The global flexible display market is estimated to be valued at US$16.14 billion in 2023 and is expected to exhibit a CAGR of 34.7% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The flexible display market offers displays that are lightweight, thin, and bendable, making them suitable for various applications such as smartphones, tablets, wearables, and TVs. They provide advantages such as enhanced durability, energy efficiency, and improved display quality, compared to traditional displays. The increasing demand for smartphones and other consumer electronic devices is driving the growth of the flexible display market. Additionally, the growing adoption of OLED technology and advancements in display technologies are further fueling market growth.
Market key trends:
One key trend in the Global Flexible Display Market is the rising demand for foldable displays. Foldable displays offer the flexibility to fold or unfold the screen, providing users with increased convenience and portability. These displays are becoming popular among consumers, especially in the smartphone industry, as they offer larger screen sizes without compromising on portability. The increasing demand for immersive visual experiences and the need for flexible and compact devices are driving the adoption of foldable displays. Companies such as Samsung and Huawei have already launched foldable smartphones, which are expected to further drive the demand for flexible displays in the market.
Segment Analysis:
The flexible display market can be segmented based on technology, application, and region. In terms of technology, the dominating segment is OLED (organic light-emitting diode) display. OLED displays are preferred over other technologies like LED and LCD due to their flexibility, thinness, and energy-efficient nature. OLED displays offer better color reproduction, wider viewing angles, and faster response times, making them ideal for various applications such as smartphones, tablets, televisions, and smartwatches. Additionally, OLED displays are also gaining popularity in the automotive industry for infotainment systems and instrument clusters.
Key Takeaways:
The global flexible display market is expected to witness high growth, exhibiting a CAGR of 34.7% over the forecast period of 2023-2030. This significant growth can be attributed to the increasing adoption of flexible displays in various consumer electronic devices such as smartphones, smartwatches, and televisions. The demand for flexible displays is driven by factors like the desire for more immersive visual experiences, advancements in display technology, and the growing popularity of wearables.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the flexible display market. This can be attributed to the presence of major consumer electronics manufacturers in countries like China, South Korea, and Japan. Moreover, the increasing disposable income, urbanization, and changing lifestyles in the region are further fueling the demand for smartphones and other electronic devices, thereby driving the growth of the flexible display market.
Key players operating in the flexible display market include 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. These key players are focusing on technological advancements, product innovation, and strategic collaborations to gain a competitive edge in the market and expand their market presence.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.