Display Market

The global display market was valued at $124.1 billion in 2022, and is projected to reach $242.1 billion by 2032, growing at a CAGR of 6.8% from 2023 to 2032 

Screens that project information such as pictures, movies, and messages are referred to as displays. Numerous technologies, including organic light-emitting diode (OLED), liquid crystal display (LCD), and light-emitting diode (LED) are used in these display screens. In addition, it is majorly used in consumer electronic devices such as TVs, laptops, tablets, and smart watches.

The emergence of advanced technologies offers enhanced visualizations in several industry verticals, which include consumer electronics, retail, sports & entertainment, and transportation. 3D displays are a trend in consumer electronics and entertainment sectors. In addition, flexible display technologies are witnessing popularity at a high pace. Moreover, display technologies such as organic light-emitting diode (OLED) have gained increased importance in products such as televisions, smart wearables, smartphones, and other devices. Smartphone manufacturers plan to incorporate flexible OLED displays to attract consumers. Furthermore, the market is also in the process of producing energy-saving devices, primarily wearable devices.

The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It has led to either closure or suspension of their production activities in most of the industrial units across the world. The COVID-19 outbreak caused lag in meeting demands for electronic components from end users as the epicenter of virus outbreak Wuhan, China accounts for the largest manufacturing items of electronic components. The COVID-19 pandemic is impacting the society and overall economy across the global. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the massive slowing of supply chain, and increasing panic among customers. European countries under lockdowns have suffered major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to slowdown in the display market growth.

The growth of the global Display Industry is majorly driven by a rise in demand for OLED and interactive display devices and the growing trend of touch-based devices. In January 2023, Samsung Electronics Co., Ltd. developed the world’s first touch-integrated OLED display. The company started using touch-integrated panels in place of plastic touch film. Samsung developed On-Cell Touch AMOLED (OCTA) technology, which integrates the touch sensor directly into the panel, eliminating the need for separate touch screen panels.

However, the high cost of the latest display technologies such as transparent display and quantum dot displays, and the stagnant growth of desktop PCs, notebooks, and tablets hinder the market growth. Furthermore, upcoming applications in flexible display devices are expected to create lucrative display market growth opportunities.

The Display Market Outlook is segmented into Display Type, Industry Vertical, Technology, Application, and Region.

By display type, the display market trends is divided into flat panel display, flexible panel display, and transparent panel display. The flat panel display segment was the highest revenue contributor to the market, in 2022.  

By industry vertical, the market is bifurcated into healthcare, consumer electronics, BFSI, retail, military & defense, automotive, and others. Consumer electronics accounted for the largest display market share in 2022.

By technology, it is classified into OLED, quantum dots, LED, electronic paper, LCD, and others. LCD generated the largest revenue in 2022. The LCD segment dominated the in the year 2022. 

By application, it is categorized into smartphones & tablets, smart wearables, televisions & digital signage, PCs & laptops, vehicle displays, and others. Television and digital signage dominated the Display Industry in 2022.

 Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest share in 2022 during the Display Market Forecast of 2022 to 2032. 

Country-wise, the U.S. acquired a prime share in the display market demand in the North American region and Mexico is expected to grow at a significant CAGR during the forecast period of 2022-2032. The U.S., holds a dominant position in the market, owing to the rise in investment by prime vendors to boost the display market.

In Europe, the UK, dominated the market, in terms of revenue, in 2022 and is expected to follow the same trend during the forecast period. However, Germany is expected to emerge as the fastest-growing country in Europe's display with a notable CAGR, due to advancement in the microelectronics in the country thus creating lucrative growth opportunities for the display market in Germany.

In Asia-Pacific, China is expected to emerge as a significant market for the display industry, owing to new product developments and a significant rise in investment by prime players and government institutions. The well-established electronics industry in the Asia-Pacific region and the adoption of innovative technologies have given organizations in the region a competitive edge in the market. 

In the LAMEA region, the Middle East countries garner significant market share in 2022 due to the adoption of new technologies, digital transformation, and connectivity are reshaping the future of the automotive and consumer electronics industry in the Middle East. Moreover, the Latin America region is expected to grow at a significant CAGR from 2022 to 2032, owing to shifts in artificial intelligence, industry 4.0, and smart technological changes in recent years, which is expected to reshape the growth of the display in the Latin America region.

TOP IMPACTING FACTORS

Significant factors that impact the growth of the display market include high demand for flexible display technology in consumer electronic devices, an increase in the adoption of electronic components in the automotive sector, and a rise in the trend of touch-based devices. The surge in adoption of displays in touch screen devices, the rise in need for AR/VR devices, and the commercialization of autonomous vehicles are expected to create lucrative display market opportunity in the future. Moreover, the stagnant growth of desktop PCs, notebooks, and tablets hampers the growth of the display market. However, each of these factors is expected to have a definite impact on the growth of the market in the coming years.

Historical Data & Information

The market is highly competitive, owing to the strong presence of existing vendors. Vendors in the display market demand with extensive technical and financial resources are expected to gain a competitive advantage over their competitors as they can cater to market demands. The competitive environment in this market is expected to increase owing to technological innovations, product extensions, and different strategies adopted by key vendors.

Competitive Analysis

The key market leaders profiled in the report include LG Display Co. Ltd., Samsung Electronics Co. Ltd., AU Optronics, Japan Display Inc., E Ink Holdings Inc., Hannstar Display Corporation, Corning Incorporated, Kent Displays Inc., NEC Display Solutions, and Sony Corporation. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration, and business expansion to increase the display market share during the forecast period.

KEY DEVELOPMENTS/ STRATEGIES

Panasonic Corporation, Japan Display Inc., Innolux Corporation, AUO Corporation, and Sony Corporation are the key players in the display market. Top market players have adopted various strategies, such as acquisition, agreement, business development, business expansion, collaboration, product launch, innovation, and product expansion to expand their foothold in the market.

• In June 2023, BOE partnered with ThundeRobot, to develop gaming displays for competitive gamers. This collaboration may strengthen the integration of technologies and product designs in the e-sports display domain, aiming to create high-end display solutions.

• In March 2022, Samsung Electronics launched the Smart Monitor series, the M8, featuring an upgraded, stylish design. The M8 delivers Samsung's iconic slim design in four new colors, warm white, sunset pink, daylight blue, and spring green.

• In December 2022, Samsung Electronics Co., partnered with Google to take smart home interoperability to the next level. Samsung Galaxy phone and tablet users will be able to easily onboard Matter-compatible devices to both the SmartThings and Google Home ecosystems.

KEY BENEFITS FOR STAKEHOLDERS

• This study comprises an analytical depiction of the display market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall display market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The display market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the display market.
• The report includes the share of key vendors and market trends.  

 Display Market Report Highlights