(EMAILWIRE.COM, February 05, 2019 ) According to the latest market research report "Display Market by Product (Smartphone, Wearables, Television, Automotive, Signage), Technology (LCD, OLED [Flexible, Foldable, Rigid], Direct-View LED, Micro-LED), Panel Size (Micro, Small & Medium, Large), Industry, and Geography - Global Forecast to 2024", The display panel market is expected to grow from USD 137.7 billion in 2019 to USD 167.7 billion by 2024, at a CAGR of 4.0% from 2019 to 2024. Growing adoption of OLED displays in smartphones; huge investments toward, along with government support for, construction of new OLED and LCD panel manufacturing facilities; and increasing demand for 4K and 8K displays with the availability of UHD content are the major driving factors for the market’s growth during the forecast period.

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Increasing demand for display panels with high resolution, fast response time, and better picture quality is expected to direct the display panel market toward major innovations, and subsequently significant growth. High growth opportunities can be identified in emerging use cases including smart displays, smart mirrors, smart home appliances; emerging display technologies such as micro-LED and true quantum dot; and smart wearable display segments that include AR/VR HMDs and smartwatches. Smartphone, television, and automotive segments are also expected to offer high growth opportunities.

“Display panel market for smart wearables to grow at highest CAGR from 2019 to 2024”

The display panel market for wearables such as smartwatches and AR/VR HMDs is expected to grow at the highest CAGR during the forecast period (2019—2024). OLED technology dominated the smart wearables segment in 2018. OLED display panels are thin, low-power consuming, highly bright, and flexible—which are the basic requirements for smart wearable devices. Magic Leap, Meta, ODG, and Epson are a few key vendors that offer AR HMDs with OLED microdisplays. Micro-LED technology has presented a breakthrough in the display market owing to its high energy efficiency and brightness. Brightness required for AR devices is 5,000 units, which is way beyond what OLED technology offers. Higher luminosity (brightness) and resolution would be the key drivers for micro-LED’s adoption in NTE devices.

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“LCD display panels to dominate display panel market (in terms of share) during forecast period”

Currently, LCD displays account for the largest share of the display panel market, and this trend is expected to continue during the forecast period. LCD displays dominate the entire size spectrum of display panels (ranging from small devices like smartphones and wearables to medium and large devices like monitors and televisions). The LCD display market even after an expected decline during the forecast period is expected to hold the largest share of the market. Factors like high competition, disruption in supply-demand ratio, and the decline in ASPs of display panels are expected to push the LCD display panel market toward negative growth. A major decline in the LCD segment is expected from 2020 onwards when the construction of several LCD manufacturing facilities completes and mass production ramps up. This will lead to competitive pricing and oversupply of LCD display panels.

“APAC to dominate display panel market during forecast period”

APAC accounted for the major share of the global display panel market in 2018, and a similar trend is expected to continue during the forecast period. The high demand for display panels in countries such as South Korea, China, and Japan is the major factor for APAC’s dominance in the global market. Several major original brand manufacturers and most of the display panel manufacturers are based in the APAC region. China is expected to hold the largest share of the market during the forecast period owing to the fact that there are several display panel manufacturers in the country with robust display panel manufacturing capabilities (also a large number of major product manufacturers).

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Samsung Electronics (Samsung Display) (South Korea); LG Display (South Korea); BOE Technology (China); AU Optronics (AUO) (Taiwan); Innolux (Taiwan); Japan Display (JDI) (Japan); Sharp (Foxconn) (Japan); China Star Optoelectronics Technology (CSOT, CDOT, TCL) (China); Tianma Microelectronics (China); and Truly International (Hong Kong) are the leading players in the display panel market.

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