Austin, July 15, 2024 (GLOBE NEWSWIRE) -- The Flexible Display Market Size was valued at USD 36.78 Billion in 2023. It is expected to reach USD 255.29 Billion by 2032 and grow at a CAGR of 24.02% over the forecast period 2024-2032.
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The flexible display market is one of the most emerging markets in this era and one of the key sections of the display techno area. It has attained extreme growth in recent years and is an essential part of almost every electronic component now. The demand for lightweight, sturdy, and less energy consumption in the automobile, healthcare, and other domains has increased the demand for flexible displays. There are various benefits of employing flexible displays like an increase in the ability to feature new and more innovative applications, reduced weight, high durability, and impact resistance, improved portability, and improved resistance to heat and humidity.
The demand for innovative and portable electronic devices, such as smartphones, tablets, and wearable devices is the rising consumer demand for flexible displays. By 2023, the worldwide shipments of foldable phones, namely flip and fold, are expected to reach 21.4 million units from around 14.2 million units by 2022. It means that there will be an increase of more than 50% over 2022. In turn, foldable phone shipments are anticipated to reach 48.1 million units by 2027 with a CAGR of 27.6%.
There are numerous opportunities in the market for the growth of flexible displays, for instance, in the healthcare sector, the possibility of designing and producing flexible devices for medical purposes can be mentioned as a beneficial market opportunity. The rising trend towards foldable and rollable displays in consumer electronics also presents a worthy opportunity for market players to innovate and capture market share.
Flexible Display Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 36.78 billion |
| Market Size by 2032 | USD 255.29 billion |
| CAGR | 24.02% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
- By Display Size
In 2023, the OLED segment was the leading segment, with a market share of more than 50.15%, and it is expected to have the highest growth rate during the forecast period. OLED flexible displays are highly flexible, consume less energy, and are, therefore, increasingly used in smartphones. In contrast to the LCD, OLED flexible displays are sleeker and lighter, as they do not require a backlight or filters. Users might find it challenging to use an LED display in the years to come since the LED display’s reading performance is affected by changes in lighting conditions. The Electronic Paper Display segment’s growth will be driven by the growing adoption of e-books that are based on flexible displays.
- By Substrate Material
The plastic segment has the largest market share in 2023 with more than 48.5% and is expanding at a steady CAGR. Plastic is an ideal material for flexible displays due to its better scales, robustness, and weight which is driving its demand. Secondly, the electronics industry prefers plastic to be applied to the manufacturing of cheap and highly flexible exhibits. However, a glass substrate is waterproof and gas-resistant, which makes it durable. The glass substrate material is expected to grow at a faster rate during the forecast period. The players focus on developing a durable glass substrate as the plastic substrates are prone to scratch, crease, and wear color over time.
Regional Developments
The Asia Pacific accounted for more than 32.67% of the overall revenue in 2023, and it is expected to grow at a stable CAGR during the forecast period. The demand for the flexible display market in the region is driven by the growing number of electronic devices that are compact and lighter in weight. Besides, such growth is facilitated by the presence of smartphones and other advanced technologies, such as displays and the increasing use of augmented reality. Numerous electronics manufacturers like Samsung and LG equally help the regional growth. The leading countries that have adopted flexible displays include Japan, South Korea, China, and India. China is the largest flexible OLED screen producer globally.
North America is also growing fast in the regional analysis with a market share of over 27.15% in 2023. In North America, the demand for flexible displays is also high since electronic devices can hold high energy power. The market in Europe is also growing and shows a noticeable increase in demand; this is because the automotive industry needs a sufficient number of flexible displays.
Recent Developments
- In October 2023, Motorola presented the concept phone with a flexible OLED display, which can be wrapped around the wrist like a smartwatch. It is an interesting example of how flexible displays may form new devices and apply experiences.
- In June 2024, FlexEnable partnered with DKE and Lingju Technology for the design of a bendable electronic ink screen for their Ledger Stax digital encryption wallet. The example reflects the growing interest in flexible displays and not only for smartphones.
- In September 2023, Huawei launched the tablet MatePad Pro 13.2”, which featured a high-end display in many senses. Although it was not flexible and not so long ago, the example shows how the technologies of the displays advancing, and the manufacturers are still focused on creating the displays with vivid visual experiences.
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Key Takeaways
- The report can be leveraged by clients to make informed decisions on investments, product launches, and market expansions.
- Getting updated on recent developments, market innovations, and technological advancements.
- Understand emerging trends in the market and the growth opportunities in the market, which helps them in planning for the future growth and expansion of the market.
- The report provides market analysis and suggestions to the clients, which are exclusively customized keeping the clients’ needs in mind.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Flexible Display Market Segmentation, By Panel Size
8. Flexible Display Market Segmentation, By Substrate Material
9. Flexible Display Market Segmentation, By Technology
10. Flexible Display Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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