The near-eye display market is set to grow significantly, with a projected annual growth rate of 22.6% by the end of this decade, reaching USD 9,799 million by 2030. This growth is driven by rapid advancements in display technologies such as LED, OLED, and LCD; the rising demand for high-quality displays across various applications; and the increasing adoption of AR and VR devices, which require high-quality displays for immersive experiences.
In 2022, TFT LCD technology held the largest market share, primarily due to its widespread use in head-mounted displays (HMDs) and wearable displays, such as immersive and see-through glasses. This technology is favored for its ability to deliver high-resolution displays with exceptional color accuracy, making it ideal for creating high-quality, immersive visual experiences across a range of applications, from entertainment and gaming to education and training.
The demand for VR systems has seen substantial growth in recent years. VR technology has the potential to transform how people live and interact socially, offering fully immersive environments with realistic scenes and objects that make users feel deeply engaged in their surroundings. The growing popularity of gaming among millennials and Gen Z is driving the demand for VR technology, particularly in gaming events and products. Several gaming events are leveraging near-eye display (NED) technology to enhance the experience for both participants and audiences. Beyond gaming, VR technology is increasingly used in the entertainment sector to create diverse content, further accelerating the development of the near-eye display market.
The Asia-Pacific (APAC) region has held a significant share of the industry, driven by technological advancements, the widespread adoption of VR and AR in entertainment and gaming, and the presence of numerous major manufacturers. The growing interest of Gen Z and millennials in gaming culture is also boosting the adoption of this technology in the region. China, in particular, is a leading producer of VR and AR devices, thanks to the presence of key players and government initiatives to promote the manufacturing of these devices. The country's first national-level policy statement for the development of metaverse-related technologies, such as AR, VR, and MR, has further supported this growth.
As VR and AR devices gain popularity worldwide, the demand for near-eye display devices is expected to continue increasing in the coming years.
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