New York, USA, Feb. 21, 2023 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global holographic AR display market is anticipated to grow at a stunning CAGR of 31.5%, thereby garnering a revenue of $2,586.4 million in the 2022-2031 timeframe. This comprehensive report provides a brief outlook of the current framework of the holographic AR display market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing adoption of holographic displays in automotive applications is predicted to be the primary growth driver of the holographic AR display market in the forecast period. Additionally, growing adoption of holographic AR displays in education and telecommunication sector is expected to push the market forward.
Opportunities: Wider applicability of holographic AR displays in infrastructure and healthcare industry is anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, rising utilization of holographic displays in dentistry is expected to help the market grow in the forecast period.
Restraints: High cost associated with holographic displays, however, might prove to be a hindrance in the growth trajectory of the holographic AR display market.
Impact of Covid-19 on the Market
The holographic AR display market, like many other industries and sectors, experienced a negative impact the Covid-19 pandemic. The government-ordered lockdowns and travel restrictions led to disruption of automobile manufacturing. This, in turn, reduced the demand for holographic AR displays which declined the growth rate of the market in the forecast period.
Segments of the Market
The report has divided the holographic AR display market into certain segments based on component, application, and region.
Component: Electronic Component Sub-segment to be the Fastest Growing
By component, electronic component sub-segment is expected to be the fastest growing during the forecast period. Growing use of electronic component holography to capture and replicate 3-D pictures is expected to help in the growth of this sub-segment.
Application: Automotive Sub-segment to be the Most Profitable
By application, automotive sub-segment is expected to be the most lucrative by 2031. The increasing use of holographic AR displays by automotive industries to improve driver comfort and enhance road safety is predicted to propel the growth of this sub-segment in this forecast period.
Market in the North America Region to be Most Lucrative
By regional analysis, the holographic AR display market in the North America region is anticipated to be highly profitable by 2031. Presence of major players, increase in disposable income, and growth in demand for luxury vehicles are anticipated to be the main growth drivers of the market in this region.
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Prominent Market Players
Some of the key players in the holographic AR display market are
- WayRay AG.
- Sygic
- Indiegogo Inc.
- Continental AG
- DigiLens Inc.
- Futurus Group
- Visteon Corporation
- Avegant Corp.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in May 2021, Snap, a leading social media company, announced the acquisition of WaveOptics, a leading supplier of augmented reality displays. This acquisition is expected to increase Snap’s user engagement by offering exciting AR experience, thereby expanding its market share in the near future.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Holographic AR Display Market:
- How does a Holographic AR Display Work? And What are its Applications?
- Global Holographic AR Display Market to Experience Massive Growth by 2031 with the Increasing Adoption of Holographic AR Displays in Various Application Areas
