According to the market research report
, "Flexible Display Market by Application (Smartphone, Smartwatch, Wearable, TV, Digital Signage, PC Monitor, E-reader, Electronic Shelf Label, and Automotive), Technology (OLED, Quantum Dots, LED, E-Paper), Panel Size, and Geography - Global Forecast to 2022," the market is projected to grow from USD $2.7 billion in 2016 to USD $15.1 billion by 2022, at a CAGR of 34.4% between 2017 and 2022. Growth of this market is driven majorly by a technological shift, the development of energy-efficient, attractive, high-specification products, and the rising demand for smartphones, smartwatches, wearables, televisions, PC monitors, and laptops.
The smartphones and tablets segment accounted for the largest share of the market in 2016. Smartphones have LED-LCD and OLED-variant–based display panels, and tablets are extended forms of smartphones and are equipped majorly with LED-LCD display panels. Various smartphone and laptop manufacturing and supplying companies have entered the tablet market due to the high demand in the consumer market. The use of flexible displays in smartphones and tablets makes these more durable, as they offer stylish designs and better ergonomics to operate these devices. The market for smartphones and tablets is growing significantly, owing to the increasing demand for hand-held devices around the world. This trend is expected to continue during the forecast period.
The Organic Light-emitting Diode (OLED) technology segment is expected to grow at the highest CAGR between 2017 and 2022. OLED is a display technology used in various devices, including smartphones, tablets, laptops, smartwatches, and wearables. For example, OLEDs are used in mobile phones, digital cameras, VR headsets, tablets, laptops, and televisions. OLED has the potential to revolutionize the future of display as it is made of carbon and offers various advantages, such as low power consumption, fast response time, and flexibility.
North America accounted for the largest share of the market in 2016, followed by the Asia Pacific and Europe. The US accounted for the largest share of the market in North America in 2016. Flexible displays are used majorly in smartphones, tablets, smartwatches, and wearables. Leading companies offering devices and components include Apple, Inc. (US) and Corning Incorporated (US), which are based in North America, and this factor has helped the growth of the flexible display market in the region.