The report forecasts the global microdisplay market to grow at a CAGR of 23.7% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend which is expected to boost market growth is the emerging demand from the automotive industry. Tightening of vehicle safety regulations worldwide will trigger the demand for safety systems such as HUDs, cameras, and pre-crash sensors. Due to vehicle safety regulations, automotive OEMs are increasingly focusing on integrating safety features in automobiles.
According to the report, a driver which is expected to impact market growth positively is the focus on reducing global aircraft accident rates. According to International Civil Aviation Organization, the global accident rate (number of accidents per million departures) was recorded at 2.8 in 2013, which was decreased by 13% from 3.2 accidents per million departures in 2012. This was because of the increasing focus on improving aviation safety through collaboration with established regional organizations such as Regional Aviation Safety and Regional Safety Oversight Organizations and leverage new technologies through new systems and equipment such as Heads Up Display (HUD).
Further, the report states that one challenge that could restrict market growth is technical issues and design limitations.