The global flexible display market was valued at USD 11.35 billion in 2020 and is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for display-based consumer electronics along with consumers’ inclination toward energy-efficient and flexible gadgets.
A flexible display is flexible by nature. Consumer electronics manufacturers are increasingly applying this display technology in mobile phones, e-readers, and other consumer electronics.
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The technological innovations in the display industry leads to portability, quality in interconnectivity and screen size, user-friendliness, and power saving products in various consumer electronic gadgets. Introduction of state-of-the-art flexible display is a key example of the recent technological advancements in the field of display technologies. Flexible displays offer superior features such as portability, non-fragility, and lightweight, which allow the technology to be used for various applications in the manufacturing of consumer electronics gadgets.
Market Drivers, Restraints, Trends, and Opportunities
- Rapid growth of smart wearable market along with the increasing adoption of flexible displays in healthcare and automotive sectors are propelling the demand for flexible display technology, thus boosting the market during the forecast period.
- Increasing application of OLED-based devices in mobile phones, VR headsets, laptops, tablets, digital cameras, and TVs is expected to boost the growth of the flexible display market during the forecast period.
- However, complex manufacturing processes and requirement of high capital investment are major challenges for the market players that are expected to hamper the market growth.
- Technological advancement that helps in the production of innovative products with advanced features such as energy-efficient, attractive, and highly specified flexible display products is expected to offer lucrative opportunities for the market growth during the forecast period.
- The COVID-19 pandemic has adversely affected the market, disrupted the global supply chain for the manufacturing units of the overall electronic industry including phone and display production. Decline of smartphones sale across the globe is projected to hinder the market expansion.
Global Flexible Display Market Segment Insights
OLED segment expected to represent a considerable share
On the basis of display types, the market is categorized into LCD, OLED, EPD, and others. The OLED segment is expected to represent a considerable market share during the forecast period. OLED based flexible displays offer high flexibility and consume less energy and has a wide range of applications in the production of various consumer electronic items including smartphones.
Plastic segment projected to constitute a large market share
Based on material types, the global flexible display market is segmented into glass, plastic, and metal. The plastic segment is projected to constitute a market share of more than 20.5% during the forecast period. The segment growth can be attributed to the superior features offered by plastic in term of size, weight, and robustness as compared to other materials such as glass.
Smartphone segment expected to account for a significant share
On the basis of applications, the market is bifurcated into smartphone, smartwatch, wearable, TV, e-reader, automotive & transportation, and others. The smartphone segment is expected to account for a significant market share during the forecast period.
Asia Pacific is projected to acquire a large market share
In terms of regions, the global flexible display market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to represent a large market share and expand at a CAGR of more than 24% during the forecast period. The rising demand for compact and light-weight electronic devices among consumers due to rising disposable income and changing lifestyle are driving the regional market growth. The presence of large number of key global manufacturers and the existing large consumer base in the region is another key driver for the regional market growth.
Compititive Landscape
Some of the key players in the global flexible display market are BOE Technology Group Co., Ltd., Corning Incorporate, Innolux Corp., AU Optronics Corp., E Ink Holdings, Inc., Japan Display Inc., LG Display Co., Ltd., Royole Corporation, and Samsung Electronics Co., Ltd.
Industry participants are focusing on the development of new product, strategic partnerships, mergers, acquisitions, and improving their production capacity to cater the consumer demand globally. For instance, in October 2018, Royole Corporation announced the launch of FlexPai, which was a foldable device that integrated a flexible display. Additionally, the device can be bent, rolled, and also operated as a smartphone and tablet or both. Companies are heavily investing on developing commercially viable designs for wide range of consumer electronics applications.
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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.
