Flexible Display Market 2019 Globally Grow at a CAGR of 34.32% by 2023 | Top Key Company’s (LG DISPLAY, SAMSUNG ELECTRONICS, AU OPTRONICS, INNOLUX CORPORATION, SHARP CORPORATION, BOE TECHNOLOGY GROUP)

The flexible display market was valued at USD 3.676 billion in 2017, and is expected to reach a value of USD 21.956 billion by 2023 at a CAGR of 34.32%, over the forecast period (2018 - 2023). The report discusses the type of technology used in flexible displays. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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Key Developments in the Market
• January 2018 - In CES 2018, Pioneer showcased the foundation for its next 80 years of automotiveinnovation, which includes both aftermarket and automotive OEM technologies. The portfolio comprises of Flexible OLED Tail Light for automotive.
• January 2018 - Universal Display and Sharp Corporation entered into an extended and updated evaluation agreement. Under this agreement, Universal Display will supply its proprietary UniversalPHOLED phosphorescent OLED materials and technology to Sharp Corporation for use in the company’s OLED displays.
• April 2017 - Google Inc. had offered to invest at least KRW 1 trillion (USD 880.29 million) to enable South Korea's LG Display Co. Ltd boost output of organic light-emitting diode (OLED) screens for smartphones. Google offered the investment to secure a stable supply of flexible OLED screens for its upcoming Pixel smartphones.

The major players include -LG DISPLAY CO., LTD, SAMSUNG ELECTRONICS CO., LTD, AU OPTRONICS CORP., INNOLUX CORPORATION, SHARP CORPORATION, BOE TECHNOLOGY GROUP CO., LTD, JAPAN DISPLAY INC., HANNSTAR DISPLAY CORPORATION, PANASONIC CORPORATION, CHUNGHWA PICTURE TUBES LTD, ACUITY BRANDS LIGHTING, INC., KONINKLIJKE PHILIPS N.V., OSRAM LICHT AG, PIONEER CORPORATION, RITEK CORPORATION, among others.

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The flexible display technology offers various benefits, such as lightweight, flexible, brighter, less power, and shatter-proof, which evolve as the major driving forces in flexible display technology. Owing to the rising demand for consumer electronics, such as wearable devices, smartphones, and television and computer peripherals, and high adoption in entertainment and gaming, the market for flexible displays is expected to witness a significant growth rate over the forecast period. However, high levels of manufacturing complexities has been a major challenge, affecting large-scale adoption. Recent technological innovations, such as the development of flexible transistors, with extreme bending ability, is expected to address the manufacturing challenges.

OLED Technology Segment is Expected to Witness the Highest Growth
OLEDs (organic light emitting diodes) are comparatively lighter and thinner than regular LCDs, as they do not need any backlight or filters and allow the display to be bent, rolled, and folded. The demand for flexible displays over rigid majorly arises from the consumer electronics sector, such as smartphone, tablets, display screens, and various others. It is expected that OLED displays could occupy more than 35% of the smartphone displays by the end of 2020. With increased smartphone adoption globally, the demand for high definition ultra- high displays is growing at a fast rate.
Moreover, with innovations in AMOLED displays, the demand for OLED is growing. With many companies, such as Apple and Samsung employing AMOLED displays in their flagship models, other companies are following the trend. Increasing disposable incomes are causing consumers to spend more for high-end devices, which further increases the demand for smartphones, thus driving the demand for OLEDs flexible displays.

The Television Segment to Dominate the Market With the Largest Share
With increasing spending power of customers, the demand for high resolution television sets is increasing. A significant rise in premium consumer electronics market in emerging countries, such as China, India, and Brazil is favoring the conditions for 4K television sets. Moreover, changing consumer preferences over traditional displays, owing to the high adoption of advanced technologies in filming, is driving consumers to prefer high-resolution display products. Further, the increase in average TV screen sizes across the globe is making manufacturers manufacture products with high- resolution displays to withstand the competition. Although, manufacturing of OLED is more expensive and complex than LCD TVs, the mass manufacturing processes that act as a huge value addition for the companies, mitigates the overall cost of OLED products.

Asia Pacific is Expected to Witness the Highest Growth Rate
The Asia-Pacific flexible display market is expected to show high growth in the future as top display manufacturers, such as Samsung, LG, Sony, AUO, and E Ink Holdings are based in the region. Hence, it is a preferred market for cell phone, tablet, laptop, and television manufacturers across the world. Asia-Pacific also has the highest growth rate for many consumer products, such as smartphones, tablets, laptops, and TVs because of presence of key manufacturers like Samsung, LG, Sony, Sharp, Panasonic, and Acer Inc. in the region. Surge in the demand for smartphones has played a significant role in the demand for flexible displays in the region. APAC has approximately 2 billion users of smartphone and, the region is also home to some of the prominent manufacturers of OLEDs. The government of South Korea is encouraging the development of OLED supply chain and is contributing to support universities and research institutes. The South Korean government also granted permission to LG to build an OLED panel manufacturing plant in Guangzhou. The plant is scheduled to be completed in the second quarter of 2019, and it can produce 60,000 8.5-gen OLED panels a month.

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