Rapid adoption of OLED displays in smartphones, significant investments in building new facilities to manufacture OLED panels, high demand for better viewing experience, especially from smartphone and television consumers, rapid advances in OLED technology, increased demand for AMOLED displays in AR/VR headset applications, and financial support from governments worldwide for OLED lighting research are the key driving factors for the OLED market.
Display devices are expected to hold the major share of the OLED market during the forecast period. Display panels are used in various applications, including TVs, desktop PCs, notebooks, and smartphones. OLED is a new technology for efficient, bright, flexible, and thin display panels. In the next decade, OLEDs are expected to replace LCDs in all display applications, ranging from small displays to large television sets.
The consumer segment is expected to continue to account for the largest size – more than 90% – of the market during the forecast period. Factors driving the demand for OLED products in the consumer segment include technological advancements in consumer devices and economic growth worldwide.
The substantial growth of the European automotive industry is the major driver for the growth of the OLED market in this region.