The global pico projectors market was valued at US$ 1.91 Billion in 2018. A pico projector, also known as mobile, handheld or pocket projector, is a compact hardware device that is used to project visual content from a smartphone, tablet, camera or a memory device. It is primarily used to display videos and photos for portable entertainment as well as to present charts and slides for educational and business purposes. Certain stand-alone projector models connect to another device using a USB, HDMI or other cables, while some models are embedded in mobile devices and digital cameras. For an enhanced interactive experience, pico projectors can also be connected to an image processing application, laser pointer and a webcam.
The growing need for handy and portable electronic devices, along with increasing adoption of the Digital Light Processing (DLP) technology, is the key factor driving the growth of the market. DLP projectors use a variety of light sources, such as high-powered LEDs and lasers, to effectively project content onto a screen. These projectors can produce high-quality images, which is positively impacting the demand for the product. Furthermore, pico projectors are being extensively used in the automotive sector for image projection systems in vehicles. Additionally, the integration of pico projectors in smartphones and consumer electronics is another factor catalyzing the market growth. Devices such as digital cameras, camcorders, digital photo frames, laptops, wearables and portable gaming devices use pico projector to keep up with the diversified and ever-changing consumer demands. Moreover, various product innovations such as Wi-Fi and 3G/4G compatibility, coupled with rising disposable incomes of consumers across the globe, are further favoring the growth of the market. Looking forward, IMARC Group expects the market to reach a value of US$ 4.24 Billion by 2024, registering a CAGR of around 14% during 2019-2024.
The report has also analyzed the competitive landscape of the market with some of the key players being Lenovo Group Limited, Aaxa Technologies Inc., Texas Instruments, Acer Inc., LG Electronics Inc., Microvision Inc., Sony Corporation, ZTE Corporation, Koninklijke Philips N.V., RIF6 LLC, Celluon Inc., Cremotech Co Ltd., Global Aiptek Corporation, Miroir USA, Optoma Technology Corporation, etc.
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