Flexible Display Market Size to Worth Around USD 244.7 Bn by 2030

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Tokyo, Aug. 02, 2022 (GLOBE NEWSWIRE) — The global flexible display market size was valued at USD 22.02 billion in 2022. The use of flexible display has been extensively seen in the automobile industry where do they use of touch screen has been observed with the rapid advancement in technology. The increasing demand for smart phones and smart watches has also boosted the demand for flexible displays. The recent trend of curved display edges has boosted the market for flexible displays to a great extent.

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With a view to provide better flexibility and durability to the device the use of flexible display has increased to a considerable extent. The rapidly increasing number of people belonging to the geriatric population has also boosted the demand for flexible and durable display material.

Regional Snapshots

  • The region of North America has proved to be the largest market for the flexible display as a result of the presence of leading automobile industries in this sector. The increasing demand for making the vehicles more interactive and customized as per the requirements of the consumer has proved to be a driving factor for the flexible displays.
  • The Asia Pacific region is considered to be the fastest growing market as a result of the increasing demand of smartphones and smart watches amongst the youngsters and teenagers.
  • The region of Middle East and Africa have also proved to be potential markets for the growth of the flexible display products. As a result of the well-established market of flexible displays in the region of North America, rapid growth is experienced by the key market players. The region of Latin America has also proved to be a potential market for the flexible display.

Key Insights

  • Asia Pacific region garnered 35% revenue share in 2021.
  • North America region contributed 25% market share in 2021.
  • The OLED segment accounted 64% market share in 2021.
  • The smartphone segment is expected to grow at a CAGR of 15% between 2022 to 2030.
  • The plastic segment accounted market share of over 70% in 2021 and is predicted to hit at a CAGR of 27% between 2022 to 2030.

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Report Highlights

  • On the basis of technology, OLED has dominated the segment as a result of its extensive use in the smartwatches and smartphones. The introduction of OLED has transformed the entire touch experience which was obtained from the flexible display market.
  • On the basis of application, the automobile industry has proved to be the largest market for the flexible display as a result of the rapid technological advancements that has been experienced over the period of time. In order to make the vehicles more interactive with the use of artificial intelligence, the introduction of flexible displays into this system is increasing rapidly.
  • On the basis of material, plastic has dominated the segment as a result of the low cost which is imposed during the manufacturing process of the flexible displays.
  • On the basis of geography, North America has proved to be the largest market for the flexible display as a result of the increasing demand of electronic gadgets with advanced technologies.

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 16.3 Billion
Revenue Forecast by 2030 USD 244.7 Billion
CAGR 35.12% from 2022 to 2030
Largest Market Asia Pacific
Fastest Growing Region North America
Base Year 2021
Forecast Year 2022 to 2030
Key Players Innolux Corp., AU Optronics Corp., BOE Technology Group Co., Ltd., Corning Incorporated, E Ink Holdings, Inc. Japan Display Inc., Samsung Electronics Co., Ltd., LG Display Co., Ltd., Royole, Others.

Market Dynamics

Drivers

A rapid technological advancement has been experienced by the flexible display market in the recent years. The quality and weight of the display devices Underwent rapid transition with the development in technology. The space consuming and bulky nature of the displays have been transformed to slim formats which provide a better response to the touch of the consumer. The huge number of people belonging to the geriatric population proves to be a driving force for the flexible display market as these people cannot take care of the delicate features provided by the electronic devices. With the increasing competition among the key market players, advanced technologies have been launched into the market which attracts potential customers. The rapid advancements which have been observed in the field of education with the introduction of smart displays has proved to be a major driving force for the growth of the market during the forecast period.

Restraints

The entire process involved in manufacturing of flexible display it’s very complex as compared to the manufacturing process of rigid displays. This imposes an additional cost on the manufacturing process which increases the cost of the electronic devices. The designing process of the rigid displays is much simpler which makes it superior as compared to the flexible displays. The response to stimuli offered by the rigid display this is very satisfying as compared to the flexible display. The extreme climatic conditions hamper the quality and resolution of the flexible displays very easily which proves to be a major restraining factor for the growth of the market. The level of protection which is provided for the internal circuit and motherboard of the electronic device is quite less which reduces the life of the gadget. These multiple reasons prove to be the restraining factors for the growth of the market during the forecast period.

Opportunities

The facility of insurance coverage which has been introduced for the electronic devices in order to provide a better aftermarket service to the consumers has proved to be a major opportunity for the growth of the market. The increasing use of flexible displays by the manufacturers of smart band it’s proved to be a great opportunity for the growth of the market of flexible display. The high demand of watches and smart phones experienced as a result of rapid digitalization in the field of education has proved to be a great opportunity for the growth of the flexible display market during the forecast period. The introduction of smart education system into the society has increased the demand for better display quality and resolution. These multiple reasons proved to be great opportunities for the growth of the flexible display market during the forecast period.

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Challenges

The revenue return of the flexible display mainly depends on the bulk order which is received by the manufacturer. Flexible displays cannot bear extreme climatic conditions which hampers the functioning and response provided by the device. The cost of the raw material of flexible displays proves to be a great challenge for the growth of the market. These multiple reasons prove to be the challenges during the growth phase of the flexible display market.

Recent Developments

  • In January 2017 – a wallpaper TV was introduced by LG, that included a flexible screen which was 4 mm deep. This could be suspended on the wall with the help of magnets. it was a super slim model which was bendable.

Market Segmentation

By Technology

  • OLED
  • LCD
  • EPD

By Material

  • Glass
  • Metal
  • Plastic

By Type

  • Curved Display
  • Bendable and Foldable Display
  • Rollable Display

By Panel Size

  • Up to 6”
  • Above 50”
  • 20-50”
  • 6-20”

By Application

  • Wearable (Excluding Smartwatches)
  • TV
  • Smartphone
  • Smartwatch
  • E-reader
  • Automotive & Transportation

By Industry

  • Automotive and Transportation
  • Aerospace and Defense
  • Media and Entertainment
  • Consumer Electronics
  • IT and Telecommunication
  • Sports and Fashion

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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