The wearable display market is projected to grow at a CAGR of 20.23% over the forecast period, from US$4.414 billion in 2024 to US$11.090 billion by 2029.
The shipment of fitness bands and other health-tracking wearables has been witnessing a steady increase, on account of the demand from a growing proportion of the population that is becoming health conscious. Furthermore, the growing adoption of AR/VR devices along with the incorporation of small LED displays in wearable devices such as smartwatches and fitness bands is projected to boost the wearable display market. Technological advancements in wearable technologies are also anticipated to widen the growth opportunities and drive the wearable display market over the forecast period.
Also, the increasing popularity of wearable devices is estimated to boost their demand around the globe, thus augmenting the demand for wearable displays. Further, there is rising adoption of wearable innovation which is utilizing the integration of display which is additionally developing areas of new potential for wearable display business technology. Besides, the Asia Pacific region is predicted to have a considerable market size because of rising innovation in wearable products and the blooming manufacturing sector.
People worldwide are spending more because increasing disposable income permits consumers to spend more on personal things like wearable innovation. This increased disposable income results in the development of more premium wearable devices, which is expected to fuel the necessity of wearable displays. People are purchasing new wearable products such as wearable rings, wearable watches, and wearable bands which are gaining popularity and also have multiple features that consumers find more convenient and stylish.
The World Population Review data of 2024 reported that the average is rising globally with each passing year. The United States ranked as the highest country with average disposable income rising from US$51,147 in 2022 to $54,854 per household by 2024, which is followed by US$49,860 in disposable income per household in Luxembourg, and the third country is Switzerland accounting for the disposable income of US$43,035 per household in 2024, will contribute to market growth.
The demand for OLED (Organic Light-Emitting Diodes) displays is estimated to shoot up in the coming years on account of rising demand for higher quality image output, combined with rapid technological advancements and increasing investment by key players in the development of OLEDs. Additionally, this is a display technology that utilizes a flat light emitting technology, produced by placing a series of thin films between two conductors. This results in a thinner, more vibrant, and brighter display than other technologies.
Additionally, since it individually illuminates every pixel, it can also shut them down individually, resulting in a more battery-efficient performance. These benefits offered by OLED displays have enabled smartwatches and other wearable device manufacturers to provide additional functionality like always-on displays, hence contributing to the rapid adoption of this OLED.
For instance, in January 2024, Sony Corporation developed an immersive spatial content creation system that features an XR head-mounted display with 4K OLED Microdisplays and video see-through work. The system incorporates controllers for instinctive interaction with 3D objects and exact indicating and aims to support the creators in advanced 3D content creation and strategies to partner with engineers of 3D generation software within the entertainment and industrial design areas.
Moreover, this increasing adoption of this display technology, combined with the rising production and sales of premium smartwatches is estimated to be some of the prominent drivers of the OLED wearable display market, While, LED wearable displays are anticipated to hold a significant share in the market owing to their early adoption and lower costs compared to OLED displays.
The wearable displays are utilized in different applications in various businesses such as consumer electronics, military and defense, healthcare, and others. Consumer electronics are anticipated to hold a substantial share within the market owing to a large number of wearable display integrated items within the global market coupled with rising ventures in research and development by major players. The market for the healthcare industry is expected to develop at a significant rate on account of increasing health mindfulness and growing healthcare expenditure on smart wearable gadgets in the world.
Moreover, with the increasing government expenditure on the military and defense, the market for wearable displays is expected to witness significant expansion in the coming future. Further, companies are investing intensely in R and D and designing new health features in their smartwatch segment in partnership with health institutions contributing to a growing demand for wearable displays worldwide. Moreover, companies are also investing in incorporating real-time health insights data in wearable displays by integrating new technology utilization leading to an increase in requirement for wearable displays in the coming years.
For example, in July 2024, Samsung Electronics announced the launch of the Galaxy Watch7, Galaxy Ring, and Galaxy Watch Ultra with Galaxy AI integration in its wearable portfolio. These devices offer smart well-being information with diverse features such as heart and respiratory rate observation, Live Heart Rate Check, temperature monitoring, and ECG and Blood Pressure monitoring, among others. This aligns with the Company's vision for Galaxy AI to improve digital health, giving personalized and custom-fitted wearable wellbeing insights.
Asia Pacific is estimated to hold a major share in the wearable display market owing to the region being a manufacturing hub for connected and wearable devices. Besides, growing ventures in the manufacturing industry in developing economies such as Japan, India, and China are additionally predicted to facilitate the rise in the requirement for wearable displays during the forecasted period. Moreover, the region is expected to witness conventional expansion in the coming future because of fast technological progressions and an expanding focus on increasing domestic manufacturing in the regional countries.
For instance, in May 2024, Vedanta Limited, a worldwide natural resources and innovation conglomerate based in India, acquired Japanese display company AvanStrate Inc. to fortify its key investment in electronics fabricating through the offering of display glass. AvanStrate Inc., a famous Japanese producer of high-quality Gen 4 to Gen 8 TFT LCD glass substrates, is essentially utilized within the production of electronic devices including wearables, and other displays aligns with the company's vision of rotating towards innovation and broadening into hi-tech manufacturing. These investments by regional players will contribute to the wearable display market expansion in the region during the projected period.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Wearable Display Market Size in 2024 | US$4.414 billion |
| Wearable Display Market Size in 2029 | US$11.090 billion |
| Growth Rate | CAGR of 20.23% |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2024 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
|
| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in Wearable Display Market |
|
| Customization Scope | Free report customization with purchase |
Wearable Display Market is segmented and analyzed as below: