by 
Flexible displays are flat panel displays capable of being bent, folded or rolled without significant image degradation. They provide more freedom in design and allow for more innovative form factors in consumer electronics like smart watches, virtual reality headsets and foldable smartphones. The increasing adoption of flexible OLED displays in consumer electronics is driving the demand for flexible displays. 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. LG and Samsung together control around 85% of the flexible OLED display market.
The key opportunities in the flexible display market include growing demand for foldable and rollable displays for smartphones and TVs. Manufacturers are working on developing highly durable and affordable flexible display technology to tap the full potential of this market.
Advancements in OLED technology such as superior luminance, high contrast ratios and low power consumption have increased their application in flexible displays. OLEDs can also be made much thinner and more flexible than conventional LCDs. Their lightweight and flexibility make them ideal for next generation wearable devices and virtual/augmented reality applications.
Market Drivers
Increasing demand for larger screen sizes and innovative form factors: Flexible displays are enabling devices with larger fold-out screens and futuristic rollable designs. This is driving innovations in consumer electronics and portable devices domains.
Growing affinity towards wearable devices: The demand for wearables like smart watches and augmented reality headgear is growing rapidly. Flexible displays perfectly suit the ergonomic and lightweight requirements of such wearable gadgets.
Improvements in OLED technology: Advancements are making OLED screens more efficient, durable and affordable. This will pave the way for flexible OLEDs to replace regular LCDs across more applications in the coming years.
Current challenges in the Flexible Display Market
The flexible display market is currently facing challenges related to high production costs and lack of mass manufacturing capabilities. As flexible displays are still an emerging technology, the production processes and equipment required are quite expensive as compared to traditional LCD and OLED displays. This high capital investment poses challenges for small players to enter the market. Additionally, the manufacturing yields for flexible displays are relatively low currently due to technical complexities in production. This leads to further increase in costs. Moreover, there is a lack of standardization and consensus regarding the type of flexible display technology to be adopted commercially. Different vendors are experimenting with various flexible display technologies such as flexible AMOLED, E-ink, electrophoretic displays etc. This fragmented approach poses challenges related to economies of scale. Overall demand also needs to increase substantially to leverage mass production benefits and drive down costs. Widespread commercialization of flexible displays hinges on overcoming these challenges.
SWOT Analysis
Strengths: Emerging as a disruptive display technology. High growth potential driven by increasing demand for flexible and foldable devices. Ability to enable novel form factors.
Weaknesses: High manufacturing costs. Low production yields. Lack of economies of scale currently.
Opportunities: Growing automotive display market for applications such as head-up displays presents an opportunity. Increased adoption in wearables, healthcare and IoT devices.
Threats: Intense competition from established LCD and AMOLED display tech providers. Technological obsolescence risk with rapid innovation in the space.
Geographical Regions
Currently, the Asia Pacific region dominates the global flexible display market in terms of value, holding a share of around 60% globally. This is due to presence of key display panel manufacturers such as Samsung, LG and BOE in countries such as South Korea and China. Major technology development and manufacturing hubs in these countries have helped establish Asia Pacific’s dominance. North America is the second largest regional market driven by concentration of flexible display application development especially in the US.
Fastest Growing Region
The Flexible Display Market is expected to witness fastest growth in the North America region during the forecast period from 2023 to 2030. This is attributed to increasing research efforts in the region to commercialize flexible display applications beyond smartphones. Sectors such as automotive, consumer electronics, medical devices, industrial IoT etc. are looking to adopt flexible displays. Transitioning from lab research to pilot production lines in the US makes North America an attractive market for major flexible display vendors. The region’s growth is projected to be over 40% CAGR during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
