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Display panels used in wearable devices, which are manufactured using technologies such as LED-backlit LCD and OLED, have application in verticals such as consumers, military & defense, healthcare, enterprise & industry, commercial, and others. The wearable display market was valued at USD 1.05 Billion in 2017 and is expected to reach USD 3.37 Billion by 2023, at a CAGR of 20.33% between 2018 and 2023. The increased use of flexible OLED displays in smartwatches, rising demand for OLED displays for use in smart wearable devices, and technological shift and development of energy-efficient and high-specification display products are some of the major factors driving the growth of the market. With the increasing adoption of AR/VR devices and the development of micro-LED displays for smart wearable devices, the market is expected to witness significant growth between 2018 and 2023.

Increasing demand for high specifications (thin design and low power consumption) is encouraging companies to develop and launch innovative products with enhanced features. Market players also focus on partnerships, agreements, and collaborations to enter into new application areas by launching technologically advanced and innovative display devices. Display panel manufacturers also expand capabilities-another strategy widely adopted by companies-to showcase their dominance in the market. Companies such as Samsung Electronics (South Korea), LG Display (South Korea), AU Optronics (Taiwan), Japan Display (Japan), and Sharp (Japan) have adopted expansions and product developments as their key growth strategies; Samsung Electronics (South Korea), Kopin Corporation (US), eMagin Corporation (US), and Japan Display (Japan), among other companies have adopted acquisitions, partnerships, and collaborations as their key growth strategies.

Samsung has maintained its position as a global leader in the TFT-LCD flat panel display space by providing products that offer benefits such as high resolution, low power consumption, low cost, and high yield rate. The display market is witnessing high growth of OLED technology, which is replacing LCD technology in large panel display applications; OLED is rapidly replacing TFT-LCD in smartphones and other smart devices such as smartwatches and virtual reality devices. The company is a market leader in providing OLED displays owing to its continued investments and technological breakthroughs pertaining to OLED. Samsung has a higher R&D budget than its competitors; it invested 7.33% of its total revenue in R&D in 2016. The company focuses on providing display solutions for new categories such as wearable devices, flexible devices, and automotive applications.

LG Display held the second position in the wearable display market in 2017 and is a leading provider of display panels, with a strong global presence and a wide customer base-particularly in China. The company is financially strong owing to the support from its parent company and is considered one of the top display technology providers worldwide. It offers a wide range of display panels for various applications. LG Display focuses on offering cost-competitive display products and has maintained a stable and long-term relationship with its customers. The company is a leading provider of TFT-LCD panels in the display market and is heavily investing money and resources to establish more plants to manufacture display panels for smart wearable devices and other devices. It generated ~70% of its revenue from China in 2016 due to the high demand for display panels from the Chinese consumer electronics manufacturers.

Related Reports:

Wearable Display Market by Product Type (Smart Bands, Smartwatches, Head-Mounted Displays), Display Technology (LED-Backlit LCD, OLED), Panel Type (Rigid, Flexible, Microdisplay), Display Size, Vertical, and Geography - Global Forecast to 2023