Flexible Display Market Size, Share, & Trends | Report 2031

Report Description

Flexible Display Market Outlook 2031

The global flexible display market size was valued at USD 8.38 Billion in 2022 and is projected to reach USD 123.16 Billion by 2031, expanding at a CAGR of 34.8% during the forecast period 2023 - 2031. The growth of the market is attributed to the rising demand for display-based consumer electronics along with consumers’ inclination toward energy-efficient and flexible gadgets.

Growing demand for portable and lightweight devices is expected to propel the flexible display market. These displays are becoming increasingly popular in the consumer electronics market, especially in mobile phones and e-readers. The technological advancements in flexible displays offer several benefits for automotive interiors.

Get Free Sample Report

The introduction of state-of-the-art flexible displays has led to improvements in portability, interconnectivity, screen size, user-friendliness, and power-saving features in consumer electronic gadgets. Flexible displays are lightweight and non-fragile, making them ideal for various applications in the manufacturing of automotive interiors. To meet the growing global demand, manufacturers are investing heavily in expanding their production capacities.

Moreover, automotive manufacturers are recognizing the value of flexible displays and integrating them into their vehicles' interiors. For example, Audi AG and Samsung Corporation collaborated on the Audi Prologue A9 Prototype, a concept car with a flexible, high-resolution Samsung OLED display near the gear stick. This display allows drivers to easily control various vehicle settings.

The research report finds that the COVID-19 pandemic has positively affected the flexible devices market. The implication of the lockdown made individuals work from home. With remote work and virtual communication becoming the norm, there has been a surge in demand for devices that are used from anywhere, at any time.

This has led to an increase in the adoption of flexible devices such as foldable smartphones, tablets, and laptops. However, supply chain disruptions and manufacturing delays due to the pandemic have affected the production and availability of these devices.

Artificial Intelligence Impact on The Flexible Devices Market

Artificial intelligence (AI) has a significant impact on the flexible devices market. AI-powered technologies and features have enhanced the functionality and user experience of flexible devices. AI has played a crucial role in improving the durability and reliability of flexible devices. Machine learning algorithms analyze usage patterns and identify potential issues or weaknesses in the device's structure, enabling manufacturers to make design improvements and enhance overall product quality.

Moreover, AI-powered applications and software have enabled advanced multitasking and productivity features on flexible devices. These devices leverage AI algorithms to optimize resource allocation, manage power consumption, and provide personalized user experiences. For example, AI algorithms optimize the performance of foldable screens by adjusting display settings based on usage patterns.

AI voice assistants have become integral to flexible devices, allowing users to interact with their devices through natural language commands.

Flexible Display Market Dynamics

Major Drivers

Rising advancements in display technology and materials science are playing a significant role in propelling the flexible device market. The development of flexible and foldable screens has enabled manufacturers to create devices with larger displays that are folded or rolled up, offering new possibilities for form factor and design. For example,

• In a 6th Generation flexible OLED display production line, LG Display invested KRW 970 million. The increasing adoption of OLED-based flexible displays is expected to drive rapid growth in the display technology market.

Furthermore, the growing trend towards digital transformation, which led to an increased demand for devices that support remote work and virtual communication, is fostering the demand for a flexible display market.

Existing Restraints

High cost of production is expected to hamper the market growth. The production of flexible devices requires advanced manufacturing technologies and materials, which is costly and leads to higher prices for consumers. Moreover, flexible devices are still relatively new, and their durability is not yet proven over time. This uncertainty led to concerns among consumers about the longevity of these devices.

While flexible devices offer new possibilities for form factor and design, their applications are still limited compared to traditional devices. This may limit their appeal to certain user groups or industries.

Emerging Opportunities

Advancements in display technology and materials science are anticipated to create lucrative opportunities in the market. Ongoing developments in these areas are expected to lead to further improvements in the design, functionality, and durability of flexible devices. In addition, flexible devices are expected to find applications in various industries such as healthcare, automotive, and aerospace, among others. This presents new opportunities for growth and expansion in the flexible device market.

Furthermore, the integration of AI-powered technologies and features has enhanced the functionality and user experience of flexible devices, making them more capable and versatile.

Scope of Flexible Display Market Report

The report on the global flexible display market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Flexible Display Market Segment Insights

Display Type Segment Analysis

On the basis of display types, the Flexible Display market share is categorized into LCD, OLED, EPD, and others. The OLED segment is expected to represent a considerable market share during the forecast period. OLED-based flexible displays offer high flexibility consume less energy and have a wide range of applications in the production of various consumer electronic items including smartphones. For instance,

• On May 21, 2023, LG Display, a renowned innovator of display technologies, made an announcement that the Society for Information Display (SID) has recognized two of its research papers. The papers titled 'Ultra-Large OLED display' and 'Stretchable Display' have been selected as Distinguished Papers by the SID.

Additionally, they are produced with a sleek design and are lightweight as compared to LCDs because they do not need backlight or filters. On the other hand, the electronic paper display (EPD) segment is projected to register a healthy CAGR during the forecast period. The increasing adoption of flexible display-based e-readers is boosting the growth of the EPD segment.

Get Free Sample Report

Material Type Segment Analysis

Based on material types, the global flexible display market share is segmented into glass, plastic, and metal. The plastic segment is projected to constitute a market share of more than 20.5% during the forecast period. The segment growth is attributed to the superior features offered by plastic in terms of size, weight, and robustness as compared to other materials such as glass.

However, the glass segment is anticipated to exhibit a substantial CAGR during the forecast period. Glass substrates are more resistant to water vapor and other gases as compared to plastic substrates, which is a key factor for boosting the demand for glass material from manufacturers. They are more durable than plastic substrates. Companies are focusing on developing a durable glass substrate as plastic is prone to creasing, starching, and losing color over time.

Application Segment Analysis

On the basis of applications, the flexible display market share is bifurcated into smartphone, smartwatch, wearable, TV, e-reader, automotive & transportation, and others. The smartphone segment is expected to account for a significant market share during the forecast period. The rising use of smartphones among a large number of consumers for several applications and the production of innovative phones with advanced features especially cameras and other sensors are key factors boosting the segment.

On the other hand, the automotive & transportation segment is expected to register an impressive CAGR during the forecast period owing to the integration of innovative state-of-the-art display technologies in the production of vehicle interiors to enhance user experience.

Get Free Sample Report

Regional Analysis

In terms of regions, the global flexible display market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to represent a large market share and expand at a CAGR of more than 24% during the forecast period. The rising demand for compact and lightweight electronic devices among consumers due to rising disposable income and changing lifestyles is driving the regional market growth. For instance,

• In June 2020, Audi showcased the "Display on demand - transparent" and "Audi 3D mixed reality head-up display", at CES- 2020, to create innovative solutions in operation and display. This concept is integrated with intelligent technologies and is able to cater to user needs and requests.

The presence of a large number of key global manufacturers and the existing large consumer base in the region is another key driver for the regional market growth. Emerging economies in the region such as South Korea, Japan, China, and India are the leaders in the development of flexible displays. On the other hand, North America is expected to account for a market share of more than 15.5% during the forecast period.

The rising demand for energy-efficient electronic devices due to the presence of a large number of population who are aware of energy conservation is anticipated to boost the regional market growth.

Get Free Sample Report