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The global flexible display market had a market share of USD 13.34 billion in 2019, according to the new report of Straits Research. It is predicted to grow at a CAGR of 34.83% from 2022 to 2030. The global flexible display market is expected to grow owing to the rising innovations in consumer electronics and increased demand for a high-quality picture. Integrating smart sensors into residential devices has lengthened the replacement cycle for new consumer electronics. Displays are increasingly being used to control and communicate with devices.
Aside from that, home appliances such as televisions are undergoing radical transformations. For example, the global demand for new TVs is expected to be solely for smart TVs; as more people access high-speed internet, demand for smart TVs with better picture quality rises.
- The global flexible display is predicted to grow at a CAGR of 34.83% generating a revenue of USD 220.75 Billion by 2030.
- Based on display type, OLED accounted for the largest market share of 73.65% in 2020. The OLED segment is predicted to grow at a CAGR of 35.87%, generating revenue of USD 175.95 billion by 2030.
- Based of application, the smartphone and tablets segment accounted for the largest market share of 70.34% in 2020.
- Based on geography, Asia-Pacific holds the largest share of 43.78% in 2021. The Asia-Pacific region is expected to grow at a CAGR of 36.01%, generating a revenue of USD 100.82 billion by 2030.
Innovation in Consumer Electronic and Growing Demand for Greater Picture Quality
The growing trend of smart homes and buildings and the increasing demand for connected technologies are some of the major factors driving the adoption of connected and innovative solutions across the consumer electronics sector. Effective data storage is becoming critical, with so many viewers consuming media from OTT platforms such as Netflix, Amazon, and others. Thus, the demand for TVs is expected to boost the flexible displays market.
Further, the growing demand for greater picture quality bolsters the demand for flexible displays. The number of 4K televisions sold has increased exponentially in recent years. According to JEITA, the number of 4K TVs shipped in Japan in 2020 will be 3.05 million, up from 2.58 million the previous year. The increase in demand is expected to be driven by the change in resolution and quality of the contents.
Lastly, more exciting and demanding technology, such as virtual reality and 4K displays, is now available. As a result, PC gamers are expected to upgrade their equipment, which is one of the factors driving sales of gaming-specific PCs and their accessories, such as gaming screens. As a result, increased need for picture quality has increased the demand for flexible displays.
Impact of COVID-19
Due to the global shutdown, production of flexible displays fell precipitously in 2020 due to the global supply chain disruption. COVID-19 had an impact on the operations of not only flexible display manufacturers but also their suppliers and distributors.
In the short term, the failure of export shipments and poor domestic semiconductor demand compared to pre-COVID-19 levels are expected to impact negatively and slightly stagnant demand for semiconductor devices, affecting the flexible display market.
As a result of the ongoing COVID-19 outbreak, several major economies have been placed on lockdown. Sales of electronic products have been hampered, and supply networks have been disrupted. Furthermore, many economies are losing a significant amount of revenue due to manufacturing plant closures. As a result, the general scenario has hampered the demand for flexible displays in 2020.