Global Flexible Display Market Size, Share, Trend, Market Research and Industry Forecast Report 2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Flexible Display Market


The global flexible display market size was valued at USD 6.98 billion in 2018 and is expected to expand at a CAGR of 28.1% over the forecast period. Increasing demand for display-based consumer electronics coupled with consumer inclination toward energy-efficient, flexible gadgets is driving the growth. Technological advancements in the field of display technologies have led to the introduction of state-of-the art flexible displays, creating growth opportunities for the key players operating in the market.

Superior features offered by flexible displays in terms of portability, non-fragility, and weight, makes them an attractive alternative for consumer electronics manufacturers. Furthermore, adoption of Organic Light Emitting Diode- (OLED) based flexible displays is witnessing exponential growth with the rise in high-definition content and high-performance applications. Moreover, high growth of smart wearable market is impelling the market demand.

Manufacturers are investing huge amounts for the expansion of their production capacities in order to meet the demand. For instance, in 2016, LG Display announced the investment of KRW 970 million in a 6th Generation flexible OLED display production line to strengthen its market presence. In addition, rising adoption of OLED-based devices in mobile phones, VR headsets, digital cameras, laptops, tablets, and televisions among others is contributing to the growth of the market for flexible display. On the other hand, factors such as complex manufacturing processes and high capital investment may pose challenge to new market entrants.

Rising demand for flexible displays from healthcare and automotive among other industries is anticipated to create growth opportunities for the key manufacturers operating in the market. Automotive manufacturers focus on integrating flexible displays in automotive interiors. For example, in May 2019, Audi AG and Samsung Corporation entered into a strategic partnership to promote Audi Prologue A9 Prototype, a concept car by the former. The proposed car is expected to house a flexible, high-resolution Samsung OLED display near its gear stick to help better control the vehicle settings.

Type Insights of Global Flexible Display Market

In terms of display type, the flexible display market is categorized into, LCD, OLED, EPD, and others. The OLED segment captured a prominent market share exceeding 60% in 2018 and is expected to grow significantly during the forecast period. OLED-based flexible displays can be subjected to a high degree of flexibility, consume less energy and hence are increasingly finding adoption in smartphones. OLED flexible displays are also relatively sleek in design and lightweight as compared to LCD displays since they do not need backlight or filters. On the other hand, rising adoption of flexible display-based e-readers is supplementing the growth of the Electronic Paper Display (EPD) segment in the forthcoming years.

Application Insights of Global Flexible Display Market

Flexible displays are used in different products, including smartphones, wearables, televisions, E-readers, and automotive, among others. The smartphone segment is expected to witness considerable CAGR exceeding 12% over the forecast period. The introduction of smart city concept, digital signage systems with flexible displays are expected to be extensively used for map displays and advertising in the forthcoming years.

The wearables (excluding smartwatches), smartwatches, and automotive and transportation segments collective accounted for a market share of 17% in terms of revenue in 2018. The growth in the automotive and transportation segment is attributed to the fact that several automotive manufacturers are emphasizing on integrating innovative state-of-the-art display technologies in infotainment and navigation systems to enhance user experience.

Material


Type Insights of Global Flexible Display Market

Different material substrates used for manufacturing of flexible displays include glass, metal, and plastics. The plastic segment held the largest market share in 2018 and is estimated to expand at a CAGR exceeding 25% over the forecast period. This is attributed to the on-going paradigm shift from glass substrates to plastic substrates due to the superior features offered by plastic in terms of size, robustness, and weight.

Increasing preference for plastic as a substrate material can also be attributed to the growing demand for low-cost, flexible substrates, especially in the electronics industry. On the other hand, glass substrates have superior resistance to water vapor and other gases and hence are durable. The flexible display market players are working on designing durable glass substrate since plastic is prone to scratching, creasing and losing color over time.

Regional Insights of Global Flexible Display Market

Asia Pacific accounts for majority of the market value share and is expected to expand at CAGR of over 25% during the forecast period. The regional growth is accredited to the rising demand for compact and light-weight electronic devices. Additionally, proliferation of smartphone and increasing adoption of advanced technologies, such as 3D displays and augmented reality is expected to have positive impact on the regional market growth. Presence of large number of consumer electronics manufacturers and huge customer base is also supporting the regional demand for flexible displays. Countries such as Japan, South Korea, China, and India are the leaders in the development of flexible displays. China is the largest manufacturer of flexible OLED screens worldwide. For instance, Chengdu factory based in China manufactures more than 70 million sheets of flexible phone screens every year.

North America accounted for more than 20% of the overall revenue share in 2018. The regional market is witnessing healthy growth due to the rising demand for energy-efficient devices. Europe is expected to witness substantial growth in the forthcoming years due to the significant demand for flexible displays from the automotive industry.
Flexible Display Market Share Insights

Key market players include BOE Technology Group Co., Ltd.; Corning Incorporated; Innolux Corp.; AU Optronics Corp.; E Ink Holdings, Inc.; Japan Display Inc.; LG Display Co., Ltd.; Royole; and Samsung Electronics Co., Ltd. In view of optimistic outlook of the industry, major manufacturers are emphasizing on increasing their production capacity to meet the demand.

Business expansion through new product development, strategic partnerships, and mergers and acquisitions are the go-to strategies adopted by the leading manufacturers. For instance, in October 2018, Royole Corporation launched FlexPai, a foldable device integrating flexible display. The device can be bent, rolled and operated as both smartphone and tablet. Companies are investing huge amounts for developing commercially viable designs of flexible displays for different consumer electronics applications. They are also registering patents to gain competitive advantage.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Flexible Display Market Research Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2015 to 2025 in each of the sub-segments. For the purpose of this study, this market research report has segmented the global flexible display market report based on type, material type, application, and region:

Type Outlook (Revenue, USD Million, 2014 - 2025)

  
LCD
  
OLED
  
EPD
  
Others

Material Type Outlook (Revenue, USD Million, 2014 - 2025)

  
Glass
  
Plastic
  
Metal

Application Outlook (Revenue, USD Million, 2014 - 2025)

  
Smartphone
  
Smartwatch
  
Wearable (Excluding Smartwatches)
  
TV
  
E-reader
  
Automotive & Transportation
  
Others