April 20, 2024

Flexible Display Market Set to Witness High Growth Due to Increasing Demand For Flexible Smartphones and Wearable Devices


The flexible display market has been gaining significant traction over the recent past due to rising demand for flexible and foldable electronic devices. Flexible displays are thin, lightweight, and can be bent, folded or rolled up. They provide greater portability and enable innovative form factors in consumer electronics such as smartphones, wearable devices, TVs and digital signage. Flexible displays offer improved viewing angles and shatter-resistant properties compared to traditional rigid displays like LCD and OLED. Flexible plastic substrates allow conformal adhesion to non-planar surfaces and facilitate integration into curved devices. The flexibility property provides ease-of-use benefits and allows novel interactive interfaces in smart electronics and IoT devices.

The Global Flexible Display Market  is estimated to be valued at US$ 16.14 Bn in 2024 and is expected to exhibit a CAGR of 34% over the forecast period from 2023 to 2030.

Key Takeaways

Key players operating in the flexible display market are LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, e-ink Holdings, BOE Technology Group Co. Ltd, Guangzhou Oed Technologies Co. Ltd, FlexEnable Limited, Chunghwa Picture Tubes Ltd, Huawei Technologies Co. Ltd, Sharp Corporation, Plastic Logic, Innolux Corporation, AU Optronics Corp., TCL Electronics Holdings Limited, Microtips Technology, and Others.

Key opportunities in the flexible display market include growing demand for foldable and rollable smartphones and tablets. Major players are investing heavily in R&D to accelerate commercialization of innovative form factors. Additionally, increasing applications of flexible displays in wearables, automotive displays, electronic shelf labels and commercial signage will present lucrative growth prospects.

Globally, the Asia Pacific region dominates the flexible display market owing to presence of leading display panel manufacturers in countries like China, Japan and South Korea. However, with recent technological advancements, the acceptance of flexible displays is increasing in North America and European markets as well. Flexible display manufacturers are actively expanding their production capacities to cater to the rising global demand.

Market drivers

The main driver propelling the flexible display market growth is the increasing demand for foldable and rollable smartphones. manufacturers like Samsung, Huawei, Oppo etc. have launched innovative folding devices with flexible AMOLED panels which have stimulated market demand. Additionally, growing adoption of wearable devices like smartwatches and fitness trackers incorporating flexible screen is another key factor boosting market revenues. Advanced applications in automotive sector for dashboard displays, E-books and E-newspaper readership are further expanding the flexible display landscape on a global level.

PEST Analysis
Political: The flexible display market is positively impacted by government initiatives and policies that promote innovations in display technologies. Various nations governments are providing funding & subsidies for R&D activities in flexible display space.

Economic: Factors like rising disposable incomes, growing demand for consumer electronics like smartphones, laptops, TVs etc are fueling adoption of flexible displays. The market benefits from mass production of flexible displays leading to decline in prices making them affordable.

Social: Increased smartphone & internet penetration along with emerging trends of digitalization, growing preference for new form factors & portability of devices are propelling flexible display adoption. Social media & digital content consumption on foldable & rollable screens is poised to increase demand.

Technological: Advancements in materials science, printing & manufacturing technologies enable development of robust & durable flexible displays. Integration of OLED, E-ink, LCD technologies with substrates like plastic & flexible glass helps create innovative form factors like foldable & rollable displays stimulating market growth. Emerging applications in wearables & healthcare are also driving R&D.

Asia Pacific currently accounts for the largest share of the global flexible display market in terms of value. This is attributable to massive electronics manufacturing hub of countries like China, South Korea, Japan & Taiwan driving adoption of flexible displays in smartphones & other consumer electronics.

North America is poised to be the fastest growing regional market during the forecast period. This is ascribed to high disposable incomes, growing popularity of innovative device concepts & focus of leading players like LG, Samsung on expanding presence. Introduction of newer foldable phones is expected to fuel demand in the region.

The global Flexible Display Market is presently concentrated in Asia Pacific region where most of the manufacturing & early adoption is based currently. North America region is forecasted to exhibit fastest growth owing to high spending capabilities, new product launches and expanding presence of major vendors in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it