerhouses in Asia—China, Japan, India, Taiwan, and South Korea—would drive the growth of the AR display market for consumer applications.
APAC to witness a higher CAGR during the forecast period.
The VR display market growth in APAC is driven by countries such as China, Japan, and South Korea due to the presence of major display manufacturers, growing consumer demand, and decreasing price of VR devices. Owing to the presence of a number of display panel manufacturers in the region, the adoption of the latest display technologies is high in APAC. The use of VR displays in APAC is expected to grow in healthcare, commercial, and enterprise verticals. The commercial and enterprise verticals in APAC have adopted these displays at large owing to the easy availability of VR devices in the region. Low-priced VR headsets are easily available in APAC countries, which would, in turn, help the market in APAC to grow at a high pace. The presence of major AR display manufacturers in countries such as China, South Korea, Japan, and Taiwan is the major driver of the AR display market. The region is also the largest consumer market in the world. With growing adoption of AR HMDs in different verticals and growing use cases of these devices, it is expected that in the coming years, the AR display market is likely to boom in the region.
A few of the key players in the AR and VR display market are 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).
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