The display market is projected to reach USD 187.8 billion by 2028 from USD 157.8 billion in 2023 at a CAGR of 3.5% during the forecast period. Surging adoption of OLED displays in various applications, increasing demand for displays in automotive and healthcare industries, and increasing use of LED displays for video walls, TVs, and digital signage applications are some of the major factors driving the market growth.
Micro-LED to register
highest CAGR during the forecast period
Micro-LED displays offer
several advantages over traditional LCD displays, including improved energy
efficiency, better contrast, and faster response times. Micro-LEDs are a
promising technology, with a diverse range of potential applications. Notably,
the two most significant areas of implementation lie at the opposite ends of
the size spectrum. At one end, wearable devices such as smartwatches and
near-to-eye (NTE) devices, which feature minute displays, can greatly benefit
from micro-LED technology. Conversely, extremely large indoor public displays
represent the other end of the size spectrum that can leverage the unique
properties of micro-LEDs.
Consumer electronics to
account for the largest share of display market during the forecast period
The consumer segment is
expected to continue to account for the largest size of the market during the
forecast period. The consumer industry includes products such as smartphones,
televisions, smart wearables, PC monitors and laptops, and tablets, all of
which have significant shares in the global market. The growing demand for
organic light-emitting diode (OLED) and micro-LED displays for devices such as
smartphones and television sets due to their thinness, flexibility and vibrant
colors is a major factor driving the market growth for consumer electronics.
Smartphones to account
for the largest share of display market during the forecast period
The smartphone display
market accounted for the largest share in 2022 and is expected to dominate the
market during forecast period. The growing adoption of OLED and flexible
displays in smartphones is a major factor contributing to the market growth.
Furthermore, the volume of flexible OLED display panels has been witnessing a
significant growth in recent years, subsequently driving the market growth for
smartphones. Furthermore, the rollout of 5G is expected to create a surge in demand
for smartphones, thereby, driving the market growth for LCD and OLED displays.
Moreover, the increasing adoption of smart wearbles is expected to create
growth opportunities for market players offering LCD and OLED display panels.
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Asia Pacific to register
the highest growth during the forecast period
Asia Pacific is expected
to register the highest CAGR in the display market from 2023 to 2028. Asia
Pacific is the largest producer and consumer of displays due to the presence of
established display panel and device manufacturers such as Samsung Electronics
Co., Ltd. (South Korea), LG Display Co., Ltd. (South Korea), BOE Technology
Group Co., Ltd. (China), AUO Corporation (Taiwan), etc. Furthermore, increasing
investments by governments and other organizations in retail and education
industries is also expected to provide ample growth opportunities for market
players in the region.
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