Next Generation Display Market Is Expected To Reach A Revenue Of USD 650.4 Bn By 2033, At 11.0% CAGR: Dimension Market Research

New York, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Overview

The Global Next Generation Display market reached USD 228.3 billion in 2023 and is further anticipated to reach USD 650.4 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 11.0% from 2024 to 2033.

Next-generation displays provide a clear & sharp upgrade from LCD & plasma technologies, possessing lower power consumption. It elevates performance, improves products like mobile phones, and drives the evolution of devices like e-readers. High thermal resistance sets them apart as the preferred option for applications like computer monitors and TV screens, effectively growing and driving the future of the global market.

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The US Market Overview

In the US, the Next-Generation market is expected to reach USD 67.0 billion by the end of 2024 while growing at a CAGR of 10.3% during the forecast period.

Moreover, in the Next-Generation Display market in the US, growth is driven by a rise in healthcare and automotive applications, flexible and wearable displays, and MicroLED technology's better brightness and efficiency. Strong consumer demand and higher R&D investments drive the market, though high production costs and technical challenges with OLED and MicroLED displays limit broad adoption and affordability.

Important Insights

• The Next Generation Display Market is expected to grow by USD 371.1 billion by 2033 from 2025 with a CAGR of 11.0 %.
• OLED is anticipated to significantly drive the global next-generation display market in 2024 in terms of revenue with its advanced self-emissive pixel technology, transforming sectors like smartphones and TVs.
• 3D display products are expected to drive market innovation, providing depth and realism for the next-generation display market in 2023, captivating audiences in entertainment & healthcare, and reshaping various sectors.
• Smartphones are set to emerge as a key driver for the next-gen display market in 2024, transforming user interactions & industries with easy integration of advanced features.
• Asia-Pacific is expected to gain 35.3% of global next-gen display revenue in 2024 and is expected to sustain dominance, focusing on affordable LED displays, backed by robust R&D and funding.

Global Next Generation Display Market: Trends

• MicroLED Adoption : MicroLED technology is gaining popularity for its superior brightness, energy efficiency, and longer lifespan, becoming a popular choice for high-end displays.
• Flexible and Foldable Displays : The growth of flexible and foldable displays in smartphones and other devices provides new design possibilities and better user experiences.
• High Refresh Rate Displays : The increase in consumer demand for smooth visuals in gaming and video streaming is driving the trend towards displays with high refresh rates, such as 120Hz and above.
• Quantum Dot Enhancement : Quantum dot technology is being integrated into displays to provide richer colors and better brightness, enhancing overall display performance and quality.

Next Generation Display Market: Competitive Landscape

In the global next-generation display market competition grows on innovation and collaboration. Key players in the market invest in research for optimized performance & energy efficiency. Also, strategic partnerships and integration by consumer electronics giants drive market growth.

Some of the major players in the market include Philips, Sony, LG, Apple, Universal Display Corporation, Samsung Electronics, and more.

Some of the prominent market players:

• Philips
• Sony
• LG
• Apple
• Universal Display Corporation
• Samsung Electronics
• Kyocera
• Nova
• Doosan Corporation
• Panasonic Corporation
• Other Key Players

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Next Generation Display Market Scope

Regional Analysis

The Asia-Pacific region is set to have a major 35.3% share of the global next-generation display market revenue in 2024 and is also expected to maintain this dominance, mainly in producing affordable LED displays, due to growing R&D, major funding from public & private sectors, and the expansion of display material manufacturers. With advanced nations collaborating with emerging economies, the region experiences considerable potential for holographic displays, supported by strong consumer electronics sectors led by key economies like China, Taiwan, and South Korea.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Segment Analysis:

Substrate materials are expected to significantly drive the global next-generation display market in 2024 and beyond, providing superior structural integrity and performance over traditional materials. Their durability, lightweight nature, and versatility foster innovation across industries, improving visual experiences in devices from smartphones to various displays. These advanced substrates allow smooth integrated, powerful, and immersive display solutions, opening new user dimensions and vast market potential in the coming years.

Next Generation Display Market Segmentation

By Technology

• OLED
• IPS
• TFT-LCD
• Others

By Material

• Substrate
• Polarizer
• Liquid Crystal
• Color Filter
• Others

By Product

• Flexible Display
• 3D Display
• Transparent Display
• Double-sided Display
• Others

By Application

• Smartphones
• Televisions and Monitors
• Smartwatches
• Laptops and Tablets
• Others

Global Next Generation Display Market: Driver

• Advanced Substrate Materials : Offering superior durability and performance, advanced substrates are key to improving display quality and reliability, driving market growth.
• Innovative Display Technologies : Emerging technologies like OLED, MicroLED, and QLED provide sharper, more vibrant visuals, attracting consumer demand & industry investment.
• Increasing Consumer Demand : The increase in demand for high-resolution displays in smartphones, TVs, and wearable devices fuels market expansion and innovation.
• Expansion in Emerging Markets : Quick technological adoption and increase in disposable incomes in emerging markets boost the demand for next-generation displays.

Global Next Generation Display Market: Restraints

• High Production Costs : The advanced technologies and materials needed for next-generation displays result in higher manufacturing costs, limiting affordability and broad adoption.
• Complex Manufacturing Processes : The complex processes involved in producing advanced displays can lead to production challenges and delays, impacting market growth.
• Limited Availability of Raw Materials : The scarcity of important raw materials for advanced substrates can constrain production capabilities and market expansion.
• Technical Challenges in Integration : Integrating new display technologies with existing systems can create significant technical hurdles, slowing down implementation and market penetration.

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Global Next Generation Display Market: Opportunities

• Rising Demand for High-Resolution Displays : The Rise in consumer preference for high-quality visuals in smartphones, TVs, and gaming devices drives the need for advanced display technologies.
• Expansion in AR/VR Applications : Growth in augmented reality (AR) and virtual reality (VR) markets provides new avenues for next-generation displays, improving immersive experiences.
• Automotive Industry Innovations : The automotive sector's switch towards advanced infotainment and dashboard displays creates major opportunities for next-generation display integration.
• Smart Home and IoT Integration : The proliferation of smart home devices and Internet of Things (IoT) technology boosts the need for innovative display solutions, promoting market growth.

Recent Developments in the Next-Generation Display Market

• February 2024: LG & Meta announced a partnership on extended reality (XR) devices, as Meta has VR & mixed reality headsets, while LG established an XR unit to develop mixed-reality devices.
• February 2024: Tower Semiconductor and Tianyi Micro introduced a strategic partnership to develop next-gen OLED micro-displays for AR/VR, using Tower's specialized process flows to meet growing market demand.
• January 2024: Samsung Electronics launched its latest display lineups of QLED, MICRO LED, OLED, and Lifestyle display lineups ahead of CES 2024, developing a next-gen AI processor, enhancing picture and sound quality, and focusing on individual lifestyles with AI-powered features.
• January 2024: Kopin Corporation and MICLEDI Microdisplays introduced a strategic partnership to develop and manufacture advanced microLED displays, focusing on enhancing immersive AR experiences in bright conditions.
• December 2023: LG Display announced its plans to highlight its latest automotive display solutions at CES 2024, focusing on mobility developments.

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About Dimension Market Research (DMR) :

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world. We also believe that our clients don't always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

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