The growing demand for electronic products is expected to propel the global flexible display market growth throughout the forecast period
The Global Flexible Display Market is expected to grow from USD 12.2 Bn in 2020 to USD 86.1 Bn by 2027, at a CAGR of 32.2%.
The global demand for flexible displays is driven by the smartphone market and various vendors are increasing their focus in the product segment, especially Chinese manufacturers. Apart from this, various vendors are also focusing on enhancing their presence in the TV and computers (Laptops and Desktop screens) segment and innovating their product offerings. LG Display has increased its production capacity of Gen 8 and Gen 8 OLED displays in Q3 2020 and Q4 2020.
The increase in demand for OLED technology, digital transformation and consumer devices are the major factor propelling the growth of the flexible display market. Flexible displays offer superior features over conventional display technologies such as lightweight, bendable, ultra-thin, shatter-proof, unbreakable, portable, and low energy consumption. The major applications that attract use of flexible display includes smart phones, wearable’s, smart watch, television, digital signage, e-reader, automotive and transportation. Thus, this propels the market demand to a great extent.
Based on the application, the vehicles & public transports segment is anticipated to grow at the highest CAGR during the forecast period. The growth in the segment can be attributed to the growth in the automobile industries. Vehicles consisting of cars and motorbikes, amongst many others, are the leading applications in the automobile domain. Displays applied in automobiles range from small- to medium- and medium- to large-sized display panels. These displays may be utilized in dashboard displays, central control units, entertainment systems, navigation systems, security systems, and many other systems that help drivers in showing the information, proliferating the segment growth.
The complex manufacturing process of the flexible display is the major restraining factor for the growth of the market. Moreover, the fluctuations in ASPs of flexible panels is the major challenge that limits the market growth. However, the high growth of the smart wearable industry provides a lucrative opportunity for the flexible display market growth.
Global Flexible Display Market by Region Outlook (Revenue, USD Million, 2021-2027):
In terms of geography, North America is expected to dominate the flexible display market during the forecast period. The growth in the region can be attributed to the rapid adoption of the newer technology as well as well-developed economy. Moreover, the increasing applications such as E-reader, vehicles and public transport, and others is one of the prominent reasons for the growth of market in the region.
The Global Flexible Display Industry Segmentation:
Global Flexible Display Market by Display Type Industry Outlook (Revenue, USD Million, 2021-2027):
Global Flexible Display Market by Substrate Material Industry Outlook (Revenue, USD Million, 2021-2027):
Global Flexible Display Market by Application Industry Outlook (Revenue, USD Million, 2021-2027):
The key players operating in the flexible display market are: