According to themarket research report "Display Market by Product (Smartphone, Wearables, Television, Automotive, Signage), Technology (LCD, OLED (Flexible, Foldable, Rigid), Direct-View LED, Micro-LED), Panel Size (Micro, Small & Medium, Large), Industry, and Geography - Global Forecast to 2024
," the display panel market is expected to grow from USD $137.7 billion in 2019 to USD $167.7 billion by 2024, at a CAGR of 4% from 2019 to 2024.
Growing adoption of OLED displays in smartphones and high demand for flexible display panels and rising government support and increasing investments toward the construction of new OLED and LCD panel manufacturing facilities are the major driving factors of the display market. However, saturated shipments of display panels for TVs, tablets, and monitors are expected to hamper the growth of the display panel market during the forecast period. Fluctuating average selling price (ASP) of display panels; complex supply chain and manufacturing processes; and high costs associated with new display technology-based products are major challenges faced by display panel manufacturers in the market. Smartphones accounted for the largest share of the market in 2018. The smartphone industry has witnessed substantial technological developments in the last 5 years.
OLED displays have made significant inroads; smartphones have become more sophisticated, attractive, user-friendly, and high resolution. This growth will be propelled mainly by increasing adoption of OLED and flexible displays. Shipment of highly priced flexible OLED display panels are increasing at a rapid rate; this trend is expected to continue during the forecast period. APAC is a major region in terms of demand for smartphone display panels due to the presence of several smartphone vendors such as Samsung, Sony, Panasonic, Huawei, Xiaomi, Oppo, and Vivo. APAC will continue to account for the largest market share during the forecast period.
The market for micro-LED display technology is expected to grow at the highest CAGR from 2019 to 2024. The micro-LED technology is in under development but has the potential to disrupt the existing display market by supporting a range of display applications. The micro-LED technology can be applied to displays of any size; however, the manufacturing process and mass transfer and yield rates differ with panel size. With micro-LED’s commercialization in smartwatches and HMDs in 2019, the micro-LED display panel market is expected to grow rapidly during the forecast period. Commercialization in other products like televisions, HUDs, and smartphones is also expected during this period.
The market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the leading region in terms of production and consumption of display panels. The high demand for display panels in countries such as South Korea, China, and Japan is the major factor for APAC’s dominance in the global market. Several major original brand manufacturers and most of the display panel manufacturers are based in the APAC region. China is expected to hold the largest share of the market during the forecast period owing to the fact that there are several display panel manufacturers in the country with robust display panel manufacturing capabilities (also a large number of major product manufacturers).