July 18, 2024

Flexible Display Market Is Estimated To Witness High Growth Owing To Increased Adoption In Smart Wearable Devices

Market Overview:

Flexible displays are thin, lightweight, and durable displays that can be bent, folded or rolled without being damaged. These displays are being incorporated into various electronic devices such as smartphones, laptops, televisions, monitors and other wearable devices. The increasing demand for foldable and rollable display integrated devices is driving the growth of the flexible display market.

Market Dynamics:

Flexible displays are expected to witness growing demand owing to increasing adoption in smart wearable devices. With continuous technological advancements, wearable devices are becoming thinner, flexible and are capable of performing more complex tasks. Some of the key wearable devices incorporating flexible displays include smart watches, augmented reality glasses, smart bands and smart tattoos. This wide range of applications of flexible displays in wearables is expected to propel the market growth over the forecast period. Additionally, growing demand for large format displays for use in television screens, roll-up computer screens and vehicle displays is also fueling the flexible display market growth. However, high production costs and lack of mass manufacturing are some of the challenges hindering the market growth. Ongoing R&D focusing on improving production efficiency and reducing costs is expected to counter these challenges in the long run.

SWOT Analysis

Strength: Flexible display technology offers high performance and features unlike rigid screen displays. It provides portability and durable design to withstand rough usage. The flexible display components can be manufactured using printing techniques which reduces production costs.

Weakness: The current flexible displays have lower resolution and graphics quality compared to traditional rigid LCD and LED displays. The manufacturing of flexible displays involves complex processes which increases the product cost.

Opportunity: Growing demand for wearable devices, foldable smartphones and rollable displays is creating huge market opportunity. Applications in medical devices, transportation and IoT sectors provide scope for innovative product designs.

Threats: Stiff competition from established rigid display manufacturers. Dependence on a limited number of component suppliers increases challenges in managing inventory and costs. Stringent performance and reliability standards set by OEMs.

Key Takeaways

The Global Flexible Display Market Demand is expected to witness high growth, exhibiting a CAGR of 34.7% over the forecast period, due to increasing demand for foldable and bendable devices across various industries. The market size is projected to reach US$ 16.14 Billion by 2023.

Regional analysis
Asia Pacific dominates the global flexible display market owing to strong manufacturing base of major players in countries like China, South Korea and Japan. South Korea and China together contribute over 50% share of the global flexible display sales. North America and Europe are other major regional markets driven by technological advancements in wearables, medical devices and transportation sectors.

Key players
Key players operating in the Flexible Display Market are 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, Microtips Technology, and Others.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it