The global display market size is expected to grow from USD 146.4 billion in 2020 to USD 224.7 billion by 2027, at a CAGR of 7.4% from 2021 to 2027. A light-emitting diode, liquid crystal display, organic light-emitting diode, and other technologies are used in these display panels. It is also widely utilized in electronic products, including laptops, tablets, televisions, smartwatches, and similar gadgets. Consumer electronics, retail, sports & entertainment, transportation, and other industry verticals have benefited from innovative technology. 3D displays are popular in the entertainment and consumer electronics industries. Flexible display technologies are also gaining prominence at a rapid rate.
The major factors that drive the global display market include growth in the flexible display market, increased demand for OLED display devices, and a rise in touch-based devices. However, the high cost of the latest display technologies such as quantum dot displays and transparent display and the stagnant growth of desktop PCs, notebooks, and tablets hinder the market growth. Furthermore, upcoming flexible display device applications are expected to create lucrative growth opportunities for the global display market.
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In today’s world, display gadgets have also found their way into the vehicle business. LG Display, for example, has declared that it would produce a head-up display system for the car sector in response to this possibility. LG’s vehicle display gadget is a transparent display that can be wheeled about. The heads-up display may be used in various ways and has a variety of functions to improve your driving experience.
Global Display Market Dynamics
Drivers: Rise in trend of touch-based devices
In recent years, the number of touch sensors has risen exponentially as touch-based devices are easier to access. The touch-based devices require a display panel to operate, which helps in the growth of the display devices. So, a wide range of devices in the home appliances category, such as refrigerators, microwaves, washing machines, chimneys, and displays with touch sensors. In addition, the automobile industry has witnessed a rise in providing sophisticated display devices in the vehicle, such as the digital dashboard, navigation system, heads-up display, digital rearview mirrors, and others. Moreover, digital signage and touch-based displays in commercial buildings such as malls, theaters, entertainment hubs, and others have increased due to these structures’ complex and large architecture. Touch sensors are included in these screens, allowing the user to browse and retrieve information. As a result, the expansion of the display market is being driven by the trend of touch-based gadgets.
Restraints: High cost of the transparent and quantum dot display technologies
Due to their complex design, the latest display technologies such as transparent displays and quantum dot screens are quite expensive. As a result, most of the current display technologies are only found in high-end gadgets that are prohibitively expensive. This aspect is projected to limit the worldwide display market’s growth.
Opportunities: Great adoption of AR devices and commercialization of autonomous vehicles
The current display market is focused on developing technology and products primarily for large-sized displays and high-resolution images. The display market in the future is expected to concentrate on flexible displays. Flexible displays are light, thin, and less prone to breakage as compared to conventional displays. Therefore, flexible displays are estimated to replace the current display devices and create new ones. These display systems are incorporated in the vehicles due to the growth in autonomous vehicles and flexible displays in AR devices. These factors are expected to create lucrative growth opportunities in the global display market.
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Scope of the Report
The study categorizes the display market based on display type, application, technology, and industry vertical at the regional and global levels.
By Display Type Outlook (Sales/Revenue, USD Million, 2017-2027)
- Flat Panel Display
- Flexible Panel Display
- Transparent Panel Display
By Application Outlook (Sales/Revenue, USD Million, 2017-2027)
- Smartphone & Tablet
- Smart Wearable
- Television and Digital Signage
- PC & Laptop
- Vehicle Display
By Technology Outlook (Sales/Revenue, USD Million, 2017-2027)
- Quantum Dot
- Electronic Paper
By Industry Vertical Outlook (Sales/Revenue, USD Million, 2017-2027)
- Consumer Electronics
- Military & Defense
By Region Outlook (Sales/Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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The flat-panel segment is projected to account for the largest market share by type
Based on type, the global display market is segmented into flat, flexible, and transparent panels. In 2020, the flat panel segment accounted for the largest market share of 91.6% in the global display market. Solid waste includes residential, commercial, and municipal waste. A flat-panel display requires less power than the traditional cathode ray tube display. It is lightweight and exhibits reduced volume. Also, television, monitor, and other flat panel display devices are thin, have a high resolution, and are wall-mounted. The latest flat-panel display uses a liquid crystal display (LCD) which lights up several pixels on the screen. The simple infrastructure of flat display panels enables its easy manufacture. The display panels are portable and light in weight, facilitating their use for business and personal purposes. The major driving factors of flat panel displays are growth in consumer electronics, rise in technological advancements in high-quality displays, reduced display prices, and surge in the gaming and entertainment industry.
Asia Pacific accounts for the highest CAGR during the forecast period 11.7
The global display market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa based on the regions. Asia Pacific is the fastest-growing region with a CAGR of 11.7% forecast for 2021-2027, followed by Europe. Developing nations such as Korea, Japan, China, and India account for the major share of the display market in Asia-Pacific. Also, the adoption of new technologies such as automotive display, OLED display, micro-LED display, and others help boost the market growth in this region. China and India collectively accounted for about 49.8% share of the Asia-Pacific display market in 2020, with the former constituting around 29.4% share. During the forecast period, India and China are expected to witness high growth at a CAGR of 14.4% and 12.2%, respectively. The cumulative share of these two segments was 49.8% in the Asia-Pacific display market in 2020 and is anticipated to reach 55.5% by 2027.
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Key Market Players
The key players operating in the global display market are Samsung Electronics Co. Ltd., LG Display Co. Ltd., E Ink Holdings Inc., Hannstar Display Corporation, AU Optronics, Japan Display Inc., NEC Display Solutions, Corning Incorporated, Sony Corporation, and Kent Displays Inc. Every company follows its business strategy to attain the maximum market share.