July 22, 2024

OLED Is Fastest Growing Segment Fueling The Growth Of Flexible Display Market

Market Overview:

Flexible displays are bendable display screens that allow users to roll, twist or fold the screens without damaging them. These displays are lighter and thinner than regular displays. They find applications in wearable devices, smartphones, televisions and other consumer electronics devices.

Market key trends:

One of the major trends in the flexible display market is growing demand for OLED flexible displays. OLED flexible displays offer superior image quality as compared to LCD displays. They provide higher contrast, faster response time and wider viewing angles. Furthermore, OLED displays are lighter and thinner than LCD displays. Leading electronics manufacturers are focusing on developing OLED flexible displays for smartphones, wearables and other applications. For example, Samsung introduced foldable OLED displays in its Galaxy Fold smartphone in 2019. Rising penetration of flexible devices is expected to propel demand for OLED flexible displays during the forecast period.

Segment Analysis

The global flexible display market is segmented based on type, substrate material and application. Based on type, the market is segmented into OLED, EPD, LCD and others. The OLED segment is expected to dominate the market during the forecast period owing to increasing demand for AMOLED displays in smartphones and wearable devices. Based on substrate material, the market is categorized into glass, plastic, and others. The glass segment currently dominates the market due to its widespread use in consumer electronics displays. However, the plastic segment is expected to witness higher growth during the forecast period due to advantages such as lightweight, flexibility and bendability offered by plastic substrates. Based on application, the market is divided into smartphones & tablets, wearables, televisions & digital signage systems, personal computers & laptops, monitors, vehicle & public transport and others. The smartphones & tablets segment dominated the market in 2023 due to high demand for smartphones with 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 wearable devices and foldable smartphones.

Regional analysis: Asia Pacific dominated the global market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to presence of key manufacturers such as Samsung, LG and BOE in countries such as South Korea and China. North America and Europe are also expected to offer lucrative growth opportunities owing to technological advancements and increasing adoption of flexible displays in automotive and healthcare sectors.

Key players: 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. Samsung captured the largest market share in 2023 owing to its leadership in AMOLED display technology.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it