Display
panels used in wearable devices, which are manufactured using technologies such
as LED-backlit LCD and OLED, have application in verticals such as consumers,
military & defense, healthcare, enterprise & industry, commercial, and
others. The wearable display market was valued at USD
1.05 Billion in 2017 and is expected to reach USD 3.37 Billion by 2023, at a
CAGR of 20.33% between 2018 and 2023. The increased use of flexible OLED
displays in smartwatches, rising demand for OLED displays for use in smart
wearable devices, and technological shift and development of energy-efficient
and high-specification display products are some of the major factors driving
the growth of the market. With the increasing adoption of AR/VR devices and the
development of micro-LED displays for smart wearable devices, the market is
expected to witness significant growth between 2018 and 2023.
Increasing
demand for high specifications (thin design and low power consumption) is
encouraging companies to develop and launch innovative products with enhanced
features. Market players also focus on partnerships, agreements, and
collaborations to enter into new application areas by launching technologically
advanced and innovative display devices. Display panel manufacturers also
expand capabilities-another strategy widely adopted by companies-to showcase their
dominance in the market. Companies such as Samsung Electronics (South Korea),
LG Display (South Korea), AU Optronics (Taiwan), Japan Display (Japan), and
Sharp (Japan) have adopted expansions and product developments as their key
growth strategies; Samsung Electronics (South Korea), Kopin Corporation (US),
eMagin Corporation (US), and Japan Display (Japan), among other companies have
adopted acquisitions, partnerships, and collaborations as their key growth
strategies.
Samsung
has maintained its position as a global leader in the TFT-LCD flat panel
display space by providing products that offer benefits such as high
resolution, low power consumption, low cost, and high yield rate. The display
market is witnessing high growth of OLED technology, which is replacing LCD
technology in large panel display applications; OLED is rapidly replacing
TFT-LCD in smartphones and other smart devices such as smartwatches and virtual
reality devices. The company is a market leader in providing OLED displays
owing to its continued investments and technological breakthroughs pertaining
to OLED. Samsung has a higher R&D budget than its competitors; it invested
7.33% of its total revenue in R&D in 2016. The company focuses on providing
display solutions for new categories such as wearable devices, flexible
devices, and automotive applications.
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LG
Display held the second position in the wearable display market in 2017 and is
a leading provider of display panels, with a strong global presence and a wide
customer base-particularly in China. The company is financially strong owing to
the support from its parent company and is considered one of the top display
technology providers worldwide. It offers a wide range of display panels for
various applications. LG Display focuses on offering cost-competitive display
products and has maintained a stable and long-term relationship with its
customers. The company is a leading provider of TFT-LCD panels in the display
market and is heavily investing money and resources to establish more plants to
manufacture display panels for smart wearable devices and other devices. It generated
~70% of its revenue from China in 2016 due to the high demand for display
panels from the Chinese consumer electronics manufacturers.
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