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Flexible Display Market

Market Study on Flexible Display: Majorly on the Back of Expanding Application in Automotive Displays, PMR Foresees Various Opportunities for Flexible Display Manufacturers in the Years to Come

A Detailed Analysis of the Flexible Display Market Based on Innovation in Consumer Electronics, and Increase in Demand for Superior Picture Quality

Flexible Display Market

The global flexible display market is forecast to expand at a CAGR of 9.5% and thereby increase from a value of US$6.2 Bn in 2023 to US$11.7 Bn by the end of 2030.

Attributes

Key Insights

Flexible Display Market Size (2023E)

US$6.2 Bn

Projected Market Value (2030F)

US$11.7 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

9.5%

Historical Market Growth Rate (CAGR 2018 to 2022)

8.4%

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Market Introduction and Definition

Flexible displays are innovative electronic visual interfaces that can be bent, folded, or curved without compromising functionality. Their aim is to revolutionize traditional display technologies by offering versatility in form factor and design. These displays are lightweight, durable, and enable the creation of unique and adaptable devices such as foldable smartphones, rollable tablets, and curved TVs. The primary goal is to enhance user experiences by providing more immersive and flexible display solutions, allowing for increased portability and improved aesthetics in various electronic devices.

The flexible display market is propelled by the increasing demand for smartphones, wearables, and other portable electronic devices with unconventional designs. The market is driven by the growing trend toward flexible and foldable display technologies, fostering innovations in consumer electronics. Opportunities abound as manufacturers explore applications in automotive displays, smart wearable devices, and even flexible e-readers.

Advancements in organic light-emitting diode (OLED) technology contribute to improved flexibility, resolution, and energy efficiency, further fueling the market's growth. Additionally, the expanding adoption of flexible displays in emerging technologies like augmented reality (AR), and virtual reality (VR) presents a promising avenue for market expansion.

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Market Growth Drivers

Rising Demand for Innovative Consumer Electronics

A primary driver in the flexible display market is the escalating demand for innovative consumer electronics. Consumers increasingly seek devices with unique and adaptable designs, leading to the widespread adoption of flexible displays in smartphones, smartwatches, and tablets. The ability of these displays to bend and curve not only enhances the aesthetic appeal of electronic devices but also provides manufacturers with opportunities to differentiate their products in a competitive market. As the consumer electronics landscape continues to evolve, the demand for flexible displays is set to surge, driven by the desire for cutting-edge and visually appealing devices.

In addition, technological advancements in display technologies, particularly in organic light-emitting diode (OLED) technology, serve as another key driver for the flexible display market. OLEDs offer superior flexibility, allowing for the creation of displays that can be curved, folded, or rolled without sacrificing image quality.

The advancements in OLED technology contribute to thinner and lighter displays with vibrant colors and improved energy efficiency. As manufacturers invest in research and development to further enhance the flexibility, durability, and performance of flexible displays, these technological strides propel the market forward. The continuous evolution of display technologies remains a pivotal driver, shaping the landscape of the flexible display market.

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Market Restraints

Supply Chain Challenges

A key restraint in the flexible display market revolves around supply chain challenges that might impact market performance. The complex manufacturing process and specialized materials required for flexible displays contribute to intricate supply chain dynamics. Obtaining and processing these materials, such as flexible substrates and advanced polymers, can be intricate and costly. Additionally, the production of flexible displays involves intricate machinery and specialized facilities, making the supply chain susceptible to disruptions.

Factors like geopolitical tensions, trade restrictions, or unexpected events, as seen in global crises, can lead to shortages, delays, or increased costs in the supply chain. These challenges can impede the seamless production and distribution of flexible displays, affecting market stability and potentially hindering the timely delivery of innovative devices to consumers. As the market continues to grow, addressing and mitigating these supply chain challenges will be crucial for sustained success in the flexible display market.

Complex Manufacturing Processes

One significant challenge facing the flexible display market pertains to the complexity of manufacturing processes. The intricate nature of producing flexible displays involves specialized techniques, materials, and equipment. The manufacturing of these displays requires precision in handling delicate components, such as flexible substrates and organic materials. Achieving consistency and high yields while maintaining the flexibility and durability of the displays poses a considerable challenge.

The intricate nature of the manufacturing process contributes to higher production costs and potential difficulties in scaling up production to meet growing market demands. Overcoming the challenges associated with complex manufacturing processes is crucial for manufacturers in the Flexible Display market to ensure efficient production, cost-effectiveness, and the ability to address the increasing demand for flexible display technologies in various electronic devices.

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Opportunities

Expanding Application in Automotive Displays

An exciting opportunity for revenue growth in the flexible display market lies in expanding applications in automotive displays. As the automotive industry increasingly integrates advanced technologies and smart features into vehicles, flexible displays present a compelling solution for next-generation infotainment systems, instrument clusters, and even smart windshields. The flexibility of these displays allows for creative and ergonomic designs within the vehicle's interior, enhancing the overall driving experience.

Manufacturers can capitalize on this opportunity by developing customized flexible displays tailored to the specific requirements of automotive applications. As the automotive sector embraces connectivity and digitalization trends, flexible displays stand to become a key revenue driver by providing innovative solutions for in-car visual interfaces.

Moreover, another lucrative opportunity for revenue growth in the flexible display market lies in the rising adoption of flexible displays in foldable smartphones and wearable devices. The trend toward foldable smartphones, such as foldable tablets and phones with flexible screens, presents a substantial market opportunity. Manufacturers can cater to the demand for compact, portable, and versatile devices by incorporating flexible displays into their product offerings.

Similarly, the wearable technology sector, including smartwatches and fitness trackers, can benefit from flexible displays that conform to the contours of wearable devices. Capitalizing on the increasing popularity of these device categories and aligning product development with evolving consumer preferences can significantly contribute to revenue growth in the flexible display market.

Analyst’s Viewpoint

With ongoing research and development efforts focused on enhancing performance, durability, and flexibility the market is growing rapidly. The evolution of organic materials, advancements in foldable screen technology, and the exploration of novel substrate materials are anticipated to drive a wave of innovation in the market. Additionally, the integration of flexible displays with other cutting-edge technologies such as 5G connectivity, augmented reality (AR), and AI is expected to open new avenues for application and market expansion.

Analysts project a dynamic landscape characterized by a proliferation of form factors, catering to diverse consumer preferences and industry requirements. Furthermore, International partnerships between key industry players, academic institutions, and research organizations are anticipated to accelerate innovation and drive economies of scale in production.

As market players capitalize on the untapped potential in regions like South Asia, and Oceania, analysts envision a broader market footprint, with increased accessibility to flexible display technologies worldwide. The collaboration-driven approach is expected to foster a competitive yet cooperative environment, stimulating advancements that will shape the future of the flexible display industry.

Supply-side Dynamics

The supply-side dynamics of the flexible display market are characterized by a relentless pursuit of technological advancements and manufacturing innovations. Key players in the industry are heavily investing in research and development to enhance the quality, flexibility, and durability of flexible displays. The constant quest for improved materials, production processes, and design techniques is driving a competitive landscape where companies strive to outpace each other in bringing cutting-edge solutions to the market.

Additionally, the market is witnessing a surge in strategic collaborations between manufacturers, material suppliers, and technology developers to create synergies that accelerate the pace of innovation and streamline the supply chain.

China stands out as a powerhouse in the supply-side dynamics of the flexible display market. The country has positioned itself as a global manufacturing hub, leveraging its robust infrastructure, skilled workforce, and technological capabilities. Chinese manufacturers are at the forefront of mass-producing flexible displays, capitalizing on economies of scale to meet the escalating global demand.

The country's dominance in manufacturing is bolstered by a strong emphasis on cost-effective production methods, enabling manufacturers to offer competitive pricing for flexible display technologies. With a strategic focus on research and development, China is not only meeting the current market needs but also playing a pivotal role in shaping the future trajectory of the flexible display market.

Market Segmentation

Which is the Dominating Display Type Category?

OLED Displays Lead the Way on Account of Versatility

OLED displays emerge as the dominant category due to their unparalleled flexibility and superior visual performance. OLED technology allows for the creation of displays that can be bent, curved, or even rolled, providing manufacturers with the freedom to design innovative and visually striking devices. The organic compounds in OLED displays emit light when an electric current is applied, eliminating the need for a backlight, resulting in thinner and more flexible screens.

Additionally, EPD emerges as the fastest-growing category in the flexible display market. EPD, commonly known as electronic paper, is characterized by its low power consumption and excellent sunlight visibility, making it ideal for applications such as e-readers and smart labels. The minimal energy requirements of EPD contribute to extended battery life, a crucial factor in the growing demand for sustainable and energy-efficient electronic devices.

What Substrate Material is at the Forefront in the Flexible Display Industry?

Plastic Substrates Jump in the Bandwagon

Plastic substrates emerge as the dominant category, reshaping the landscape of electronic device design. Unlike traditional glass substrates, plastics offer exceptional flexibility, enabling the creation of bendable and foldable displays. This characteristic aligns seamlessly with the market's demand for innovative form factors in smartphones, wearables, and other portable devices. Plastic substrates are lightweight, durable, and resistant to shattering, addressing key concerns associated with the fragility of glass.

Additionally, other substrate materials emerge as the fastest-growing segment in the flexible display market. This category encompasses materials beyond traditional glass or plastic, including advanced composites and hybrid solutions. The demand for even more cutting-edge and specialized applications, such as ultra-thin and lightweight displays, drives innovation in substrate materials.

Which is the Largest Area of Application for Flexible Displays?

Smartphones and Tablets Continue to be the Dominant Application Area

The dominant category is smartphones and tablets, marking a paradigm shift in the design and functionality of these ubiquitous devices. The demand for sleek, lightweight, and portable electronics has fueled the integration of flexible displays in smartphones and tablets. The fastest-growing category in the flexible display market is televisions and digital signage.

The adoption of flexible displays in larger screens is experiencing rapid growth, transforming the way content is presented in homes and public spaces. Flexible displays in televisions and digital signage offer unique advantages, such as curved screens for enhanced viewing angles and the ability to create immersive installation.

Top Regional Markets

Europe Boasts the Top Spot as the Global Innovation Hub

Europe's emergence as a dominating region in the flexible display market is propelled by its status as a global innovation hub with a strong emphasis on research excellence. Countries within the European Union have fostered a conducive environment for research and development, leading to breakthroughs in flexible display technologies.

Academic institutions and research centers collaborate closely with industry players, driving advancements in materials, manufacturing processes, and applications of flexible displays. This collaborative ecosystem positions Europe at the forefront of innovation, attracting investments and positioning the region as a leader in shaping the future of flexible display technologies.

Asian Markets Flourish on the Back of Expanding Consumer Electronics Markets

South Asia, and Oceania present significant opportunities in the flexible display market, driven by the emergence of these regions as key players in the global consumer electronics market. With a growing middle class and increasing disposable income, there is a rising demand for innovative and technologically advanced devices.

Flexible displays, known for their sleek designs and enhanced user experiences, have the potential to capture a substantial market share in smartphones, wearables, and other consumer electronic devices. The opportunity lies in catering to the evolving preferences of consumers in South Asia, and Oceania who seek cutting-edge technology and unique form factors in their electronic gadgets.

Competitive Intelligence and Business Strategy

Prominent organizations, including LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, are at the vanguard of this sector, Competitive intelligence in the flexible display market revolves around staying abreast of technological advancements, market trends, and the strategic moves of key industry players. As companies vie for market dominance, understanding the competitive landscape is crucial for informed decision-making. This involves monitoring research and development initiatives, patent filings, and product launches to gauge the innovation trajectory of competitors.

Moreover, tracking collaborations, partnerships, and mergers within the industry provides valuable insights into potential shifts in market dynamics. Through a comprehensive understanding of the competitive intelligence landscape, companies can position themselves strategically, identify market gaps, and capitalize on emerging opportunities in the rapidly evolving flexible display market.

The business strategy in the flexible display market hinges on a multi-faceted approach encompassing innovation, market expansion, and strategic collaborations. Companies are investing significantly in research and development to introduce novel technologies and improve existing ones, aiming to differentiate themselves in a crowded market. Market expansion involves identifying untapped regions, particularly in South Asia, and Oceania, and establishing a robust presence to capitalize on growing consumer demand.

Key Recent Developments

New Product Launch

Royole Corporation a manufacturer of flexible displays introduced Rokit, the first open platform flexible electronics development kit in the world.

Market Impact: This innovation fosters accessibility for developers to experiment and create applications for flexible displays. It not only spurs innovation within the industry but also accelerates the development and adoption of diverse and groundbreaking flexible display technologies.

(Source: Royole)

LG Corporation a multinational conglomerate introduced its most recent OLED TV technology, dubbed "OLED EX," LG Display's deuterium and personalized algorithm-based "EX-Technology" is used in this OLED EX display of the next generation.

Market Impact: This innovation propels the capabilities of OLED displays. The market impact lies in setting new benchmarks for display quality and performance, influencing industry standards and consumer expectations.

(Source: Tech Power Up)

Samsung Electronics, Ltd. recently launched stunning Neo QLED 8K, and Neo QLED TVs. These televisions offer the best picture quality and enveloping soundscapes to transform living spaces.

Market Impact: Samsung Electronics' launch of the stunning Neo QLED 8K and Neo QLED TVs sets a high standard for display technology. While not directly related to flexible displays, such advancements in conventional display technology often influence trends and expectations. The market impact is seen in shaping consumer preferences and potentially influencing future developments in flexible display technologies.

(Source: Samsung Newsroom)

Flexible Display Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Oceania
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Display Type
  • Substrate Material
  • Application
  • Region

Key Companies Profiled

  • 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

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Flexible Display Market Research Segmentation

By Display Type:

  • OLED
  • LCD
  • EPD
  • Other Display Types

By Substrate Material:

  • Glass
  • Plastic
  • Other Substrate Materials

By Application:

  • Smartphones and Tablets
  • Smart Wearables
  • Televisions and Digital Signage
  • Personal Computers and Laptops
  • Other Applications

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • 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

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 9.5% in terms of revenue, during the projected period 2023 - 2030.

The flexible display market size has been valued at US$6.2 billion as of 2023-end.

The US held the largest market value share in the end of 2023.

The prominent players in this market include LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, and E Ink Holdings.

The televisions and digital signage segment is expected to grow at the fastest pace during the forecast period.

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