Future Prospects of the Flexible Display Market
Market Overview:
The Flexible Display Market is estimated to be valued at US$ 16.14 billion in 2023 and is expected to exhibit a CAGR of 34.7% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The market dynamics of the flexible display industry are driven by two significant factors - technological advancements and increasing demand for consumer electronics.
Technological advancements have paved the way for the development of flexible displays, enabling them to be used in various industries such as smartphones, smartwatches, televisions, and automotive. The flexibility and lightweight nature of these displays make them highly desirable, as they provide enhanced user experience and design flexibility.
Furthermore, the increasing demand for consumer electronics, particularly smartphones and wearable devices, has boosted the growth of the flexible display market. With the growing trend of bezel-less and foldable smartphones, manufacturers are incorporating flexible displays to offer innovative and space-saving designs.
Market key trends:
The key trend in the flexible display market is the increasing adoption of flexible displays in various industries. Flexible displays offer several advantages such as lightweight, thinness, and durability, making them suitable for applications in smartphones, smart wearable devices, TVs, and automotive displays. With the growing demand for smartphones and wearable devices, the flexible display market is expected to witness significant growth in the forecast period. Furthermore, the advancements in technology and the development of OLED and AMOLED flexible displays are also driving the market growth.
SWOT Analysis:
Strength: The flexible display market is experiencing strong growth due to the increasing demand for smartphones, smart wearables, and other consumer electronics. The market offers innovative and flexible display solutions that meet the requirements of various industries.
Weakness: The high cost of flexible displays compared to traditional displays is a major challenge for the market. Additionally, the complex manufacturing process and limited production capacity pose as barriers to market growth.
Opportunity: The development of technologies such as foldable displays and transparent displays provides opportunities for market expansion. Moreover, the increasing adoption of flexible displays in the automotive industry and advancements in AR/VR devices present growth opportunities.
Threats: The intense competition in the market, especially from the established players, poses a threat to new entrants. Additionally, the threat of substitutes such as rigid displays and other emerging display technologies may hinder market growth.
Key Takeaways:
The global flexible display market is expected to witness high growth, exhibiting a CAGR of 34.7% over the forecast period (2023-2030). The market is driven by the increasing demand for smartphones, smart wearables, and other consumer electronics. The Asia-Pacific region is expected to be the fastest growing and dominating region in the market due to the presence of major display manufacturers like LG Display Co. Ltd and Samsung Electronics Co. Ltd.
Key players operating in the flexible display market are LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, e-ink Holdings, BOE Technology Group Co. Ltd, Guangzhou OED Technologies Co. Ltd, FlexEnable Limited, Chunghwa Picture Tubes Ltd, Huawei Technologies Co. Ltd, Sharp Corporation, Plastic Logic, Innolux Corporation, AU Optronics Corp., TCL Electronics Holdings Limited, Microtips Technology, and others. These key players are focused on product innovation, partnerships, and mergers to gain a competitive edge in the market.
Read More: https://cmiresearch.blogspot.com/2023/10/flexible-display-market-growing-demand.html
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