Flexible Display Market Analysis Report By Type, By Material Type, By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global flexible display market size was accounted for USD 6.98 billion in 2018 and expected to grow with a CAGR of 28.1% over the forecast period, from 2019 to 2025.  Factors such as the growing adoption of display-based consumer electronic devices and increasing demand for lightweight, flexible, and energy-efficient gadgets are driving the market growth. Further, advancement in technology has led to the introduction of state-of-the-art flexible displays, which is expected to open new business growth opportunities for industry players operating in this industry.

Consumer electronics manufacturers are widely using flexible displays due to several advantages like lightweight, non-fragility, and durability. Further, the demand for Organic Light Emitting Diode- (OLED) based flexible displays is expected to witness exponential growth due to its advanced features. Moreover, the growing adoption of smart wearable devices is expected to fuel the market growth during the forecast period. Therefore manufacturers are engaged in increasing their production capacities to meet the growing demand.  In addition, the rising adoption of OLED-based gadgets such as VR headsets, mobile phones, digital cameras, tablets, laptops, and televisions among others is expected to contribute positively to market growth. However, a complex manufacturing process and high investment for OLED-based flexible display can be a barrier for new entrants.

The growing adoption of flexible displays in automotive, healthcare, and other industries is expected to open new avenues for market growth. Further, automakers are concentrating on integrating this display in vehicle interiors. For instance, in 2019, Samsung Corporation and Audi AG partnered to promote the Audi Prologue A9 Prototype car. This car includes a high-resolution and flexible Samsung OLED display nearby its gear stick to control the vehicle settings.

Type Insights

Based on type, the market is segmented into OLED, EPD, LCD, and others. In 2018, OLED accounted for more than 60% market share and is projected to grow with a significant CAGR over the forecast period. OLED-based displays have high flexibility, are energy-efficient, and therefore are widely used in smartphones. In addition, they are lightweight and sleek in design as compared to LCD flexible displays. However, the growing adoption of flexible display-based e-readers is expected to boost the demand for Electronic Paper Displays (EPD) in the next few years.

Application Insights

Based on the application, the market is fragmented into wearable, televisions, smartphones, E-readers, automotive, and others. The smartphone application segment is projected to grow with a significant CAGR of more than 12% during the forecast period. Government initiatives for smart city projects, the introduction of digital signage with flexible displays are projected to be widely used for advertising and map displays in the next few years.

In 2018, smartwatches, wearable(excluding smartwatches), and the automotive segment collectively held a 17% market share in terms of revenue. The flexible display market is expected to gain traction in the transportation and automotive sectors due to the increasing demand for navigation and infotainment systems to enhance user experience.

Material Type Insights

Based on material type, the market is segmented into plastic, glass, and metal. In 2018, the plastic segment accounted for the largest market share and further, expected to grow with a CAGR of 25% during the forecast period, from 2019 to 2025. This growth can be attributed to the increasing shift from glass to plastic substrates, as it provides added advantages like lightweight, robustness, and size.     

 Flexible display manufacturers prefer plastic material owing to the growing demand for flexible and low-cost substrates, especially in the consumer electronics industry. However, glass material resists gases and water vapor along with high durability. Therefore, key players are focusing on developing durable glass material, as plastic can be prone to creasing, scratching, and lose color over time. 

Regional Insights

Asia Pacific is expected to lead the global flexible display market and is projected to grow with a CAGR of more than 25% over the forecast period. This high revenue share can be attributed to the growing demand for lightweight and compact electronic devices. Further, the growing number of smartphone users coupled with the adoption of advanced technologies such as augmented reality and 3D display is expected to witness a positive impact on market growth in this region. Countries like India, Japan, China, and South Korea are leaders in manufacturing flexible displays. China is one of the leading manufacturers of flexible OLED screens across the globe. For example, China-based Chengdu factory manufacturers over 70 million flexible sheets for phone screens each year.

In 2018, North America held a market share of over 20% and expected to witness robust growth during the forecast period due to the growing demand for durable and lightweight electronic devices. Europe's market for flexible displays is projected to witness significant growth over the forecast period due to increasing demand for flexible displays from the automotive industry.

Impact of COVID-19

The outbreak of COVID-19 is adversely impacting flexible display market growth. This pandemic has forced many companies to halt their business operations for reducing the effect of virus infection. This halt in business operations has directly decreased the sales of consumer electronics devices as well as affected consumer demand and the availability of the supply chain. Furthermore, COVID-19 is also adversely impacting the automotive sector. Thus the demand for flexible displays is expected to decrease to some extent during a pandemic situation.

However, smartphone manufacturers are expected to expand their product line which contains OLED flexible displays. Further, Chinese smartphone manufacturers are focusing to resume their flexible display production integrated with OLED panels, which is expected to surge the market growth during the pandemic situation.

Flexible Display Market Share Insights

Key players are adopting strategies such as partnerships, collaborations, mergers, and acquisitions to strengthen their position in the competitive market. For example, in 2018, Royole Corporation introduced a foldable device FlexPai integrated with a flexible display. This device can be rolled, bent, and operated as both tablets and smartphones.

Leading players are investing in R&D to develop advanced designs in flexible displays for different consumer electronic devices. To sustain in competitive edge, they are also registering their patents. The major players include in this market are as follows:

• BOE Technology Group Co., Ltd.
• Corning Incorporated
• Innolux Corp.
• AU Optronics Corp.
• E Ink Holdings, Inc.
• Japan Display Inc.
• LG Display Co., Ltd.
• Royole
• Samsung Electronics Co., Ltd.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, Million Insights has segmented the global flexible display market report based on type, material type, application, and region:

• Type Outlook (Revenue, USD Million, 2014 - 2025)
    • LCD
    • OLED
    • EPD
    • Others

• Material Type Outlook (Revenue, USD Million, 2014 - 2025)
    • Glass
    • Plastic
    • Others

• Application Outlook (Revenue, USD Million, 2014 - 2025)
    • Smartphone
    • Smartwatch
    • Wearable (Excluding Smartwatches)
    • Television
    • E-reader
    • Automotive & Transportation
    • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • The U.S.
        • Canada
    • Europe
        • U.K.
        • France
        • Germany
    • The Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa