Wearable Display Market size worth US$11.090 billion by 2029
The wearable display market is expected to grow at a CAGR of 20.23% during the forecasts period, with a market valuation of US$4.414 billion in 2024, and is expected to reach US$11.090 billion by 2029.
The health band and other health-monitoring device shipments have been on the rise due to the demand from the health-aware individuals section of the population that is gradually growing. Moreover, the market for wearable presentations is anticipated to grow due to the growing software of AR/VR gadgets and the incorporation of small LED displays in wearables which include fitness bands and smartwatches. Additionally, there may be an expectation in the course of the forecast period that growth possibilities may also boom because of the technological development in this wearable technology, stimulating the growth of the wearable display market.
Moreover, it is believed that the increasing user base of wearable devices will lead to increased demand across the globe, which will in turn drive the demand for wearable displays. Additionally, wearable innovations that use display integration are becoming more and more popular, which is opening up new possibilities for wearable display business technology. In addition, the growing manufacturing sector and increasing wearable product innovation are expected to contribute to the Asia Pacific region’s sizeable market.
Consumer spending across the globe has upped as an individual’s income simultaneously increases allowing for more expenditure on customized products such as wearable devices. More so, wearable displays are said to become more relevant due to the increase in the purchasing power of consumers leading to more sophisticated wearable devices. Newer wearable device lines such as bands, watches, and rings, which are more attractive and convenient to use, are also becoming a norm in the market. The increasing tendency to purchase such devices is quite clear.
As for 2023, an average individual in the country was observed to have a disposable income of 39,218 yuan with an upsurge of nominal 6.3% and real 6.1% adjusting for inflation. Both urban and rural residents per capita disposable income increased to 51,821 yuan (a nominal increase of 5.1% unless otherwise noted below), and the real growth after deducting the price factor was 4.8%. Rural residents’ per capita disposable income increased to 21,691.
The wearable display market, by product type, is divided into three types- Smart watches, smart bands, and head-mounted displays. This push on the usage of smart caps and virtual reality (VR) and augmented reality (AR) headgears in the multimedia and health industries is expected to contribute to the market expansion of the segments. Also, the increasing presence of smart caps, which come with tracking technology, data insights and intelligence, is expected to drive the growth of the segment. In more developed and emerging markets, Smart Hat is also being launched by several companies, including Spree Wearables and Life BEAM.
The wearable display market, by technology, is divided into two types: OLED and LED. In the next few years, the demand for displays made using OLED technology is predicted to grow because the world demands high-quality image output than before and with technological growth and more investments in OLED technology development. Also, this configuration refers to a flat panel display wherein multiple thin films are placed between two electrodes and a current is supplied. It overcomes limitations found in older technologies since it employs a more efficient, thinner, brighter and sharper display.
Furthermore, as every pixel is individually lit it can also turn every pixel off which results in a more efficient use of batteries. Owing to the advantages that OLED displays bring, commercial product makers such as smartwatches, were able to embed
The wearable display market, by panel type, is divided into three types: Flexible, micro-display and rigid. The reason for this market growth is the increase in application areas and the rising consumer need for sophisticated electronic appliances. It encompasses a variety of display technologies that are being incorporated into devices including automobile displays, wearables, and smartphones.
The wearable display market, by industry vertical, is divided into four types: Consumer electronics, healthcare, military and defence, and others. Applications for wearable displays can be found in a wide range of industries, including consumer electronics, healthcare, the military, and defence. With so many wearable display integrated products on the global market and major players investing more in research and development, consumer electronics is expected to hold a sizable portion of the market. The worldwide market for wearable devices is expected to experience a proactive growth rate owing to increased health awareness and increased healthcare expenditure on wearable devices.
Furthermore, firms are investing in the hardware of wearable displays by incorporating the new technology of real-time health insights data, which will stimulate the demand for wearable displays in the coming years. For instance, Samsung Electronics announced in July 2024 the release of the Galaxy Watch7, Galaxy Ring, and Galaxy Watch Ultra, all of which will include Galaxy AI in their line of wearable devices.
During the projected timeframe, it is anticipated that the market for wearable displays will experience remarkable growth within Asia Pacific. Asia Pacific is expected to dominate the wearable display market due to its status as a manufacturing hub for connected and wearable devices. Additionally, it is anticipated that expanding manufacturing endeavours in developing nations like China, India, and Japan will contribute to the rise in demand for wearable displays over the projected period. Furthermore, because of the region’s rapid technological advancements and growing emphasis on boosting domestic manufacturing in its member nations, conventional expansion is predicted to occur shortly.
The research includes several key players from the wearable display market, such as Samsung Electronics Co. Ltd., BOE Technology Group Co. Ltd, LG Display Co. Ltd, Kopin Corporation, Au Optronics Corporation, Japan Display Inc., Tianma Microelectronics Co. Ltd., eMagin Inc., HannStar Display Corporation, Lumus Ltd.
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The analytics report categorizes the wearable display market using the following criteria:
Segmentation:
- By Product Type
- Smart Watches
- Smart Bands
- Head-mounted Display
- By Technology
- OLED
- LED
- By Panel Type
- Flexible
- Micro-display
- Rigid
- By Industry Vertical
- Consumer Electronics
- Healthcare
- Military and Defense
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- United Kingdom
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Others
- North America
