Backed by the rising urbanization worldwide, the adoption of smartphones has increased significantly over the past few years. According to the statistics by the Pew Research Center, the share of ownership of smartphones in the United States alone, touched 85% on February 7, 2021, up from 35% on May 21, 2021. On the other hand, sales of smartphones globally crossed 1500 Million units by the end of 2020.
The increasing sales of smartphones is expected to drive the demand for display components, and in turn, drive the growth of the global display component market during the forecast period. The market, which garnered a revenue of USD 283994.8 Million by the end of 2020, is further projected to touch USD 386173.3 Million by the end of 2029, by growing with a CAGR of 3.5% during the forecast period.
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The global display component market is also projected to grow on account of the increasing sales of other computing devices, such as tablets, laptops, and desktop PCs. The total shipment of laptops, desktop PCs, and tablets globally by the end of 2026 is expected to reach close to 273 Million units, 70 Million units, and 142 Million units respectively. On the other hand, increasing sales of TV units worldwide, and the rising preference amongst individuals for high-resolution display units, backed by the increasing time people spend on watching TVs.
According to the statistics by the U.S. Bureau of Labor Statistics (BLS), between the period 2013-2017, the population aged 15 and above in the United States, spent an average of 2 hours 46 minutes per day watching TV, while those aged 65 years and older, spent 4 hours 14 minutes per day. Moreover, rising demand for medical equipment worldwide, and the increasing use of display components in the equipment, are some of the major factors expected to drive the market growth.
The global display component market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of the market in these regions, the market in Latin America is anticipated to garner the highest market share throughout the forecast period and further attain a market revenue of USD 173985.2 Million by the end of 2029, up from USD 131152.2 Million in 2020.
Further, the market in the region is also expected to grow with a CAGR of 3.2% during the forecast period. Increasing urbanization in the region, followed by the rising disposable income of the individuals which is contributing to the growing demand for handheld devices, such as smartphones, and other electronic devices, including televisions, laptops, and others, are expected to accelerate the market growth in the region. In other statistics by the World Bank, the share of the urban population in Latin America & the Caribbean touched 81.118% in 2020, up from 78.546% in 2010. The market in the region is further segmented by country into Brazil, Mexico, Argentina, and the Rest of Latin America, out of which, the market in Brazil is expected to hold the highest market share and further touch a market revenue of USD 13622.2 Million by the end of 2029, up from a revenue of USD 9014.7 Million in 2020. The market in the country is also anticipated to grow with the highest CAGR of 4.6% during the forecast period.
Further, the display component market in the Asia Pacific is anticipated to hold the second-largest revenue of USD 76521.1 Million by the end of 2029, up from a revenue of USD 53257.1 Million in 2020. The market in the region is further segmented by country into China, India, Japan, Australia, South Korea, Vietnam, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China registered the largest market revenue of USD 33423.2 Million in the year 2020 and is further expected to touch USD 46614.5 Million by the end of 2029. The market in the country is also anticipated to grow with the highest CAGR of 3.8% during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global display component market is segmented by technology into LCD display, LED display, OLED, plasma display, and others. Out of these, the LED display segment garnered the largest market revenue of USD 128630.5 Million by the end of 2020 and is further projected to touch USD 184609.8 Million by the end of 2029.
The OLED display segment, on the other hand, is projected to grow with the highest CAGR of 4.8% during the forecast period. The segment in the Latin America region is expected to touch a revenue of USD 15098.5 Million by 2029, up from USD 10330.6 Million in 2020, whereas in the Asia Pacific, the segment garnered a revenue of USD 59179.3 Million in 2020 and is further projected to reach USD 83725.7 Million in 2029.
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