The global Flexible Display Market is estimated to be valued at US$ 16.14 Bn or billions in 2023 and is expected to exhibit a CAGR of 34.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible displays provide functionality of conventional displays along with characteristics like light weight, durability and flexibility. These characteristics make them suitable for curved and foldable electronics devices. Rapid adoption of flexible smartphones and tablets is fueling the demand for flexible displays.
Market key trends:
The increasing demand for wearables and IoT devices is a major factor contributing to the growth of flexible display market. Wearable devices such as smartwatches and wrist bands use flexible display panels due to their bendable nature which provides better ergonomic design. Moreover, IoT devices such as smart home appliances, healthcare monitoring devices require seamless visual interfaces which facilitates flexible displays. Rapid development of flexible and stretchable electronic circuits for flexible displays is further expected to provide growth opportunities in coming years. However, high costs associated with flexible displays and technical challenges related to producing large area flexible substrates are some of the major hurdles in wide commercialization of flexible display technology.
One of the key trends in the flexible display market is the increasing adoption of OLED (organic light-emitting diode) technology. OLED displays are seen as the next big breakthrough technology, as they are thinner, more flexible and provide better picture quality than traditional LCD displays. OLED technology allows the display to be curved, folded or rolled. Many smartphone and TV manufacturers are actively developing OLED-based flexible displays. Another trend is the emergence and increasing popularity of foldable smartphones with flexible displays such as Samsung Galaxy Flip and Fold series. This is driving more manufacturers to invest in developing flexible display technology for various consumer electronics applications.
SWOT Analysis
Strength: Flexible displays offer greater design flexibility compared to rigid LCD/LED displays. They allow innovative form factors like rollable, foldable and twistable designs.
Weakness: Flexible display technology is still in the development phase and commercialization requires significant R&D investments. High manufacturing costs currently limit mass production.
Opportunity: Increased demand for larger screen sizes and foldable/rollable form factors in consumer devices. Growing hybrid work culture boosting sales of portable large screen devices.
Threats: Stiff competition from well-established LCD/LED display makers. Disruptions in component supply chain can affect product development plans.
Key Takeaways
The Global Flexible Display Market Demand is expected to witness high growth, exhibiting CAGR of 34 % over the forecast period, due to increasing demand for innovative smartphone and consumer electronic designs.
Regional analysis: Asia Pacific region currently dominates the flexible display market, led by active adoption and development of flexible OLED technology in countries like China, South Korea and Taiwan. The region is estimated to account for over 50% market share by 2023.
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. Many of these players have announced partnerships, investments and new production facilities to cater to the growing demand.
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