The global flexible display market is projected to reach USD 39.19 billion by 2025 and registering a CAGR of 28.1% during the forecast period, from 2019 to 2025, according to a new report by Million Insights. Growing adoption of lightweight and energy-efficient consumer electronic devices is a major factor in driving the market growth. Flexible displays are energy-efficient, lightweight, and shatter-proof, which is encouraging consumer electronics manufacturers to adopt this display.
Moreover, increasing sales of consumer electronics devices such asfoldable laptops, bendable TVs and wearable devices are projected to boost the demand for flexible displays over the forecast period. Further, enhancement in flexible Organic Light-Emitting Diodes (OLED) is projected to surge the demand over the next few years.
Increasing demand for flexible displays from the automotive and healthcare industries is expected to drive the growth for flexible display marketduring the forecast period. Automotive manufacturers are engaged in integrating this display in vehicle interiors. For example, in 2019, Audi AG and Samsung Corporation entered a strategic partnership to promote the Audi Prologue A9 Prototype. This car will be integrated with high resolution and flexible Samsung OLED display which will assist driver to control vehicle settings.
Industry players are investing extensively in R&D to develop energy-efficient products. A total of 20,590 individual patents/applications was registered by companies including Philips, Samsung Corporation Sony Corp., and others. In 2019, Royole Corporation introduced the FlexPai device which can be rolled, fold, and operate as both tablets and smartphones.
Emergence of advanced technology in displays is projected to open new growth opportunities for manufacturers and they can offer high-quality flexible displays. However, high initial investment to set up flexible display manufacturing plant can hamper the market growth over the forecast period.
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Further key findings from the report suggest:
• The OLED display segment projected to grow with a CAGR of over 20% from 2019 to 2025. This is due to its ability to reproduce full picture with high quality without stacked structure is expected drive the segment growth.
• In 2018, plastic material held the largest market share and expected to register CAGR of more than 22% over the forecast period. This can be attributed to the enhanced flexibility and durability of the flexible display.
• The smartphone application is projected to grow with CAGR of over 25% from 2019 to 2025. This growth is attributed to superior qualities of flexible displays such as shatter-proof and lightweight.
• Asia Pacific is projected to witness significant growth over the forecast period due to huge demand for flexible displays by electronics manufacturers to design lightweight and compact electronic devices.
• The key players operating in the flexible display market are Corning Incorporated; Electronics Co., Ltd.; Innolux Corp.; AU Optronics Corp.; E Ink Holdings, Inc.; Japan Display Inc.; LG Display Co., Ltd.; Royole; Samsung, Sharp Corp. (Foxconn) and BOE Technology Group Co., Ltd.
• Market players are investing in R&D to develop cost-effective material substrates in flexible displays and they are engaged in creating their patents to strengthen their position in the market.
Million Insights has segmented the global flexible display market on the basis of type, material type, application, and region:
Flexible Displays Type Outlook (Revenue, USD Million, 2014 - 2025)
Flexible Displays Material Type Outlook (Revenue, USD Million, 2014 - 2025)
• Flexible Displays Application Outlook (Revenue, USD Million, 2014 - 2025)
• Wearable (Excluding Smartwatches)
• Automotive & Transportation
Flexible Display Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa