Abstract: We present a frequency-modulated (FM) haptic display based on piezoelectric vibrating actuators. Existing haptic displays commonly encode haptic intensity through the deformation amplitude of individual haptic pixels. Although amplitude-modulated (AM) approaches have enabled compact haptic pixels, independently controlling the deformation amplitude of a large number of pixels can require increasingly complex and bulky driving systems, posing challenges for scaling toward high-density, large-area wearable displays. To address this scaling challenge, we investigate an FM design principle in which haptic intensity is encoded through vibration frequency. We further develop a \textit{Shared-Source Frequency Modulation} (SSFM) structure in which multiple haptic pixels are powered by a common power amplifier while their vibration spectrum are controlled individually, reducing the need for independent high-power amplification at each pixel. A proof-of-concept piezoelectric haptic display was built and evaluated on rendering spatial and temporal haptic patterns through volunteer tests. The results show that participants reliably distinguished spatial and temporal patterns encoded using FM principles within the investigated operating range. These findings demonstrate the feasibility of FM-based distributed haptic rendering and suggest a potential pathway toward more compact driving architectures for future high-density, large-area wearable haptic displays.