The global market for flexible displays is on the brink of significant growth, driven by surging smartphone sales and the flourishing smart wearable device industry. A recent market analysis reveals that the flexible display market, valued at approximately US$16 billion in 2021, is set to experience robust growth in the coming years. This growth is underpinned by increasing consumer demand for display-based electronics and a preference for energy-efficient and flexible devices. Technological advancements in display technology have paved the way for cutting-edge flexible displays, offering substantial opportunities for market leaders. The unique advantages of flexible displays, such as portability, durability, and lightweight design, make them an attractive solution for consumer electronics manufacturers, further fueling the markets expansion.
Key Report Findings
- Global Flexible Display Sales Reached US$16 Billion in 2021: The market witnessed sales revenue of approximately US$16 billion in 2021.
- Complex Production Processes Pose Entry Challenges: The intricate production processes and substantial capital investments involved continue to challenge potential new entrants in the market.
- OLED-Based Devices Drive Demand: The availability and demand for OLED-based devices in the market are on the rise, favoring the growth of flexible displays.
- Rising Demand from Healthcare and Automotive Industries: Increasing demand from sectors like healthcare and automotive is playing a pivotal role in the markets expansion.
- Asia Pacific Dominance: Asia Pacific continues to dominate the flexible display market, with key players in the region leading the way.
Growth Drivers
- Expansion of OLED-Based Devices: The adoption of organic light-emitting diode (OLED)-based flexible displays is growing rapidly, driven by the demand for high-definition content and high-performance applications. The smart wearable markets rapid growth is also boosting demand for flexible displays.
- COVID-19 Impact: The pandemic had a mixed impact on the flexible display market, with disruptions in supply chains and reduced consumer spending, but also increased demand for devices with flexible displays due to remote work and online activities.
- Integration in Automobiles: Automotive manufacturers are increasingly incorporating flexible displays into vehicle interiors to enhance user experience and vehicle settings.
- Energy-Efficient, High-Performance Displays: Technological breakthroughs have led to the development of energy-efficient, high-performance flexible displays, attracting consumers to products like TVs, computers, and mobile phones.
- Robust Growth of Smart Wearables: The expanding market for smart wearables, including augmented and virtual reality applications, presents significant growth opportunities for flexible display producers.
Growth Challenges
- Complex Manufacturing Process: The complex manufacturing process of flexible displays, with multiple steps and sensitivity to moisture and oxygen, poses challenges in matching the performance of rigid display technologies.
Key Segments
- OLED Dominance: OLED-based flexible displays accounted for over 60% of the market in 2021 and are expected to continue growing significantly.
- Smartphones Lead: Smartphones are the leading market segment, with a projected CAGR of over 12% over the forecast period.
Growth Opportunities Across Regions
- Asia Pacific Dominance: The Asia Pacific region, particularly East Asia, is emerging as a leader in flexible display development and adoption, driven by the consumer electronics industry.
Competition Landscape Analysis
- Key Market Players: Major players in the flexible display market include Innolux Corp., AU Optronics Corp., BOE Technology Group Co., Ltd., Corning Incorporated, E Ink Holdings, Inc., Japan Display Inc., Samsung Electronics Co., Ltd., LG Display Co., Ltd., Royole, and more.
The flexible display market is poised for substantial growth, driven by technological advancements and increasing consumer demand for innovative and energy-efficient display solutions. As OLED-based devices and smart wearables continue to gain popularity, the markets expansion is expected to accelerate, with Asia Pacific leading the charge. Key market players are investing in manufacturing facilities and new product development to capitalize on these opportunities, making the flexible display market a dynamic and competitive space.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/flexible-display-market
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