Asia-Pacific Is a Lucrative Market in The Global Organic Light Emitting Diode (OLED) Market

Global Organic Light Emitting Diode (OLED) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $28 billion by 2024 from $4 billion in 2016, growing at a CAGR of 28.2% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 33.8% and 27.1%, respectively, during the forecast period.
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The factors that have propelled the growth of the OLED market are increased demand for OLED technology in automobile sector and growing popularity of eco-friendly and efficient products. Furthermore, development of advanced technologies for the automobile industry could provide several growth opportunities in the forecast period.
The global OLED market is segmented into materials, technology, and application. Electrode materials, hole transport layer materials (HTL), emissive layer materials (EML), electron transport layer materials (ETL), and substrates are the various sub-segments of OLED by materials. The segmentations by technology include PMOLED and AMOLED. The application segment is further categorized into displays and lighting. Displays dominated the application segment with the largest market share in 2016. AMOLED was the maximum revenue generating segment by technology. Substrates accounted for the largest market share in the overall OLED market by materials.
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Geographically, the market is categorized into North America, Europe, Asia-Pacific and Rest of the world. Asia-Pacific accounted for the largest market share of 42.9% in 2016; due to the presence of prominent vendors such as Philips N.V. and Samsung Electronics. Emergence of various Chinese vendors has also resulted in the growth of Asia-Pacific OLED Market. Europe was the second largest market with a total market share of 23.4% in 2016. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 33.8% during the forecast period from 2016 to 2024.
The key players in the market include Panasonic Corporation, LG Electronics Inc., Toshiba, Philips N.V., Samsung Electronics Co. Ltd., Universal Display Corporation, Konika Minolta, Osram, Pioneer, OSRAM GmbH, and Ason, Lumiotec, among others.

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This release was published on openPR.