Holographic AR Display Market Share to Generate a Revenue of $2,586.4 Mn by 2031Download Sample Reports Overview
The Global Holographic AR Display Market Size is predicted to be valued at $2,586.4 million by 2031, surging from $170.3 million in 2021, at a CAGR of 31.5%.
Impact Analysis of COVID-19 on the Holographic AR Display Market
The coronavirus pandemic halted global trade, leading to a severe influence on the global economy. To limit the spread of the virus, stringent steps such as quarantine, travel prohibitions, social distancing, and lockdowns had been implemented by government authorities across the globe. Many original equipment manufacturers had slowed or completely stopped their operations. Holographic AR displays are majorly used in vehicles and the automotive industry was among the most affected industries by the outbreak. A drop in sales of the vehicle was registered in 2020, worldwide. Owing to all these factors, the holographic AR display market was also severely affected during the pandemic. However, the reopening of economies post-COVID-19 pandemic is expected to increase the demand for holographic AR displays. The post-COVID-19 outlook of the holographic AR display market is promising as almost all countries have released their restrictions. The automotive industry is recovering worldwide as sales of vehicles are marking pre-pandemic levels. This in turn is expected to promote the holographic AR display market growth in the upcoming years.
Global Holographic AR Display Market Analysis
The cutting-edge technology of holographic AR displays is increasingly used in vehicles to increase the safety and comfort of the driver. The rise in the adoption of holographic AR displays can be majorly attributed to the need to increase drivers' safety by reducing distractions. Numerous studies demonstrated that driver distraction levels have increased in recent years due to numerous factors including the use of smartphones while driving. These displays offer an excellent depth of information and have the great potential to project information as augmented reality in 3D. Therefore, the demand for holographic AR displays is expected to increase to enhance road safety. All these factors are predicted to drive the holographic AR Display market revenue growth during the forecast period.
The high cost of holographic AR displays is the major obstacle to its adoption. In addition, it is also challenging to obtain a large viewing area and the optimal positioning on the windscreen in vehicles using the holographic display. Autostereoscopic technology is costly and cannot be used with large screen displays. Technology has technological restrictions in terms of viewing angles as well. These limitations are expected to restrict the global holographic display market share growth during the forecast period.
Currently, the attention span of customers has noticeably decreased to 8.25 seconds. Therefore, innovative ways for branding such as holographic display advertising is increasingly being explored to grab the attention of consumers. This strategy stimulates consumers through its excellent immersive experience. An increase in the preference of brands for holographic AR display advertising is anticipated to offer ample growth opportunities for the key players operating in the market during the forecast period. The utilization of holographic displays in advertising is still in an emerging stage. However, the various benefits such as mass appeal, adaptability, and attractiveness offered by this technology may increase its adoption in the upcoming years. Holographic AR displays can also be used in heavy machinery operations as they aid in decreasing fatal accidents. In the healthcare sector, holographic displays can be used for endoscopies and X-rays. Owing to these factors, the utilization of holographic AR display is to offer lucrative opportunities to key market players.
Global Holographic AR Display Market, Segmentation
The holographic AR display market is segmented on the basis of component, application, and region.
The component segment is classified into electronic component and optical component. The optical component segment is further segmented into the diffractive optical element (DOE) and holographic optical element (HOE). Among these, the electronic component sub-segment is anticipated to be the fastest growing during the forecast period. The holographic display system is mainly comprised of a beam expander, a laser, a beam splitter, a filter, a display, a polarized light valve, and a signal controller. The laser creates the reference beam required to form the hologram, the display system displays the interference pattern, and the optics system directs the light in the system.
The application segment is further divided into automotive, transportation and heavy machinery, infrastructure, healthcare and surgery, education, telecommunication, and others. Among these, the telecommunication sub-segment is anticipated to witness the fastest growth during the forecast period. Researchers are developing a holographic 3D video-conferencing system for communication. In this system, people will be able to communicate with holographic 3D projections of one another. This holographic projection is visible 360 degrees and produces the illusion of another person. The major challenge with this technology is latency. However, the developing 5g infrastructure across the globe is likely to overcome this challenge and help to increase its demand in the telecommunication sector.
The global holographic AR display market in Asia-Pacific is projected to be the fastest growing during the forecast period, owing to the increase in adoption of these displays in various end-user industries such as automotive, healthcare, construction, advertising, and others. The automotive sector in this region is experiencing significant digital transformation owing to technological innovations. Asia-Pacific registers the highest sales of vehicles worldwide on account of the availability of a mass consumer base and growing disposable income. These factors ultimately fuel the demand for innovative technologies such as holographic AR displays. Moreover, in this region, China is predicted to hold the highest market share on account of robust developments in the 5G network and infrastructure. All these factors are projected to drive the regional market revenue growth during the forecast period.
Key Players in the Global Holographic AR Display Market
Some of the leading holographic AR display market players are
- WayRay AG.
- Continental AG
- Visteon Corporation
- DigiLens Inc.
- Indiegogo Inc.
- Futurus Group
- Avegant Corp
In 2021, WayRay AG and Karma Automotive collaborated to incorporate AR Head-Up Display (HUD) in Karma vehicles.
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