Market Dynamics:

Rising adoption of wearable devices is one of the major drivers propelling growth of the flexible electronics market. Wearable devices such as fitness trackers, smart watches and other healthcare monitors extensively utilize flexible electronics components such as flexible displays, sensors and batteries due to their lightweight and conformable nature. According to Coherent Market Insights, wearable device shipments grew by 150 million units in 2021. Rapid increase in shipments of wearable devices is expected to boost demand for flexible electronics over the forecast period.

Another driver for flexible electronics market is increasing demand for OLED displays. Flexible OLED displays are increasingly being used in consumer electronics products such as smartphones, tablets and TVs due to their thin, lightweight design and high resolution capabilities. Leading smartphone manufacturers are focusing on rolling out smartphones integrated with flexible OLED displays. In 2020, Samsung launched Galaxy Z Flip with foldable OLED display. Rising focus of consumer electronics giants on flexible OLED displays is estimated to fuel market growth during the forecast period.

SWOT Analysis

Strength: The flexible electronics market offers ease of production using printing technologies like screen, inkjet and roll-to-roll printing. These printing methods enable mass manufacturing of flexible electronics at low costs. Flexible electronics are lightweight and can be integrated into curved surfaces or bendable items. Their light weight enables new form factors and designs not possible with rigid PCBs. Weakness: Commercialization of certain flexible electronic products still remains a challenge due to high production costs and lack of mass manufacturing capabilities. The market also faces issues related to lack of standardization and designing electronics for flexibility. Flexible components are less durable than rigid PCBs and can malfunction after multiple flexing cycles.
Opportunity: Growing demand for wearables, foldable smartphones and electronic skins/textiles is opening new growth avenues for flexible electronics. They enable innovative IoT technologies and help expand electronic applications into unattained areas. The automotive industry is increasingly adopting flexible electronics for applications like foldable displays, lighting and sensors. Growing investments in renewable energy are boosting the demand for flexible solar cells.
Threats: Stiff competition from well-established electronics giants who are also entering the flexible electronics domain poses major threat. Raw material price fluctuations and supply chain disruptions can negatively impact production costs. Thermal and environmental reliability remains a concern compared to rigid PCBs.

Key Takeaways

The Global Flexible Electronics Market Size is expected to witness high growth over the forecast period driven by increasing demand from wearables, e-textiles and foldable devices segments. The global Flexible Electronics Market is estimated to be valued at US$ 30.71 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.

Regional analysis
Asia Pacific is anticipated to maintain its dominance in the global flexible electronics market during the forecast period. Major factors contributing to the region’s leadership position include presence of leading flexible electronics manufacturers, availability of raw materials and low-cost manufacturing facilities. Countries like China, South Korea and Japan are spearheading technological innovations and commercialization of flexible display applications in appliances, wearables and E-textiles. Western European countries are also emerging as major innovation hubs for flexible electronics and account for around 25% of the global market share.

Key players
Key players operating in the flexible electronics market are Ceva Logistics Ag, Kuehne + Nagel International Ag, Dhl International Gmbh, Ryder System, Inc., United Parcel Service, Inc., Db Schenker, Xpo Logistics, Inc., Dsv A/S, Nippon Express Co., Ltd. and Geodis.

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