OLED Display Market Size is anticipated to expand at a notable pace from 2021 to 2027. The growth is expected to come from the rising applicability of OLED technology in various sectors including the consumer electronics industry. Increasing investments and demand for consumer electronics such as cameras, mobile phones, and others are estimated to impact the industry progression in the years to come.
OLED (Organic Light Emitting Diode) display is higher contrast, brighter display that boasts of faster response times, wider viewing angles and consumes lesser power than conventional LED, VFD, or LCDs. OLED displays are self-illuminating owing to their organic material and do not require a backlight for optimum visibility in all environments.
Developments in OLED technology are estimated to offer impetus to the overall market growth through 2027. Various companies have been relentlessly working towards the development of these technologies and products.
AMOLED displays are gaining traction worldwide. These components are commonly used in large displays to ease the transfer of energy in different large displays. AMOLED displays contain strips of thin-film transistors (TFT) behind each pixel. Factors like better refresh rates due to easy activation of pixels and enhanced viewing angles will boost the product demand, resulting in the growth of AMOLED display segment throughout the forecast period.
OLED displays are being extensively used in various consumer electronics products subject to the product’s ability to consume less power. Mobile smartphones amongst these are poised to generate significant returns for market. According to reliable experts, nearly half of all the smartphones to be sold in 2022 would feature an OLED panel. Besides, utility of OLED displays in television sets is also growing since technological advancements have supported the development of large-sized displays. Other consumer products like washing machines and microwave ovens are also being incorporated with OLEDs as they help in making the product highly environmentally friendly.
The Asia Pacific OLED display market is set to expand through 2027, ascribing to the concentrated production and increased consumption of the product in the region. Besides, the presence of a large number of market players in some of the developing economies like India, China, Japan, and Taiwan has also contributed to the regional growth.
Prominent companies operating in the global market include Sony Corporation, Truly Semiconductors Ltd. (Truly International Holdings), LG Electronics Inc. (LG Corp.), Innolux Corporation (Hon Hai Precision Industry Co., Ltd., Chi Mei Corporation), and Panasonic Corporation, amongst others.
These market vendors are taking up significant strategies like acquisitions, collaborations, partnerships, and more to secure a position in the global market.
The coronavirus pandemic outbreak during 2020, is slated to have a significant impact on OLED displays adoption. Prolific rise in the sales of laptops and smartphones due to online education and work from home trends has offered an impetus to the global market. However, reduction in the workforce and halt in production during the first half of 2020, had an adverse impact on the consumer electronics sector due to the movement restrictions and lockdowns.
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