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The global market for flexible displays is poised for promising growth prospects in the years to come. The shooting smartphone sales, and boom around smart wearable devices will drive the flexible display market ahead.
Market Analysis in Brief
The market for flexible displays roughly equalled US$16 Bn in 2021 and is projected to display a strong growth outlook during the forecast period. The growth is driven by rising demand for display-based consumer electronics and consumer preferences for energy-efficient, flexible devices. Technological breakthroughs in the realm of display technologies have resulted in the introduction of cutting-edge flexible displays, offering growth prospects for the market's leading competitors. Flexible displays' superior advantages in terms of portability, non-fragility, and weight make them an appealing solution for consumer electronics producers, which bodes well for the flexible display market growth.
Key Report Findings
Growth Drivers
Expansion of OLED-based Devices
With the development of high-definition content, and high-performance applications, the adoption of organic light emitting diode (OLED)-based flexible displays is growing at an exponential rate. Furthermore, the rapid growth of the smart wearable market is driving the demand in the flexible display market space.
To fulfil demand, manufacturers are investing heavily in expanding their manufacturing facilities. LG Display, for example, made a KRW 970 million investment in a 6th Generation flexible OLED display production line in 2016 to strengthen its market dominance. Furthermore, the increasing use of OLED-based devices in mobile phones, VR headsets, digital cameras, computers, tablets, and televisions is fuelling the expansion of the flexible display market.
The COVID-19 Impact
The flexible display market, like many other industries, has been affected by the COVID-19 pandemic. The pandemic has disrupted global supply chains and caused a significant slowdown in demand for many products and services. The pandemic has had a mixed impact on the flexible display market.
On one hand, the market has experienced a decline in demand due to the economic downturn and the reduced spending power of consumers. Many manufacturers have also faced challenges due to supply chain disruptions and the closure of factories and manufacturing facilities.
On the other hand, the pandemic has also accelerated the adoption of remote working and learning, leading to an increased demand for devices with flexible displays, such as smartphones, tablets, and laptops. The shift towards online shopping and entertainment has also driven the demand for flexible displays in wearable devices, gaming consoles, and other consumer electronics.
Furthermore, the pandemic has highlighted the importance of touchless and hygienic interfaces, leading to an increased demand for flexible displays with touchless controls, and other innovative features.
Increasing Consideration About Integration in Automobiles
Automotive makers are placing greater emphasis on incorporating flexible displays into vehicle interiors. For example, in May 2019, Audi AG, and Samsung Corporation announced a strategic cooperation to market the Audi Prologue A9 Prototype, the latter's concept automobile. To help better regulate the vehicle settings, the suggested car is planned to include a foldable, high-resolution Samsung OLED display near the gear shift.
Introduction of Energy-efficient, High-Performance Flexible Displays
In recent years, the flexible display market has seen great technological breakthroughs. Display devices have evolved from being large and taking up a lot of space to being compact and bezel-less. When compared to traditional CRT-based display technologies, they now offer higher resolution, better contrast ratio, and lower power usage. Due to the high level of competition in the display business, new product developments and releases with appealing aesthetics and high-end specs have occurred.
With the introduction of devices based on technologies such as OLED and Q-dot LED, companies such as Samsung Electronics Co., Ltd. (South Korea) and LG Display Co., Ltd. (South Korea) have led the display market into a new age. OLEDs have a wider viewing angle, a higher contrast ratio, and are brighter than LCDs. OLEDs also have refresh rates, allowing for high-definition video.
Consumers are drawn to the attractive aesthetics and high specifications of display devices such as TVs, desktop monitors, notebook computers, and mobile phones. Display goods based on OLED technology have completely transformed the display market.
Robust Growth of Smart Wearables
Many smart band makers are excited to expand their product line by including small gadgets with screens. Smart wearables use small display panels in applications such as watches, and wristbands. The expanding market for smart wearables includes novel applications like augmented reality (AR), and virtual reality (VR), giving new OLED display suppliers.
The rising market for smart wearables will present an opportunity for large-sized display panel producers such as Taiwan's Innolux Corp., and AU Optronics Corp. (Taiwan). Companies may invest to focus on these applications, increasing their income in the long run.
Growth Challenges
Complex Manufacturing Process
The manufacturing of flexible displays is a complex process with multiple steps. The designing component of rival display technologies is currently superior and requires fewer production phases. The ability of flexible display technology to match the performance of rigid display and electronics technologies now available on the market is a serious problem.
Many organic materials used in flexible screens and electronics are moisture and oxygen sensitive. A material's life is reduced when it is exposed to oxygen and moisture. As a result, they offer less protection. Furthermore, these materials work at slow speed, and high voltages. They are also susceptible to high temperatures.
Overview of Key Segments
OLED Remains Dominant on the Back of Superior Flexibility
The flexible display market is divided into display types such as LCD, OLED, EPD, and others. The OLED sector accounted for more than 60% of the market in 2021 and is predicted to increase significantly during the forecast period. OLED-based flexible screens have a great degree of flexibility, consume less energy, and are thus rapidly being used in smartphones.
OLED flexible displays are also less bulky and lighter than LCDs because they do not require a backlight or filters. On the other hand, the increasing popularity of e-readers with flexible displays is likely to be supporting the expansion of the electronic paper display (EPD) segment of the market in the next few years.
Smartphone Remains the Leading Market Segment
Flexible displays are found in a variety of items, including smartphones, wearables, televisions, e-readers, and automobiles. Over the projection period, the smartphone category is expected to grow at a significant CAGR of more than 12%. With the introduction of the smart city idea, digital signage systems with flexible displays are projected to be widely used in the next years for map displays and advertising.
In terms of revenue, wearables (excluding smart watches), smartwatches, and automotive and transportation categories accounted for 17% of the market in 2021. The expansion of the automotive and transportation segments is clearly attributable to the prioritisation of novel state-of-the-art display technology in infotainment, and navigation systems to improve user experience.
Growth Opportunities Across Regions
Asia Pacific to Dominate with an Exploding Electronics Industry
The Asia Pacific region is emerging as a leading flexible display market for developing flexible displays, particularly in the consumer electronics industry; countries in the region, particularly those in East Asia (China, Taiwan, Japan, South Korea, and Singapore), are experiencing consistent growth, primarily due to flexible displays.
As end users across many industrial verticals underline the necessity of high-quality displays, OLED displays are seeing rising demand across Asia Pacific. Advances in material technologies are propelling the development of new applications for flexible displays, and flexible electronics, which are likely to account for a sizable share of both demand and revenue in the forecast period and beyond.
Competition Landscape Analysis: Global Flexible Display Market
The Asia Pacific market for flexible displays gains from the market consolidation, which has resulted in several advanced display technologies dominating the market. Furthermore, Asian countries are the home of display manufacturing foundries, giving the entire region an upper hand in the global landscape of displays.
Several emerging competitors in Asia Pacific’s flexible display market are submitting patents for their technology, in turn boosting the market competition. The region’s major flexible display manufacturers such as Samsung, and LG Display have been investing heavily in improving their manufacturing facilities to deliver new products.
Wearables like smartwatches are also likely to give the market a boost in terms of demand generation. A report by Cisco Systems estimated the number of connected wearable devices in Asia to jump from 258.2 million in 2021 to 311 million in 2022. During the forecast period, such trends are expected to boost the revenue expansion of the flexible display market.
Key Market Players
Notable Developments
Regional Classification of the Global Flexible Display Market is Described Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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