Flexible display market set to grow at over 33% CAGR through 2031
According to a new study released by Transparency Market Research, the value of the global flexible display market stood at US$14.9bn (€14.17bn) in 2021, and the market is likely to expand at a CAGR of 33.1% during the forecast period, from 2022 to 2031.
The global flexible display market is predicted to surpass the valuation of US$242.6bn (€230.78bn) by 2031. Flexible displays include characteristics such as plastic-like thinness, light weight, and durability, as well as the flexibility to be curved accurately and utilised in a variety of smart devices.
A flexible display is basically the same as any other display, except that it is built on a flexible substrate.
Flexible display manufacturers and suppliers are concentrating on modern electronics breakthroughs such as miniaturisation, organic electronics, and improved materials. In order to diversify their income sources, they can take advantage of incremental opportunities in flexible display technologies.
Due to their expanding use in flexible displays, wearable electronics, smart cards, and various other applications, flexible batteries are also growing in popularity.
A flexible display is a rapidly growing technology, with applications of flexible display in areas such as media, aircraft, and transportation. Research on flexible displays predicts increasing usage of this display technology in medical display systems.
The surge in demand for flexible display technology for a variety of applications such as digital signage, smartphones and tablets, and smart wearable devices is likely to drive the global flexible display market.
The growing prominence of quantum dot (QD) display technology presents manufacturers with new revenue prospects and is likely to emerge as one of the important types of display technology.
Key Findings of the market report include the fact that over the next few years, the market is expected to be driven by the increasing use of flexible displays in different industries such as consumer electronics, automotive and transportation, media and entertainment, and aviation and military.
The future of phone design with flexible displays holds promise in the development of mobile devices and smart displays, and this is also expected to propel the flexible display market during the forecast timeline.
In addition to this, the global market has been propelled by increasing expenditures on the development of sophisticated displays.
Due to the surge in usage for curved displays from the consumer electronics sector for the manufacturing of TVs and smartphones, the curved display category is likely to hold a significant proportion of the market during the forecast timeframe.
OLED leads the technology charge
OLED is a rapidly growing category of the global flexible electronics market in terms of technology. Due to the glass layer utilised in display manufacture, smartphone screens are traditionally inflexible.
However, the newest OLED-based technology has eliminated the requirement for it, substituting a thin film of flexible glass with a thin layer of OLED-based technology.
The OLED display, which is constructed of organic components that generate light when power is transmitted between them, is thus now prominent due to its versatility.
Automakers are concentrating on integrating flexible screens into car interiors. Over the next years, a substantially bigger section of a car’s interior surfaces is likely to become interactive, and the amount of space given to displays in vehicle interiors is already expanding fast.
APAC leads market
Based on value, the Asia Pacific region held 34% of the global flexible display market in 2021.
The high usage of flexible displays in consumer electronics, which represented a substantial chunk of overall consumption in Asia Pacific, was largely responsible for the considerable share. In Asia Pacific, China accounted for a sizeable portion of the flexible display business.
Photo – top of page: US Army REDCOM