OLED Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2270
OLED Market size will continue to witness new exciting trends and developments in the coming years, garnering commendable gains during the forecast period 2021-2027. Rise in disposable income levels of consumers and the growing demand for advanced displays are among the key factors driving the market growth.
OLED displays are being widely used in smartphones, laptops, wearables, TVs, and a number of other devices and applications. OLED brings larger display sizes with, improved 8K resolution, better image quality, and relatively new form factors. The technology also enables the production of thin, flexible, transparent, and efficient displays.
In terms of the technology, the flexible display panels segment is expected to showcase tremendous growth by 2027. Flexible OLEDs are being incorporated by more and more device makers as they are lighter, more durable than their rigid counterparts and offer greater design freedom. Numerous devices, especially smartphones, with foldable OLED displays are already available in the market and will experience immense popularity in the future. For instance, iPhone maker Apple Inc. is said to be working on a new foldable iPhone with an 8-inch QHD+ flexible OLED display to be launched in 2023.
Market share from automotive applications is projected to grow at a notable rate in the forthcoming years. OLED displays, especially flexible OLEDs, are being used for automotive lighting. Flexible OLEDs consist of various segments which can be controlled and dimmed individually and don’t need any reflectors. Additionally, their freeform design opens up a range of new possibilities. In June 2020, German automaker Audi had unveiled the new upgraded version of its popular Q5 model featuring digital OLED taillights.
Considering the regional landscape, North America is poised to be a major market for OLEDs through 2027. The regional market trends will be largely influenced by the presence of established brands in the region along with the increasing popularity of OLED displays. North America will observe increased consumer demand for smartphones, wearables, TVs, and other products.
Samsung Electronics, LG Display, Panasonic Corporation, Universal Display Corporation, Osram, Acuity Brands Lighting, Pixelligent Technologies, and OLEDworks are among the notable names in the market. As OLED technology gains popularity and its application grows, the market players are constantly witnessing new opportunities. For instance, in June 2021, Apple Inc. had announced plans to roll out new iPads with OLED displays starting 2022. Samsung and LG will be reportedly supply OLED display panels for the same.
OLED manufacturers are also making R&D efforts to bring new futuristic technologies to the market. Citing an instance, in June 2021, Samsung unveiled its first ever stretchable OLED display which can be used as an electronic skin. Researchers at Samsung’s R&D department claim that the display can stretch by up to 30% in all directions and could be used in flexible health tech.
How has COVID-19 hampered OLED market forecast?
With the escalating COVID-19 situation, electronics manufacturers globally faced difficulties, being unable to obtain raw materials from supplies due to logistics and supply chain disruption. Electronics production declined amid government measures to curb the spread of the coronavirus.
Many electronics OEMs and electronic manufacturing services (EMS) companies also faced challenges led by the reduced number of workers returning to work. Furthermore, sales of consumer electronics dropped significantly owing to a weakened demand and physical store visits. However, these impacts are set to be short-term and the OLED industry is poised to experience robust growth opportunities in 2021 and beyond.
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