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Large Format Display Market Trends, Top Companies, Share, Growth And Forecast 2033
Large Format Display Market Trends
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According to The Business Research Company's, The large format display market size has grown strongly in recent years. It will grow from $13.57 billion in 2023 to $14.76 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to digital signage evolution, demand for interactive displays, increased use in outdoor applications, rise in healthcare usage, retail and e-commerce adoption.
The large format display market size is expected to see strong growth in the next few years. It will grow to $20.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to energy efficiency and sustainability, gaming and entertainment demand, smart city initiatives, demand in healthcare and wayfinding, rise in remote work solutions. Major trends in the forecast period include integration of ai and iot, remote collaboration solutions, augmented reality (ar) integration, outdoor and high-brightness displays.
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Market Drivers and Trends:
The growth in the retail industry is expected to propel the growth of the large format display market going forward. The retail industry encompasses businesses and activities involved in the sale of goods and services to end consumers. Liquid crystal displays (LCDs) are an integral part of the retail industry, playing a crucial role in enhancing customer experience, improving operational efficiency, and driving sales growth. The growing retail industry has fueled the demand for LCDs, leading to advancements in technology and a wider range of applications. For instance, in August 2023, the Census Bureau of the Department of Commerce, a US-based, source of quality data about the country's people and economy published an article according to which, the estimate of U.S. retail e-commerce sales for the second quarter of 2023, adjusted for seasonal variation, but not for price changes, was $277.6 billion, which shows an increase of 2.1% from the first quarter of 2023. Total retail sales for the second quarter of 2023 were estimated to be approximately $1,798.2 billion. Therefore, the growth in the retail industry is driving the large format display market.
Product innovation is a key trend gaining popularity in the large format display market. Major companies operating in the large format display market are focused on research and development for product innovations that could give better solutions for displays used for commercial purposes and strengthen their position in the large format display market. For instance, in December 2021, Lenovo Group Limited, a China-based company operating in electronics manufacturing introduced its advanced large format display integrated with an innovative technology of system-on-a-chip (SoC) known as ThinkVision. ThinkVision's LFD displays have the distinct feature of system-on-a-chip (SoC), an electronic microchip also known as a single integrated circuit (IC) that contains all the necessary electronic circuits and parts for a given system for efficient working systems such as more processing power and memory in a smaller space. These displays can be customized with the required android operating system as per client need and added unique functionalities such as own video from built-in apps, touch-screen monitor, wirelessly connectivity, and others. It also has an integrated smart whiteboard feature that enables simultaneous drawing by several users.
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Major Key Players of the Market:
Samsung Electronics Co.Ltd., LG Corporation, Sharp Corporation, Leyard Optoelectronic, Sony Group Corporation, Barco NV, Panasonic Holdings Corporation, NEC Corporation, E Ink Holdings Inc., TPV Technology Co. Ltd., ViewSonic Corporation, Vtron Group Co., AUO Corporation, Deepsky Corporation Ltd., AOTO Electronics Co. Ltd, Unilumin Group Co., Prysm Systems Inc., Planar Systems Inc., Liantronics Co.Ltd., Shenzhen Absen Optoelectronic Co. Ltd., Mitsubishi Electric Corporation, Delta Electronics Inc., Daktronics DR., Christie Digital Systems USA Inc., BenQ Corporation, Associated Industries China Inc., Koninklijke Philips N.V., SigmaSense, Hisense Group, Dakco
Large Format Display Market 2024 Key Insights:
• The large format display market size is expected to see strong growth in the next few years. It will grow to $20.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Expanding Applications Propel The Growth Of The Large Format Display Market
• Lenovo's Thinkvision Revolutionizes Large Format Displays With Soc Technology
• North America was the largest region in the large format display market in 2023
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