A report on the potential value of the wearable display market has warned that the high costs of new display technology-based products and concerns over battery consumption could limit its growth.
The wearable display market is expected to be worth $1.34 billion in 2018, rising to $3.37 billion by 2023, at a CAGR of just over 20% between 2018 and 2023.
The increased use of flexible OLED displays in smartwatches, rising demand for OLED display for use in smart wearable devices, and technological shift and development of energy-efficient and high-specification display products are driving the growth of the market.
However, factors such as high costs associated with new display technology-based products and high power consumption by wearable devices are restraining the growth of the market, according to the ‘Wearable Display Market by Product Type’ report recently published through Research and Markets.
Increasing use of AR HMDs or smart glasses in enterprise and industry applications is expected to drive the growth of the market for OLED-based head mounted displays. Moreover, AR can be used to teach complex maintenance procedures for factory equipment – overlaying animation-based instructions and reference materials directly onto the physical gear.
Many AR HMD or smart glass manufacturers are expected to target the enterprise and industry segment in the coming years.
The wearable display market in APAC is expected to grow at the highest rate during the forecast period owing to the presence of major display panel and brand product manufacturers in the region – companies usually launch their products or technologies in their respective regions.
Early exposure to the latest display products is driving the growth of the market in APAC.
As well as smart watches and smart bands, the wearables market also extends to categories such as head-mounted displays and augmented reality.