With 5.1% CAGR, Display Market Growth to Surpass USD 173.7 billion

The display market is expected to reach USD 173.7 billion by 2029 from USD 135.2 billion in 2024, at a CAGR of 5.1 % during the 2024-2029 period.

Surging adoption of OLED displays in various applications is driving the display market. Flexible OLEDs are widely accepted and are being integrated in several markets including TVs, mobile phones, computer monitors, automotive infotainment and wearable devices. OLED technology is one of the small light-emitting technologies that uses organic light emitting material to emit light different from the other technology that do not require backlight and filtering technology. OLED display comes with superior elements to the common LED-backlight LCD display including High-quality picture, Improved energy consumption, High refresh rates, slim and light and accurate color rendering. In our context, the market for OLED shows the potential to grow at a robust pace in the near future enforced by the demand for OLED in the area of smartphones, television, automotive displays, wearable devices, etc.

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As of now there are noteworthy companies in the display market, which include SAMSUNG DISPLAY, LG Display, BOE Technology Group Co., Ltd., LG Display Co. Ltd., AUO Corporation, Innolux Corporation, and many others. SAMSUNG DISPLAY is among the leading makers/providers of OLED displays and applies OLED technology to the vast range of creations. Samsung granted its flagship smartphone series Galaxy with the use of AMOLED displays. Apple also employs OLED technology on Super Retina and Super Retina XDR displays, which are more advanced than standard OLED screens. They are incorporated across multiple Apple devices, more specifically iPhone X, iPhone 11, iPhone 12, iPhone 13, and iPhone 14 models of each iteration - the Pro, Pro Max, and the normal editions. The utilization of OLED by Apple in its iPhones has acted as a key driver to the growth of this market. Likewise, LG utilizes OLED in products like OLED TVs, smartphones, smartwatches, and headphones which are described below. LG currently employs the OLED display in many of its smartphones, including the LG V50 ThinQ, LG G8 ThinQ and the latest smartphone, the LG V60 ThinQ, and wearable devices. Apart from OLED TVs and smartphones, LG has OLED technology in its wearable gadgets including LG Watch Style and LG Watch Sport, which has a beautiful OLED display to give clear and quality colors.

OLED display is being considered by the automotive industry because it is energy efficient and can support the wide viewing angle system which is important in infotainment systems. This increase in display size continues to present advanced safety measures and additional entertainment components for car production. There is a need to have curved displays for the infotainment systems and specifically, AMOLED as this gives the driver a better angle that is not so straining on the eyes as there can be lots of distraction on the road.

Another application that is yet to gain mainstream popularity but is likely to employ OLED displays is television. LG Electronics has been producing OLED TVs since 2013 and it has OLED leadership worldwide: LG offers a wide range of OLED TV models in various size and price categories. In previewing its OLED3 at CES in January 2023, LG introduced its latest generation of OLED TVs which is the 3rd generation. The 3rd generation panel uses this META technology for capturing high quality images and graphics for end users. Samsung is also one of the leading segment innovators in OLED display panels; this year, they released a 240Hz refresh rate panel for laptops. The following is a list of other companies that are also presenting OLED TVs: Panasonic, Phillips, Sony, Skyworth, Metz, and Hisense.

Based on display technology, has been segmented into LCD, OLED, micro-LED, direct view LED, quantum dot displays, e-paper display, digital light processing, projection cubes and others. LCD display technology has been further segmented as twisted nematic display (TN), in-plane switching display (IPS), vertical alignment (VA), advanced fringe field switching (AFFS), led-backlit LCD, and thin-film transistors (TFTs). While OLED display technology is further segmented as PMOLED and AMOLED. Direct-view LED is further segmented as direct-view fine pixel LED and direct view large pixel LED. Quantum dot displays are further segmented as QD-LCD, Mini-LED and QD-OLED.

Based on resolution, stand for the degree or clarity of details on the monitor. It is measured in some kind of density called pixels and the image or picture is made up of these points. Screen size can be defined in terms of horizontal by vertical pixels, which represent how many individual picture elements the display screen can produce. It is normally expressed in a multiplication form, typically like, 'Horizontalpixel X Vertical pixel'. It can be quantified in terms of PPI (pixel per inch) or PPC (pixel per centimeter) and specified as a number of numbers such as 1920*1080 reflects the width of the screen of 1920 pixels and the height of the 1080 pixels.

Based on panel size, are available in different sizes in the market. By panel size, the display market has been segmented into microdisplays, small & medium-sized panels, and large panels.

Based on panel type, gives insights and devices which incorporate displays. The display market based on the segment of product are Smartphone, Tablet, Monitor & Laptop, Television Set, Digital Signage & Large Format Display, Smart Wearable devices, Automobile Dashboards, and Others that includes e-Readers, Gaming Consoles, Smart Mirrors, Home Appliances, Cameras, Electronic View Finder (EVF), Photo Frames, Medical Equipment, Industrial Display, and Projectors. Of all the product types featured in the display market, smartphones and television sets can be considered leaders in this field.

Electronics commonly used include television sets, digital signs and displays, PC monitors, Laptops; tends to use medium to large screens. Larger displays are commonly employed in digital advertising signs while miniaturized diameters are common in automotive displays, smartphones, tablets and photo frames. On the other hand, smart wearables usually incorporate very small displays on the devices that they are incorporated on.

Based on dimension, includes 2D display and 3D display. 2D display is commonly used in smartphones, TVs, monitors, laptops as well as on digital signage. Whereas 3D display provides a perception of depth, by enhancing the experience of viewing in applications such as 3D movies, virtual reality gaming, medical training, design visuals in engineering and architecture and medical training.

Based on product, has been segmented into smartphones, television sets, monitors & laptops, digital signage & large format displays, automotive displays, tablets, and wearables. Whereas smartphones and television sets segments are the dominant product type in the display market.

Based on vertical, provides insights into various verticals that use display devices. Based on vertical, the display market is segmented into consumer electronics, automotive, sports & entertainment, transportation, retail, hospitality & BFSI, industry, education and healthcare.

Based on region, the display market has been segmented into North America, Europe, Asia pacific, and Rest of the World. The North American market consists of the US, Canada, and Mexico. The European market consists of Germany, France, the UK, and Rest of Europe. The Asia Pacific market consists of China, South Korea, Japan, Taiwan, and Rest of Asia Pacific. The Rest of the World is further segmented into South America, Middle East and Africa.

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Key players in this market includes SAMSUNG DISPLAY (Republic of Korea), LG Display Co., Ltd., (South Korea), Sharp Corporation (Japan), BOE Technology Group Co., Ltd. (China), Innolux Corporation (Taiwan), AUO Corporation (Taiwan), Sony Group Corporation (Japan), Qisda Corporation (Taiwan), TCL China Star Optoelectronics Technology Co.,Ltd. (China), LEYARD (China), E INK HOLDINGS INC., (Taiwan), Tianma Microelectronics Co., Ltd. (China), Universal Display (US), TRULY INTERNATIONAL HOLDINGS LIMITED (Netherlands), Panasonic Holdings Corporation (Japan), HannStar (Taiwan), eMagin (US), Kopin Corpssoration (US), NORITAKE ITRON CORP. (Japan), Japan Display Inc. (Japan), JOLED Inc. (Japan), Elux, Inc. (US), Visionox Company (China), Winstar Display Co., Ltd. (Taiwan), and WiseChip Semiconductor Inc. (Taiwan).

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