Display Market worth $187.8 billion by 2028
The major factors driving the market growth for displays include surging adoption of OLED displays in various applications, increasing use of LED displays for video walls, TVs, and digital signage applications, increasing applications of displays in automotive and healthcare industries, and growing popularity of interactive displays.
LCD displays have been extensively used in display devices over the last few decades. Currently LCDs are mainly used in retail, corporate offices, industries, and banks. The LCD segment accounted for the largest market share in 2022 and was a relatively mature segment. However, the LCD market is expected to witness a decline during the forecast period. High competition from newer and advanced technologies such as OLED and micro-LED, disruption in the demand and supply ratio of LCD displays, and gradual decline in average selling prices (ASPs) of LCD panels globally are some of the major factors contributing to the decline of the LCD market globally. In recent years, technologies such as OLED and micro-LEDs are expected to witness significant growth and increased adoption in smart wearables, smartphones, and television sets.
Microdisplays are microminiaturized displays with a diagonal size of less than 1 inch. They are manufactured using display technologies such as liquid crystal display (LCD), liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), and digital light processing (DLP). Their compact design allows them to be used in various applications where space is limited such as head-mounted displays and digital cameras. The microdisplay segment is expected to register the highest CAGR during the forecast period. The growing demand for augmented reality (AR) and virtual reality (VR) head-mounted displays (HMDs) is a major factor driving the market growth for microdisplays globally.
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