The Flexible Display Market is estimated to be valued at US$ 16.14 Bn in 2023 and is expected to exhibit a CAGR of 34.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible displays are electronic thin films which can be bent, folded or rolled without affecting the image quality. These displays are lightweight, unbreakable and portable. They find applications in smartphones, wearable devices, e-readers, laptops and digital signs. Smartphones with flexible displays offer a unique viewing experience. Wearable devices like smartwatches and fitness trackers integrated with flexible displays provide convenience to users.
Market Dynamics:
The growing adoption of flexible displays in consumer electronic devices is a key driver for the market. Smartphone and tablet manufacturers are focusing on developing devices with flexible OLED displays to offer unique and intuitive user experience. Additionally, increasing demand for innovative wearable gadgets like smartbands and smartwatches integrated with flexible AMOLED displays is also fueling market growth. Furthermore, developments in plastic substrate technology have enabled flexible displays to operate smoothly even when bent or folded. This has enhanced their application scope in various electronic gadgets. Continuous innovations by key players to develop cheaper and efficient flexible display manufacturing processes using organic materials instead of glass and silicon are opening new opportunities for market expansion over the forecast period.
Segment Analysis
The flexible display market can be segmented by type, application, and panel type. Based on type, the market is divided into OLED and LCD. Among these, the OLED segment dominates with a market share of over 60% owing to its advantages such as high contrast ratio, wide viewing angle, flexibility, and fast response time.
PEST Analysis
Political: Governments across countries are supporting the development of flexible displays through funding and subsidies as it is considered a strategic technology.
Economic: The rising disposable income and technological advancements are expected to drive demand for flexible displays in various applications like smartphones, tablets, notebooks, and digital signage.
Social: Increasing consumption of electronic devices, especially among the younger population, and growing demand for features like portability and flexibility are fueling the adoption of flexible displays.
Technological: Continuous improvements in fabrication technology, increased R&D investments, and development of newer materials are enabling the commercialization of more efficient and affordable flexible displays.
Key Takeaways
The Global Flexible Display Market Demand is expected to witness high growth, exhibiting CAGR of 34.7% over the forecast period, due to increasing demand for interactive and foldable devices. Regionally, Asia Pacific leads with over 50% share attributed to the strong electronics manufacturing base in countries like China, South Korea, Japan, and Taiwan.
The flexible display market size for 2023 is US$ 16.14 Bn. Regional analysis shows that Asia Pacific is the fastest growing region owing to presence of key players such as Samsung, LG, and BOE Technology along with growing electronics exports.
Key players operating in the flexible display market are LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, e-ink Holdings, BOE Technology Group Co. Ltd, Guangzhou Oed Technologies Co. Ltd, FlexEnable Limited, Chunghwa Picture Tubes Ltd, Huawei Technologies Co. Ltd, Sharp Corporation, Plastic Logic, Innolux Corporation, AU Optronics Corp., TCL Electronics Holdings Limited, Microtips Technology, and Others.
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The flexible display market is projected to grow from USD 2.7 billion in 2016 to USD 15.1 billion by 2022, at a CAGR of 34.4% between 2017 and 2022.Technological shift and development of energy-efficient, attractive, and high-specification flexible display productsThe flexible display market has witnessed tremendous technological advancements in the past few years.
Display devices have changed from being bulky and space-consuming to slim and bezel-less.
They now offer high resolution, improved contrast ratio, and low power consumption compared with traditional display devices based on CRT technology.
High competition in the display market has led to new product developments and launches with attractive looks and high-end specifications.
Companies such as Samsung Electronics Co., Ltd. (South Korea) and LG Display Co., Ltd. (South Korea) have led the display market toward a new era with the launch of products based on technologies such as OLED and Q-dot LED.
Display products based on the OLED technology have revolutionized the display market.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=788Complex manufacturing processThe manufacturing process of flexible displays is complex, and it involves several stages.
The flexible display market to grow from USD 3,449 billion in 2017 to USD 15,139 million by 2022, at a compound annual growth rate (CAGR) of 34.4% during the forecast period.The major factors that are expected to be driving the market are rising demand for OLED-based devices and high growth of consumer goods.
The objective of the report is to define, describe, and forecast the flexible displays market size based on application, technology, panel size, substrate material and region.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=788Flexible Display Market By application, the vehicles and public transport segment is expected to grow at the highest growth rate during the forecast periodVehicles such as cars and motorbikes, among many others, are the leading applications in the automotive domain.
These displays can be used in dashboard displays, central control units, entertainment systems, navigation systems, security systems, and many other systems that help drivers in displaying the information.
Public transport vehicles such as trains, planes, and ships also use panels for displaying the information for the advertising purpose.
Although cheap, CCFLs are not as energy-efficient as LEDs.
Owing to the features offered and falling prices of LEDs, CCFL-backlit LCD TVs disappeared entirely.Flexible Display Market in North America to account for the largest market size during the forecast period.The flexible display market in North America, being technologically advanced and developed, is a leading market for the cutting-edge technology used in flexible display devices.The region accounted for the largest share of the global market in 2016.
