Allied Market Research published a report, titled, “Display Market by Display Type (Flat Panel Display, Flexible Panel Display and Transparent Panel Display), Technology (OLED, Quantum DOT, LED, LCD, E-Paper, and Others), Application (Smartphone and Tablet, Smart Wearable, Television and Digital Signage, PC and Laptop, Vehicle Display, and Others), and Industry Vertical (Healthcare, Consumer Electronics, BFSI, Retail, Military and Defense, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the display market was valued at $124.1 billion in 2022, and is projected to reach $244 billion by 2032, growing at a CAGR of 7.06% from 2023 to 2032.
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Prime Determinants of Growth
The display market is anticipated to experience substantial expansion during the forecast period. This growth is primarily driven by factors such as high demand for flexible display technology in consumer electronics devices, a surge in the adoption of LED displays for digital signage, TVs, and video wall applications, a rise in the trend of touch-based devices, and demand for digitized promotion. Additionally, growth in the adoption of AR/VR devices and the commercialization of autonomous vehicles, along with micro-LED and mini-LED technology, are expected to further benefit the market. However, the high cost of transparent and quantum dot display technologies, and the drastic shift toward online advertisement and shopping, present significant restraints to the growth of displays in the retail sector during this period.
The flat panel display segment is anticipated to dominate in terms of revenue during the forecast period.
Based on display type, the flat panel display segment accounted for over two-thirds of the total revenue in the global display market in 2022, and it is expected to continue its dominant position throughout the forecast period, due to its superior display resolution and energy efficiency. However, the flexible panel display segment is expected to experience the fastest CAGR of 8.9% from 2023 to 2032, primarily attributed to its versatility, lightweight nature, and increase in demand for bendable displays in various consumer electronics applications such as smartphones, wearables, and automotive displays.
The LCD segment is projected to retain the lion’s share by 2032.
By technology, the LCD gas segment emerged as the display industry leader in the global display market in 2022, holding nearly three-fifths of the market share due to its widespread adoption, mature technology, cost-effectiveness, and versatility in various applications such as televisions, monitors, laptops, and signage displays. However, the OLED segment is projected to witness the fastest CAGR of 9.01% from 2023 to 2032. This dominance can be attributed to its superior display quality, including deeper blacks, higher contrast ratios, faster response times, and wider viewing angles compared to traditional LCD technology.
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The television and digital signage segment to rule the roost.
By application, the television and digital signage segment held the major share in 2022, generating more than one-third of the global display market revenue, driven by an increase in demand for high-resolution displays for entertainment purposes, the adoption of digital signage for advertising and information display in various sectors such as retail, transportation, and hospitality. The vehicle display segment, on the other hand, is expected to portray the fastest CAGR of 9.82% from 2022 to 2032, owing to increase in the integration of advanced display systems in automobiles for infotainment, navigation, driver assistance, and safety features.
The consumer electronics segment to dominate by 2032.
By industry vertical, the consumer electronics segment captured the highest market share in 2022, accounting for more than one-fourth of the global display industry revenue. This is due to widespread demand for displays in smartphones, tablets, laptops, and other personal electronic devices. However, automotive is expected to grow at a faster rate in the coming years, with a CAGR of 10.1% from 2022 to 2032. This is because of the increase in integration of advanced display technologies in vehicles, driven by the demand for enhanced infotainment systems, navigation displays, driver assistance features, and digital instrument clusters to improve the driving experience and safety standards.
Asia-Pacific garnered the major share in 2022.
By region, Asia-Pacific dominated the display market revenue in 2022, accounting for more than one-third of the global market share. The same region is also projected to experience the fastest CAGR of 8.21% during the forecast period. This is primarily due to the rapid urbanization, increase in disposable income, and expanding consumer electronics industry in countries such as China, India, South Korea, and Japan, driving the demand for displays in smartphones, televisions, laptops, and other electronic devices in the region.
Leading Market Players:
BOE Technology Group Co., Ltd.
Samsung Electronics Co Ltd.
Innolux Corporation
Panasonic Corporation
Japan Display Inc.
AUO Corporation
Sharp Corporation
Sony Corporation
NEC Corporation
Leyard Optoelectronic Co., Ltd.
LG Display Co Ltd.
The report provides a detailed analysis of these key players in the global display market. These players have adopted product launch, acquisition, agreement, new product development, partnership, and collaboration strategies to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
Key Industry Developments:
In February 2024, Sony India introduced the EZ20L series, expanding its professional BRAVIA display lineup for corporate and retail applications. Ranging from 43 to 75 inches, the 4K series offered basic professional features, including simplified setup and maintenance, RS-232C support, and 16/7 operation. This addition catered to diverse business needs while maintaining Sony’s quality standards.
In January 2024, Sharp launched its latest AQUOS BOARD interactive display series, the PN-LA series, boasting premium collaboration features and enterprise-level security. These displays offer high-performance touch capabilities and advanced security safeguards, complying with Sharp’s highest IT security standards.
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Key Benefits For Stakeholders:
This study comprises an analytical depiction of the display market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall display market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The display market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the display market.
The report includes the share of key vendors and market trends.
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Display Market Key Segments:
By Application
Smartphone and Tablet
Smart Wearable
Television and Digital Signage
PC and Laptop
Vehicle Display
Others
By Industry Vertical
Healthcare
Consumer Electronics
BFSI
Retail
Military and Defense
Automotive
Others
By Display Type
Flat Panel Display
Flexible Panel Display
Transparent Panel Display
By Technology
OLED
Quantum DOT
LED
LCD
E-Paper
Others
By Region:
North America (U.S., Canada, and Mexico)
Europe (UK, Germany, France, Russia, and Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
Latin America (Brazil, Argentina, and Rest of Latin America)
Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)
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