Study: Wearable display market to grow at 19.5% CAGR to 2024

The global Wearable Display Market is estimated to grow at a CAGR of 19.5% through 2024 as usage increases in sectors such as defense and medical.
The global Wearable Display Market is estimated to grow at a CAGR of 19.5% through 2024 as usage increases in sectors such as defense and medical. (Pixabay)

The global Wearable Display Market is estimated to expand at a CAGR of 19.5% between 2019 to 2024 as the scope, product types, and its applications are increasing, according to a report by Radiant insights. This could be attributed to the increasing use of OLED displays all over smart wearable devices along with growing adoption of VR (Virtual reality) and AR (Augmented Reality) headsets.

According to the study, IoT services along with connected devices have compelled the producers to render them in the wearable. While wearables are expected to gain in usage, their initial cost is likely to hamper the market. The latest trend is that of the advent of HMD (Head Mounted Displays), which in high demand in the defense sector to train, simulate, track, and analyze military maneuvers. The other areas of presence in the same sector include situational awareness, night vision system, security monitoring, navigation, inspection, remotely-piloted vehicle interfaces and visual enhancements. Other vertical markets for wearable displays include firefighting, logistics, automotive, and engineering.

According to the study, the "healthcare" sector is the second most dominating sector in wearable display market. This is due to the fact that it does account for high usage and attractiveness. Wearable display devices do aid in tracking calories. The Asia Pacific is expected to witness strong growth by 2025 as several manufacturers are shifting their base to the economies herein. In addition, exponential demand for smartphones and internet mobility will bolster the Asia Pacific market.

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Key players contributing to the market include AU Optronics, BOE Technology, Apple Inc., Sharp, Kopin Corporation, Hannstar Display, Truly Semiconductors, Tianma Electronics, Japan Display and LG Display.

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