April 22, 2024

Flexible Display Market Is Anticipated to Witness High Growth Owing to Increasing Adoption in Wearable Devices

The flexible display market has seen significant growth in recent years due to rising demand for flexible and foldable devices such as smartphones, wearables, and other consumer electronics. Flexible displays offer innovative design options compared to traditional displays, allowing devices to be more compact and portable. They provide a more immersive viewing experience to users. Flexible organic light-emitting diode (OLED) displays are increasingly being used in premium smartphones due to their thinness, light weight and ability to be folded or rolled up. Rise in disposable income and advent of 5G technology are expected to boost demand for flexible displays from the consumer market. Wearable devices with flexible displays such as smartwatches and virtual/augmented reality headsets are finding widespread usage. Various industries including automotive, healthcare and retail are also exploring flexible display applications.

The Global Flexible Display Market is estimated to be valued at US$ 16.14 Bn in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030.

Key Takeaways
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. Samsung and LG currently dominate the market, while Chinese manufacturers are rapidly expanding their presence.

The market provides huge opportunities for flexible display adoption in rapidly growing sectors like wearables, foldable devices, automotive displays and medical devices. Advancements in plastic substrates and thin-film transistors has boosted development of large-area, high-resolution flexible displays.

Major player are expanding their geographical footprint to leverage opportunities in Europe, North America and Asia Pacific. Collaborations with OEMs and brand owners help companies commercialize new flexible display innovations and applications globally.

Market drivers:
– Increasing demand for foldable and bendable displays in next-gen consumer electronics like smartphones, notebooks and TVs. Samsung’s recent foldable devices have boosted research in the area.
– Growing wearables sector with smartwatches, AR/VR headsets requiring flexible displays for form factor. Fitbit, Xiaomi, Huawei launching devices with AMOLED covers scope for replacement.
– Automotive displays market adoption for interior/exterior, heads-up and infotainment displays requiring durability of flexible panels.

Market restraints:
– High production costs compared to traditional LCD/LED panels hampers mass adoption.
– Limited lifetime/durability of plastic-based panels which can crack on folding raises reliability issues.
– Underdeveloped flexible hybrid electronics sector restricting scope of implementation in IoT.
Segment Analysis
Flexible OLED Display segment is dominating the flexible display market currently as these displays are ultra thin, lightweight and highly power efficient. They are very popular for use in smartphones and electronic wearables due to their form factor advantages. Rigid Flexible Display segment is also gaining traction for applications requiring foldable or rollable displays such as laptops, televisions and large screens. Advances in manufacturing technology is making these displays viable for use across more applications and price points.

Regional Analysis
Asia Pacific region dominates the global Flexible Display Market  currently accounting for over 40% share due to strong presence of manufacturers in countries like China, South Korea and Japan. Rapid shift towards OLED technology by major players in these countries is driving the regional market. North America region is the fastest growing market projected to witness around 30% CAGR during the forecast period due to rising demand for flexible wearables and foldable smartphones in United States. Increasing investments by companies like LG Display, Samsung in setting up manufacturing plants in North America is expected to further boost regional market.

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