An electronic device may include a display module that produces foveated images having high and low resolution regions. The module may include a reflective display panel that produces first reflected light during first time periods and second reflected light during second time periods. The first reflected light may reflect off of a beam splitter to form the low resolution region of the foveated image. The second reflected light may be transmitted by the beam splitter, de-magnified by a lens, and redirected by an optical steering element to produce the high resolution region at a desired, adjustable, location in the foveated image. The reflective display panel may be replaced by sets of emissive display panels that concurrently display the high and low resolution regions in the foveated image. The sets of emissive display panels may be replaced by front-lit reflective display panels.