According to MarketsandMarkets, the flexible electronics market is projected to grow from USD 31.9 billion in 2021 to USD 48.5 billion by 2026, at a CAGR of 8.8% from 2021 to 2026. Rising demand for consumer electronic devices and low cost of production as compared to rigid substrates are among the factors driving the growth of the flexible electronics & circuit market.
The OLED lighting segment of the flexible electronics market, based on application, is expected to record the highest CAGR during the forecast period. Flexible OLED lighting solutions are expected to be increasingly used in the automotive industry by high-end car manufacturers, such as General Motors, Tesla, and Audi. The presence of prominent lighting solution manufacturers such as Acuity Brands, LG Display, and OSRAM is also expected to boost the flexible electronics market for OLED lighting.
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The consumer electronics vertical is expected to capture the largest share of the flexible electronics market based on vertical. The growth of this market can be attributed to the large-scale adoption of flexible displays in consumer electronic devices such as smartphones, wearables, televisions, etc. Flexible OLED displays are widely used in leading smartphones by industry leaders such as Apple Inc. and Samsung Group. Apple has plans to introduce the iPhone Flip with a flexible display. Such developments have significantly contributed to the growth of the overall flexible electronics market for the consumer electronics vertical.
APAC held the largest share of the overall flexible electronics market, based on region, in 2020. The growth of the market can be attributed to the presence of leading players from the flexible electronics ecosystem such as Samsung Group, LG Corp., Panasonic Corporation, and Konica Minolta Inc. These players have captured a major share of the flexible electronics market, thereby contributing significantly to the growth of the market in APAC. The flexible electronics market in North America is projected to record the highest CAGR from 2021 to 2026, largely due to the increasing establishment of high-technology industries of flexible electronics for military use. A number of US states that are at the forefront of innovation have established research centers for flexible and printed electronics.
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