April 18, 2024

Market Disruptions Driving Growth of Flexible Display Market

The flexible display market is in trends by faster adoption of flexible electronic devices. Flexible displays offer advantages like light weight, foldability, flexibility to curved or rolled surfaces etc. Flexible displays are finding increasing applications in smartphones, tablets, laptops, smart watches, e-readers, automotive displays, wearables and other consumer electronics.

The Global Flexible Display Market is estimated to be valued at US$ 16.14 Bn in 2024 and is expected to exhibit a CAGR of 34. % over the forecast period 2023 to 2030.

Key Takeaways
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.

Growing demand for foldable and rollable devices is driving the adoption of flexible displays. Key devices like Samsung Galaxy Z Flip and Z Fold series are witnessing tremendous demand. Manufacturers are developing innovative designs to leverage the benefits of flexible displays.

Global expansion and technological advancements are further fueling the flexible display market growth. Key players are investing heavily in developing innovative forms factors, improving image quality and expanding production capacities. Rising demand from countries like China, Japan, South Korea is encouraging global manufacturers to set up more facilities in Asia Pacific region.

Market key trends
One of the major trends in the flexible display market is mini-LED backlit technology. Mini-LED uses tiny LEDs that are less than 0.2 mm with high luminescence to illuminate the LCD from behind. Mini-LED displays deliver 30-40% higher brightness and 1,000x deeper black levels than regular LCDs. They also consume less power and provide wider viewing angles. Luxshare Precision and BOE are developing this technology for foldable devices.

Porter’s Analysis
Threat of new entrants: Entry barriers such as economies of scale and brand recognition are relatively high in the flexible display market. Bargaining power of buyers: Buyers have moderate bargaining power as there are few substitutes for flexible display products. Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials require specialized investments. Threat of new substitutes: Substitute products may emerge but flexible displays have unique properties that are not easily substituted. Competitive rivalry: Competition in the flexible display market is high due to numerous global players aiming to gain market share.

Geographical Regions
Asia Pacific accounts for the largest share of the Flexible Display Market in terms of value due to high concentration of flexible display manufacturers and electronic product OEMs in countries like China, South Korea and Japan. North America is expected to witness the fastest growth in the flexible display market during the forecast period due to growing adoption of wearable devices and increasing investments in R&D activities related to flexible displays by major players in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it