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Organic Light Emitting Diode (OLED) Market Growth Accelerates: Strategic Forecast Predicts $86.49 Billion by 2029
Organic Light Emitting Diode (OLED) Market
What Will the Organic Light Emitting Diode (OLED) Industry Market Size Be by 2025?
Over the recent years, the organic light emitting diode (OLED) industry has experienced swift expansion. The market is projected to climb from a value of $47.23 billion in 2024 to $53.55 billion in 2025 with a compound annual growth rate (CAGR) of 13.4%. The growth during the historic period is due to the increasing demand for consumer electronics, higher investments, decreased production costs, competition within the market, and the advent of flexible displays.
What's the Long-Term Growth Forecast for the Organic Light Emitting Diode (OLED) Market Size Through 2029?
In the coming years, swift expansion is foreseeably on the horizon for the organic light emitting diode (OLED) market, with predictions suggesting a market value of $86.49 billion by 2029, facilitated by an annual compound growth rate (CAGR) of 12.7%. The projected growth for the period is fueled by diverse sectors like automobile display, health, and wearable technology, integration in smart homes, improved energy-efficiency, and increased durability. The period is also expected to witness significant trends including the integration of mini-led, technological progress, Artificial Intelligence (AI) and smart assistants, sustainable production processes, and the development of foldable OLED devices.
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What Are the Key Growth Drivers Fueling the Organic Light Emitting Diode (OLED) Market Expansion?
The surge in smartphone utilization is anticipated to fuel the expansion of the OLED market in the future. Smartphones serve as movable electronic gadgets, enabling internet surfing, text messaging, and call making for users. The advantages of OLED technology used in smartphones encompass more vibrant colors, sharp black tones, power efficiency, flexibility, and an enhanced visual experience. To illustrate, data from the UK Office of Communications, an intergovernmental entity based in the UK, revealed that as of February 2023, mobile connections in the UK witnessed a 3.8% jump from 2021, totaling 71.8 million at the outset of 2022. This figure is roughly 2.6 million more than the previous year and 4.2 million above the nation's population. Furthermore, it is projected that by 2025, 65 million residents in the UK will be smartphone owners. Hence, the escalating reliance on smartphones acts as a catalyst for the OLED market's growth.
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What Are the Key Trends Driving Organic Light Emitting Diode (OLED) Market Growth?
A significant trend on the rise in the OLED market is the emphasis on product innovation. To retain their market standing, major firms in the OLED field are evolving with novel products. Take Lenovo for example, a firm based in China known for its invention, manufacturing, and marketing of consumer electronics, revealed the multifunctional Yoga Book 9i dual-screen device in January 2023. The laptop stands out as the first-ever to have an OLED dual screen of full size, with unique functions crafted to foster creativity. The features range from the flexibility of two screens, multimode capacity, and potential for heightened entertainment. Its sleek, lightweight convertible design allows for seamless switches between laptop, tablet, and tent modes.
How Is the Organic Light Emitting Diode (OLED) Market Segmented?
The organic light emitting diode (OLED) market covered in this report is segmented -
1) By Product Type: Display, Lighting
2) By Technology: Active-Matrix OLED, Passive-Matrix OLED, Foldable OLED, White OLED, Transparent OLED, Other Technologies
3) By Display Panel Type: Rigid, Flexible, Other Display Panels
4) By End-User: Consumer Electronics, Automotive, Retail, Industrial, Commercial, Aerospace And Defense, Healthcare, Other End-Users
Subsegments:
1) By Display: Televisions, Smartphones, Tablets, Laptops Or Computers, Wearable Devices, Digital Signage, Automotive Displays
2) By Lighting: General Lighting, Architectural Lighting, Automotive Lighting, Decorative Lighting, Commercial Lighting
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Which Companies Are Leading the Charge in Organic Light Emitting Diode (OLED) Market Innovation?
Major companies operating in the organic light emitting diode (OLED) market include Panasonic Corporation, Toshiba Corporation, BOE Technology Group Co. Ltd., LG Display Co. Ltd., Corning Incorporated, DuPont de Nemours Inc., AUO Corporation, Tianma Microelectronics Co. Ltd., Japan Display Inc., Truly Semiconductors Ltd, OSRAM Licht AG, Universal Display Corporation, Everdisplay Optronics (Shanghai) Co. Ltd., Futaba Corporation, Royole Corporation, Wisechip Semiconductor Inc., Kopin Corporation, Winstar Display Co. Ltd., OLEDWorks LLC, Newhaven Display International Inc, FlexEnable Limited, Luminescence Technology Corp., General Digital Corporation, Raystar Optronics Inc, Pixelligient Technologies LLC, Lumiotec Inc., Dresden Microdisplay GmbH, Samsung Display Co. Ltd.
Which Regions Are Leading the Global Organic Light Emitting Diode (OLED) Market in Revenue?
North America was the largest region in the OLED market in 2024. The regions covered in the organic light emitting diode (OLED) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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