(MENAFN- GlobeNewsWire - Nasdaq) Flexible Display industry size is expected to register 30% CAGR between 2024 and 2032 propelled by breakthrough in manufacturing techniques.
Selbyville, Delaware, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Flexible Display market was valued at USD 21.64 billion in 2023 and is projected to be worth USD 232 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
Consumer demand for unique and multifunctional devices drives the market. Innovations like foldable smartphones, rollable tablets, and wearables with flexible screens meet this demand and set new industry benchmarks. Manufacturers are investing significantly in flexible display technology. For example, the Korea Institute of Science and Technology is integrating flexible displays in wearables and smart devices.
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The industry is also focusing on sustainability. The Sustainable Electronics Initiative highlights a growing emphasis on circular economy principles, urging companies to adopt recycling and reuse strategies for display components. Collaborations between tech firms and material scientists, as noted by the International Society for Flexible Electronics, are yielding breakthroughs in flexible display technologies. These advancements promise to spur market growth and align with sustainability goals, ensuring flexible displays meet consumer desires and environmental responsibilities.
The overall flexible display market is segmented based on type, panel size, application, and region.
In 2023, the LCD segment dominated the market with a share exceeding 58.5%, due to its cost-effectiveness and established manufacturing processes. Flexible LCDs are favoured in applications prioritizing affordability and moderate flexibility, such as certain wearables and entry-level devices.
Recent innovations have enhanced the bending radius and durability of flexible LCDs, making them more competitive with OLED technologies in terms of flexibility and visual quality. Flexible LCDs find niche roles where high flexibility and cost-effectiveness are paramount. Ongoing innovations in backlighting and panel construction promise to boost LCD performance and expand their application range. As the technology matures, flexible LCDs could capture a larger market share by addressing specific needs while ensuring cost efficiency.
Flexible display market in 2023, displays larger than 20 inches emerged as the fastest-growing segment, with a projected CAGR of over 31%, due to technological advancements and rising applications in sectors such as automotive, digital signage, and premium consumer electronics. These large panels facilitate innovative features like curved or rollable screens, enriching user experiences and paving the way for immersive displays. Their integration into automotive dashboards and infotainment systems stands out, leveraging the flexibility and compactness of larger panels. As technology progresses, the anticipated reduction in production costs will broaden the accessibility of large flexible panels across diverse applications, driving further adoption and innovation.
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In 2023, Asia Pacific region commanded a dominant share of over 41%, a position it is expected to maintain throughout the forecast period. The region's leadership in the flexible display market is attributed to its sophisticated manufacturing capabilities and a robust appetite for consumer electronics. Countries like South Korea and Japan spearhead innovation. Meanwhile, China's extensive supply chain and production prowess bolster the region's dominance. The expanding tech ecosystem and rising disposable incomes across Asia-Pacific nations amplify the demand for flexible displays, spanning applications from smartphones to automotive interfaces.
Flexible Display Market Players
Companies including , Samsung Electronics Co., Ltd., LG Display Co., Ltd., BOE Technology Group Co., Ltd., Japan Display Inc., AU Optronics Corp., Sharp Corporation, Innolux Corporation are some firms working in flexible display industry.
The flexible display market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD million) and units from 2021 to 2032, for the following segments :
Market, By Type
LCD OLED EPD (Electronic Paper Display) Others
Market, By Panel size
Small (Below 6 inches) Medium (6-20 inches) Large (Above 20 inches)
Market, By Application
Automotive Display Smartphone & Tablet Televisions Digital Signage Wearable Others
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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