The global display
market size was
valued at USD 148.4 billion in 2021 and is projected to reach USD 177.1 billion
by 2026. It is expected to grow at a CAGR of 3.6% during the forecast period. Surging
adoption of OLED displays in various applications, increasing use of LED
displays for video wall, TVs, and digital signage applications, growing demand
for interactive displays in various applications, and rising demand for
display-based medical equipment, including ventilators and respirators, due to
COVID-19 pandemic are the key driving factors for the display market.
LCD technology
to account for a larger share of the display market by 2026
LCD technology has
been widely used in display products over the last few decades. Currently, many
fields, such as retail, corporate offices, and banks, are using LCD-based
products. The LCD segment held the largest market share in 2020 and was a
relatively mature segment. However, LED technology is expected to record a
prominent growth rate during the forecast period. Advancements in LED
technology and its energy-efficient nature is driving the market for this
technology. Factors like high competition from newer technologies, disruption
in supply-demand ratio, and decline in ASPs of LCD display panels are expected
to push the LCD display market toward negative growth during the forecast period.
Moreover, Panasonic is planning to cease LCD production by 2021. Key TV
manufacturers, such as LG Electronics and Sony, are undergoing massive losses
due to the decline in demand for LCD panels.
Smartphones
to account for a larger share of the display market by 2026
The market for
smartphones is expected to hold a major share of the market. This growth will
be propelled mainly by the increasing adoption of OLED and flexible displays by
smartphone manufacturers. Shipment of high priced flexible OLED displays are
increasing at a rapid rate; this trend is expected to continue during the
forecast period. The smart wearables segment has emerged as the new growth
avenue for the global display market. The demand for these devices is
increasing rapidly, and with the high adoption of AR/VR technologies, the
demand for smart wearables is expected to increase exponentially during the
forecast period.
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APAC to
witness the highest CAGR in the display market during the forecast period
APAC is expected to
witness the highest CAGR during the forecast period. Growing number of display
panel manufacturing plants and the speedy adoption of OLED displays are some
other factors instrumental in the growth of the market in the region. The cost
of labor is low in APAC, which reduces the overall manufacturing costs of
display panels. This has attracted various companies to establish their new
OLED and LCD panel manufacturing plants in this region. The consumer
electronics, retail, BFSI, healthcare, transportation, and sports & entertainment
industries are expected to contribute substantially to the growth of the
display market in APAC. Additionally, rising adoption of display devices in
various industries, especially in countries such as China, India, and South
Korea, is a key factor supporting the market growth. Moreover, due to the
COVID-19 pandemic, the demand for smartphones and laptops has increased because
of work-from-home norms. Also, financial and education institutions are
adopting digital teaching methods. These factors are contributing to the
increased demand for small- and large-scale displays for commercial and
business purposes.
Key Market
Players
Samsung Electronics
(South Korea), LG Display (South Korea), BOE Technology (China), AU Optronics
(Taiwan), and INNOLUX (Taiwan) are among the major players in the display
market.
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