The global microdisplay market generated a revenue of $1.0 billion in 2019, as per the findings of P&S Intelligence, a market research firm based in India. Furthermore, due to the rising incorporation of heads-up display (HUD)-integrated advanced driver assistance systems (ADASs) in vehicles and the ballooning number of NTE (near-to-eye) applications, the market is predicted to attain a valuation of $4.0 billion in 2030, exhibiting a CAGR of 13.4% between 2020 and 2030.
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The rising prevalence of road accidents has made road safety a priority concern area for many governments and traffic regulatory authorities. As a result, the governments of many countries such as the U.S., Japan, and China are rapidly implementing stringent regulations and policies regarding vehicular safety. These policies mandate the integration of ADASs in automobiles. According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project in 2019 aimed at promoting the integration of ADASs in trucks.
The main purpose of the project is to reduce the occurrence of road crashes, injuries, and deaths in the trucking industry in the country. Furthermore, the rising public awareness about vehicular safety is making the original equipment manufacturers (OEMs) install HUDs in their vehicles. These HUDs will enhance the driving experience by providing the driver with essential driving-related information. The growing integration of HUDs is massively pushing up the demand for microdisplays and driving the growth of the market.
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Another key factor fueling the growth of the market is the rising usage of NTE devices such as augmented reality (AR)/virtual reality (VR), HUD, and personal electronics such as cameras, full-color projection systems, and mobile phones across the world. The rapid advancements in technology are boosting the usage of VR and AR devices in the gaming and media and entertainment industries. Additionally, the rising utilization of HUDs in the automotive and military industries is propelling the expansion of the market.