OLED Display Market Size to Touch USD 167.35 billion by 2031, Expand at a CAGR 17.8% | Report by Transparency Market Research Inc.
A rising number of technological advancements and research and development activities are likely to drive OLED display demand.
Wilmington, Delaware, United States, Nov. 17, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The OLED display market was worth US$ 33.72 billion in 2021. A CAGR of 17.8% is predicted for the market between 2022 and 2031. According to TMR, OLED display sales will reach US$ 167.35 billion by 2031.
The Samsung Galaxy Fold, introduced in 2019, is the first foldable device with an OLED display. Flexible OLEDs have existed for many years in smartphones, gadgets, and other devices. LG announced in 2019 the world’s first rollable OLED television – its 65-inch OLED R TV, which can be rolled into the TV base.
The global demand for AMOLED screens grew to more than 500 million in 2021, mainly for smartphones, smartwatches, laptops, tablets, and Samsung Display primarily produces TVs. AMOLED displays, and most high-end phones incorporate rigid or flexible OLED displays.
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Global OLED Display Market: Key Players
Increasing product portfolios requires companies to invest in research and development activities. To maintain its position in the market, a manufacturer launches new products, acquires companies, and forms partnerships.
- Samsung Electronics
- AU Optronics Corp
- TDK Corporation
- Sony Corporation
- Rit Display
- LG Display
- BOE Display
- eMagin Corporation
- Universal Display Corporation
Key Findings of Market Report
- Based on type, the market for AMOLED is expected to increase demand for the OLED display market.
- Global demand for OLED displays for TVs is expected to expand in coming years.
- The semiconductor and electronics industries are increasing their demand for OLED displays.
- The internet and interactive features on smart TVs will drive demand for OLED displays.
- The growing popularity of gaming and the advancement of OLED technologies will drive demand for this technology over the next decade.
Global OLED Display Market: Growth Drivers
- Displays with OLED technology provide superior image quality with bright colors, higher contrast ratios, and deeper black levels. By allowing individual pixels to be illuminated, the technology provides better image quality than traditional LCDs. Flexibility makes OLEDs suitable for manufacturing on flexible substrates. Displays with this property can bend and fold, creating innovative smartphone, wearable, and electronic device form factors.
- Energy efficiency is one of the reasons why OLEDs are so popular. The pixels of OLEDs are self-emitting, as opposed to LCDs, which require a backlight. Its power efficiency is improved when dark themes are used, especially for applications with high power consumption. Due to their lightweight and thin properties, OLED displays are excellent for portable devices like tablets, smartphones, and laptops.
- OLED displays have played a major role in driving the growth of smartphones. Due to its visual quality and design flexibility benefits, top smartphone manufacturers have incorporated OLED technology into their flagship devices. High dynamic range (HDR) capabilities are among the features that have made OLED TVs so popular. The cost of OLED TVs has decreased as production processes improve.
- Infotainment systems and instrument clusters are among the many applications where OLED displays are used. In the automotive industry, OLED displays are increasingly adopted because they can curve or shape to fit various parts of the interior. With the advancement of technology and the development of more efficient production processes, OLED displays have become less expensive to manufacture. As a result, OLED technology has made a broader range of applications economically feasible.
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Global OLED Display Market: Regional Landscape
- Asia Pacific is a hub for many of the world’s largest manufacturers of consumer electronics, particularly China, South Korea, Japan, and Taiwan. In addition to better color reproduction and higher contrast ratios, OLED displays enable these companies to create thinner, lighter devices.
- The smartphone market largely drives OLED display demand. Its ability to display vibrant colors and deep blacks makes OLED screens popular on premium smartphones. OLED displays remain in high demand since most smartphone production occurs in Asia Pacific. Televisions are also increasingly using OLED displays. Among the leading companies in OLED TV production are Korean companies. Displays with high quality are becoming increasingly popular in the Asia Pacific region.
- OLED displays have become more affordable in recent years as manufacturing processes have improved and economies of scale have taken effect. A wider range of consumers can now access OLED technology, which has increased demand. Disposable incomes have risen across many Asia Pacific countries. With increased purchasing power, consumers are spending more on premium electronic devices, further driving the demand for OLEDs.
- In November 2023, Apple will add the OLED display to the iPad Pro. Apple Watch was the first Apple product to use OLED displays. iPhone X was the first iPhone to use an OLED display.
- Sharp announced its first Roku TV with an OLED display in November 2023. As of now, the program, which launched in 2014, is supplying sets with LCD panels solely from various TV brands. Sharp, however, is finally bucking this trend with its new Aquos OLEDs.
Global OLED Display Market: Segmentation
- Mobile Phones
- TV Displays
- PC /Laptops
- Digital Cameras
- Others (Gaming Consoles, Media Players, etc.)
- North America
- Asia Pacific
- Middle East & Africa
- South America
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