The flexible display market has witnessed substantial growth in recent years. Flexible displays provide advantages like flexibility, lightweight, and durability. These displays can bend, fold, and twist without damage and are increasingly being used in smartwatches, smartphones, tablets, laptops, e-readers and other consumer electronics. The global flexible display market is estimated to be valued at US$ 16.14 Bn in 2024 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the flexible display market include 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, and Microtips Technology. These players are focusing on expanding their product portfolios and global footprint through mergers & acquisitions and partnerships.
There is a lot of opportunity in developing flexible displays for applications in consumer electronics, automotive, healthcare, industrial, and commercial sectors. As the technology matures further, its usage will increase multifold across various industries. Global expansion through partnerships, joint ventures and contract manufacturing is helping companies establish themselves in emerging markets faster.
Market Drivers
The key driver for the flexible display market is the rising demand for smart flexible electronic devices. As devices become thinner, lighter and more durable, flexible displays are finding increased applications. Their bendable nature allows innovative form factors for devices. Other drivers include higher resolution & larger screen sizes, declining prices, and advancements in manufacturing technology. The integration of OLED lighting and screens in automotive interiors and exteriors is also boosting market revenues. Supportive government policies and investments in developing flexible technologies will continue to propel market growth over the coming years.
PEST Analysis
Political: The flexible display market growth will be determined by government policies and regulations that aim to support emerging display technologies and R&D investments in related sectors. Regulations concerning electronics waste management will also impact industry trends.
Economic: Changes in global and regional economic conditions will affect consumer demand and spending power. Growth in wearables, foldable devices, and automotive displays will drive flexible display investments. Rising disposable incomes in developing nations will expand the potential consumer base.
Social: Consumer preference for advanced,novel display features in mobile devices and electronic products is a key factor. Growing acceptance of wearable tech and applications requiring foldable or rollable form factors provides social validation.
Technological: Advancements in materials science, manufacturing processes, and component miniaturization enable the creation of innovative flexible display designs. Integration of LED,OLED and quantum dot technologies enhances display performance. Developments in interface technologies supporting natural user experiences with flexible surfaces will influence uptake.
The flexible display market in terms of value is currently concentrated in Asia Pacific, led by major manufacturing bases in China, South Korea, Taiwan and Japan. These countries contribute significantly due to strong presence of display panel and device OEMs. The growing middle class in the region also augments product demand. North America is another prominent geographical market driven by early adoption of novel consumer electronic devices in countries like the United States. Europe has also emerged as an important flexible display production and consumption hub in recent years.
The fastest growing regional market for flexible displays is expected to be Asia Pacific excluding Japan. This can be attributed to rising electronics consumption in highly populous developing nations such as India and Indonesia. Countries in Southeast Asia are actively promoting electronics manufacturing through trade agreements and incentives. Domestic manufacturers are expanding production capacities to serve their growing domestic flexible display panel and device markets.
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