The wearable display device is a display device that uses wireless network connections that let consumers connect to mobile handsets and tablets to send data for reporting, storage, analysis, and also to receive instructions. Wearable Display includes smart wearable devices such as smartwatches, fitness bands, and other health tracking wearables and head-mounted display services like Augmented Reality (AR) and Virtual Reality (VR) headsets that work on the technologies such as OLED and LED-backlit LCD.
Augmented Reality is an enhanced version of the real physical world that is attained by the use of digital visual elements, sounds, or other sensory stimuli accomplished by technology. It is being used in smartphones, PCs, and laptops.
The market is anticipated to grow over the forecasted period due to a rise in disposable income. There has also been an increase in usage of the flexible OLED displays in the smart wearable device and the adoption of AR and VR headsets. The growing demand for OLED displays has forced manufacturers to develop and adopt the technology in wearables. The manufactures also innovate the displays by offering sharper color performance, excellent contrast, and better viewing angles
However, with the rise in the incorporation of the new technologies as features and functions into smart wearables, the prices of the devices will grow substantially high which can hinder the growth of the wearable display market. With the rise in the price, the consumers might not be able to afford it and will account for the variability in the demand or the consumers will find a substitute, the manufactures can find a resolution to this by introducing new technologies with lesser manufacturing cost and prices.
Market Size of the Global Wearable Display Market
The global wearable display market by industry vertical has been classified as consumer electronics, healthcare, military and defense, and others.
The healthcare sector is noticed to be the most dominating segment of the wearable display market. It is accounted for the high market attractiveness and usage. The wearable devices are very useful in the path of fitness as it regularly tracks the various health parameters such as tracking calories, footsteps, and heartbeats among other functions. Availability of a variety of functions like this allows better awareness of health. This functionality is the major driver for the growth of wearable display market. Along with the growth of the wearable display market, it is anticipated that the healthcare industry will also experience large benefits
The rising disposable income is leading to growth in the demand for wearable products. Furthermore, there has been a rise in the awareness of health and fitness and to keep up to trend, the consumers are adopting various methods including adapting the fitness bands and other health tracking wearables. Due to the increase in adoption of various devices by the consumers, the market is noticing a steady increase in the wearable display market.
Head devices are accounted for a higher share in the wearable display market segments by the product. It is used for various functions besides entertainment, in the defense sector it is used for training simulation and analyzing military maneuvers, Porsche uses AR that allows the company’s engineers in the remote areas to connect with Porsche Atlanta-based service headquarters to get real-time assistance. Harley Davidson has developed an app for its customers to let them view a motorcycle in-store and customize it on their phone, it is also used in the sectors such as engineering, logistics, automotive, and firefighting.
Nevertheless, the application of AR & VR devices in the mobile and gaming sector is driving the growth of the market and is expected to further unravel many possibilities in the future.
Market Growth of Wearable Display Market
Along with small LED displays, the manufacturers are incorporating AR and VR. This is expected to boost the wearable display market. Additional technological advancements in wearable products are expected to boost the growth opportunities in the display wearable market over the forecasted period.
Internet of Things is in great demand among the consumers and due to this growing popularity, the manufacturers are trying to take this opportunity to capture the market. They are launching wearables with this feature to cater to a wide market of IoT services and are rigorously innovating to keep up to date with the market.
With the growing adoption of AR and VR by the consumers in various sectors besides gaming and entertainment, the manufacturers are innovating the devices to increase their market share and rise above the expectations of the consumers. Currently, the mobile application Pokémon Go is an augmented reality game developed, even the social media platforms Instagram and Snapchat uses a mixture of AI and AR to develop filters. The future of Augmented Reality is expected to be interlinked with artificial intelligence and virtual reality and to bring an array of sophistication in the industrial aspect. Furthermore, many applications are believed to make augmented reality update in the forecasted period.
The wearable display market in the Asia Pacific is anticipated to grow at a faster rate in the forecasted period. The Asia Pacific uses the devices in a variety of sectors such as healthcare, consumer electronics, military, and industries. The manufactures of Asia Pacific are also innovating and launching g the devices with the latest technologies thus this is also increasing the production and demand for this device. In the developed and developing regions of this part, more consumers are demanding smartphones and internet mobility
By technology, the wearable display market is divided into OLED and LED.
Most of the devices communicate to the wearer through a user interface that can include the inputs such as motion sensing, buttons, and touch panels. However, a display is the most efficient method to communicate with the user. The wearable device is defined as a compact, smaller that can be moved from one place to another. Other features of the wearable display devices include lightweight design, high-speed functioning, and wireless connectivity with flexible function. Key players such as LG Display Co.Ltd, Lumus Ltd, Japan Display Inc., HannStar Display Corporation, and Samsung Electronics Co. Ltd are giving the most importance to incorporating innovative designs to their product portfolio by launching the products with advanced manufacturing technology.
Google, Microsoft, Amazon, Facebook among others are the front-running tech companies, they are aiming at AR-based software and applications that will increase the investments in AR technology.
With the innovations in display technology, manufactures have acquired a vast share in the wearable display market. While most of the smart bands and fitness watches are adopting PMOLED displays that not only offers higher efficiency but also gives a small size and greater contrast.
Other watches that are more advanced and sophisticated use AMOLED displays that offer higher performance and better resolution. This technology is also used in AR and VR devices that present high image quality, fast refresh rate, and power efficiency. The demand for OLED displays in the products such as smartwatches offers a technological shift and has developed energy-efficient products. This not only expands the market but also makes the wearable display market attractive.