Flexible Display Market is Estimated To Witness High Growth Owing To Growing Demand for Smartphones and Rising Popularity of OLED Technology



The Flexible Display Market is estimated to be valued at US$ 16.14 billion in 2023 and is expected to exhibit a CAGR of 34.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The flexible display market includes a range of foldable, bendable, and rollable displays that are thinner, lighter, and more durable than traditional glass displays. These displays offer enhanced flexibility, wider viewing angles, and higher resolution, providing a unique visual experience to consumers. They are commonly used in smartphones, tablets, wearables, and televisions. The market has been experiencing significant growth due to the increasing demand for smartphones with larger screens and the rising popularity of OLED technology.

Market Dynamics:
The growth of the flexible display market is primarily driven by two factors. Firstly, the growing demand for smartphones with larger screens is boosting the adoption of flexible displays. Consumers are increasingly preferring larger display screens for better multimedia experiences and enhanced productivity. Secondly, the rising popularity of OLED technology is also contributing to the market growth. OLED displays provide better image quality, higher brightness, and improved energy efficiency compared to LCD and LED displays. These factors are expected to drive the growth of the flexible display market over the forecast period.
Segment Analysis:

The Global Flexible Display Market can be segmented based on technology, application, and region. In terms of technology, the dominating segment is OLED (Organic Light Emitting Diode) displays. OLED displays offer several advantages such as better color contrast, wider viewing angles, and flexibility, which make them highly desirable for various applications. OLED technology is widely used in smartphones, tablets, and televisions, contributing to the dominance of this segment in the market.

On the basis of application, the consumer electronics segment is the largest and fastest-growing segment. The increasing adoption of smartphones, smartwatches, and flexible televisions is driving the growth of this segment. Consumers are demanding more flexible and portable devices, which is fueling the demand for flexible displays in the consumer electronics industry. Additionally, the healthcare and automotive sectors are also witnessing significant growth due to the integration of flexible displays in medical devices and automotive displays respectively.

PEST Analysis:

Political: The political factors influencing the flexible display market include government regulations and policies regarding the manufacturing and import/export of electronic devices. Political stability and trade relations between countries also impact the market.

Economic: The economic factors include the purchasing power of consumers, inflation rates, and GDP growth. Economic growth and rising disposable incomes contribute to the market growth as consumers are willing to spend on innovative devices.

Social: Social factors include consumer preferences and lifestyle changes. The increasing trend of connected devices and the demand for aesthetically appealing electronics are driving the adoption of flexible displays.

Technological: Technological factors play a major role in the flexible display market. Advancements in display technologies, such as OLED and AMOLED, and the shift towards flexible and foldable designs are driving the market growth.

Key Takeaways:

The global flexible display market is expected to witness high growth, exhibiting a CAGR of 34.7% over the forecast period (2023-2030). This growth can be attributed to the increasing demand for smartphones, smartwatches, and flexible televisions. The consumer electronics segment is expected to dominate the market due to the rising adoption of portable and flexible devices.

Regionally, Asia Pacific is the fastest-growing and dominating region in the flexible display market. This can be attributed to the presence of major smartphone manufacturers and the increasing disposable incomes of consumers in countries like China, South Korea, and Japan. North America and Europe are also witnessing significant growth, driven by technological advancements and the high adoption of innovative technologies in the consumer electronics industry.

Key players operating in the flexible display market include LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, e-ink Holdings, BOE Technology Group, and others. These players are focusing on research and development activities, partnerships, and product launches to gain a competitive edge in the market.

 

Read More: https://www.rapidwebwire.com/flexible-display-market-growth-and-trends/

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