Holographic AR Display Market Expected to Reach $2.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Holographic AR Display Market," The holographic ar display market was valued at $170.30 million in 2021, and is estimated to reach $2.6 billion by 2031, growing at a CAGR of 31.5% from 2022 to 2031. A holographic display is a type of three-dimensional display that uses the concept of light diffraction to generate a virtual three-dimensional object. It is widely utilized in augmented and virtual reality (AR/VR) applications.

The holography AR display market is growing as a result of an increase in investments in 3D technology across a wide range of industries, including the entertainment industry for gaming and the advent of 3D channels. In addition, the rapid increase in the need for 3D display technologies in industries such as the military and medical is also anticipated to drive the market growth during the forecast period. Various market players are also making investments in product innovation to increase their functionalities. The holographic AR display can be used in the infrastructure sector. For instance, holographic AR-based smart glass can bring augmented reality experience to any building. Hence, this technology can be used across commercial & residential buildings. In the upcoming years, these factors are anticipated to boost the holographic AR display market growth.

The high manufacturing costs involved with holographic AR display devices are a significant cause of concern as they hamper the growth of the holographic display market. In addition, the growing adoption of holographic display systems has been significantly hampered by poor technicians and a lack of understanding among the population. The middle class and lower middle class have reduced purchasing power as a result of its high cost. All these are the major factors expected to hamper the holographic AR display market trends during the forecast period.

The rapid adoption of holographic AR displays by the retail industry has been one of the major driving factors for the market expansion. An increase in the deployment of holographic displays in public places such as shopping malls, trade shows, and stores to draw customer attention is also projected to positively affect the market growth in the coming years. Holograms and similar technologies provide consumers with an experience that makes an indelible impression. Several companies are using holographic displays for marketing purposes, and customers who have viewed holographic promotions are more impulsive in making a purchase decision. Additionally, holographic AR technology has seamless potential to transform the education sector. In the education sector, this technology offers an immersive and deep learning experience to the students by enabling them to virtually explore and interact with the environment. These factors are expected to create several growth opportunities for the major players thereby driving the holographic AR display market size in the coming years.

The global holographic AR display market share is segmented on the basis of component, application, and region. By component, it is classified into electronic component and optical component. By application, it is classified into automotive, transportation and heavy machinery, infrastructure, healthcare and surgery, education, telecommunication, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the holographic AR display market report include WayRay AG., Continental AG, Visteon Corporation, Sygic, DigiLens Inc., Indiegogo, Inc., Futurus Group, and Avegant Corp.

The report offers a comprehensive analysis of the global holographic AR display market forecast by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, holographic AR display market analysis based on investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Holographic AR Display Industry

• Sales of holographic AR displays are directly proportional to the demand from the automotive, electronics, appliances, and retail industries. However, various sectors such as automotive and electronics were negatively impacted by the COVID-19 pandemic. The production and demand for holographic AR displays were affected due to a disrupted supply chain.
• COVID-19 impacted almost all industries and the holographic AR display producing companies had to cease their operations owing to import-export restrictions, lockdowns imposed across several countries, and a shortage of labor
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market. These above-mentioned factors have posed a negative impact on the holographic AR display industry during the pandemic

Key Findings of the Study

• Based on component, the electronic component sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period
• Based on application, the automotive sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years
• Based on region, the North America market registered the highest market share in 2021, and Asia-Pacific is anticipated to show the fastest growth during the forecast period