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. The key factors fueling the growth of this market include 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, and growing popularity of Metaverse.
The AR and VR display market is dominated by key 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). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.
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Samsung Electronics is a leading developer and manufacturer of electronics and computer peripherals. The company operates through four business segments, namely, Consumer Electronics (CE), Information Technology & Mobile Communications (IM), Device Solutions (DS), which comprises a semiconductor, Display Panel (DP), and Harman. The Consumer Electronics (CE) segment deals in cable televisions, monitors, printers, air conditioners, refrigerators, washing machines, and medical devices. The Information Technology & Mobile Communications (IM) segment deals in handheld products, communication systems, computers, and digital cameras. The Device Solutions business division deals in memory systems, large-scale integrated circuits, and light-emitting diodes. The Display Panel division designs and manufactures LED-LCD, QD-LCD, and OLED display panels. The Consumer Electronics (CE) and IT & Mobile Communications (IM) divisions fall under Samsung Research, which is the advanced research and development (R&D) hub of Samsung Electronics. The hub leads the development of future technologies, with more than 10,000 researchers and developers working in overseas R&D centers.
Samsung Electronics has been focusing on the development of displays for electronic gadgets, such as smartphones, tablets, wearable devices, and headsets. It also provides displays for TVs, laptops, cameras, and audio systems. The company uses newer technologies for developing high-definition, high-quality displays. Currently, the company is focusing on VR applications for its smart TVs. In addition, it provides wearable devices powered by AR and VR. Samsung has been maintaining its leading position in the display market; it has consistently introduced high-resolution, low-power-consuming, low-cost, and high-yield-rate products. With the rapidly growing demand for AR and VR displays, its technological expertise, and quick expansion of production capabilities, the company has captured a majority share of the market. It is focused on developing display solutions for evolving use cases, including AR and VR and flexible devices, and automotive systems.
LG Display, which offers AR and VR displays, is a part of LG Electronics and is listed on the Korea Stock Exchange and New York Stock Exchange. LG Display is now one of the leading manufacturers of TFT-LCD panels, OLED display panels, and flexible displays. It uses technologies such as film-type patterned retarder (FPR), advanced high-performance in-plane switching (AH-IPS), and organic light-emitting diode (OLED) to develop display panels. The company manufactures display panels for televisions, desktop monitors, notebook computers, tablet computers, mobiles, AR and VR devices, and other applications (industrial, entertainment systems, automobiles, portable navigation devices, medical diagnostic equipment, etc.). It undertakes continuous research and development and investments in next-generation displays, such as flexible and transparent displays. LG Display operates its production plants as well as sales and marketing offices worldwide. The company has sales/subsidiary offices across China, Singapore, Malaysia, the US, Germany, and Japan. LG Display competes with Samsung Display, AU Optronics, Innolux, Sharp, BOE Technology, China Star Optoelectronics Technology (CSOT), and Japan Display, among many others.
LG is a major company that offers a broad portfolio of AR and VR solutions globally. It offers a wide range of display panels for televisions, smartphones, tablets, desktop computers, automobiles, and smart wearables, including AR and VR devices. It is focused on offering cost-competitive display products and maintains stable and long-term relationships with its customers. The company is more focused on the development of automotive OLED display panels for HUDs and HMDs that can be used in autonomous cars. The company invests a significant portion of its revenue in R&D activities, which has helped it maintain a leading position in the AR and VR display market. It has a sound financial condition and has been active in exploring and preparing for new business opportunities.
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
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