Display Market to Accrue $216.3 Bn, Globally, by 2031 at 6.7% CAGR: Allied Market Research

Humungous demand for flexible display technology in consumer electronic devices and a surge in the use of electronic parts in the automotive sector will boost the expansion of the global display industry.

PORTLAND, Ore., Oct. 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Display Market by Application (smartphone and tablet, smart wearable, television and digital signage, pc and laptop, vehicle display, and others), by technology (oled, quantum dot, led, lcd, e-paper, and others), by industry vertical (healthcare, consumer electronics, bfsi, retail, military and defense, automotive, and others), and by Display Type (flat panel display, flexible panel display, and transparent panel display): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global display industry was estimated at $114.9 billion in 2021, and is set to reach $216.3 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities

Humungous demand for flexible display technology in consumer electronic devices and a surge in the use of electronic parts in the automotive sector will boost the expansion of the global display industry. The growing popularity of touch-based equipment will contribute substantially to the growth in the size of the global market. Nevertheless, the rise in demand for flat panel displays in smartphones, notebooks, tablets, and PCs will create new growth avenues for the global industry. In addition, the rise in the use of displays in AR/VR devices and the commercialization of self-driven vehicles will open new dimensions of growth for the display market across the globe in the coming years.

Covid-19 Scenario:

• The COVID-19 pandemic adversely impacted the expansion of the global display industry owing to the temporary shutdown of production units due to lockdowns in countries such as China, the U.S., Germany, India, and Japan.
• Significant disruption of supply chain activities resulted in the restricted supply of raw components that are used for manufacturing display panels, thereby hindering the growth of the global industry during the COVID-19 pandemic.

The Flat Panel Display Segment to Dominate the Global Market in Terms of Revenue in 2031

Based on the display type, the Flat Panel Display segment is set to contribute to the highest market share in 2021, accounting for more than two-thirds of the global display market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. The growth of the segment over the assessment period is attributed to a huge demand for flat panel displays across the retail sector. However, the Flexible Panel Display segment will record the fastest CAGR of 8.39% from 2022 to 2031. The growth of the segment over the forecast timeframe can be due to the rise in demand for the product in consumer electronics goods such as tablets, e-readers, and smartphones.

The Television And Digital Signage Segment to hold the Major Market Share Over 2022-2031

On basis of application, the Television And Digital Signage segment contributed to the largest market share in 2021, accounting for nearly two-fifths of the global display market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period is subject to a rise in demand for strong and high-quality OLED, electronic paper, and microLED display panels in digital signage and televisions. However, the VEHICLE segment is predicted to record the highest CAGR of 9.79% over the forecast period. The growth of the segment over the forecast timeline can be credited to the rise in the sale of electric vehicles requiring vehicle displays.

The Consumer Electronics Segment to Lead the Global Market Growth over the Forecast Period

In terms of industry vertical, the CONSUMER ELECTRONICS segment contributed to the highest market share in 2021, accounting for nearly one-third of the global display market share. Moreover, the same segment is set to make notable contributions toward the global market share in 2031. The growth of the segment over the forecast timeline can be credited to a steep elevation in demand for high-quality display panels in the consumer electronics products such as digital cameras, televisions, video game consoles, and personal computers. However, the AUTOMOTIVE segment is predicted to register the fastest CAGR of 9.88% during the forecast timeline. The segmental growth over the forecast timeframe can be attributed to the rise in demand for automotive displays in modern car interiors.

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Asia-Pacific to Retain Global Market Domination over 2022-2031

By Region, Asia-Pacific contributed notably toward the global display market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global display market share in 2021. The same region is slated to contribute significantly toward the global market size in 2031. Furthermore, the Asia-Pacific display industry is anticipated to record the highest CAGR of 7.34% over 2022-2031. The regional market growth over the projected timespan is owing to a huge demand for interactive displays, touchscreen technologies, and video walls in the region.

Major Market Players

• LG Display Co. Ltd.
• Samsung Electronics Co. Ltd.
• AU Optronics
• Japan Display Inc.
• E Ink Holdings Inc.
• Hannstar Display Corporation,
• Corning Incorporated
• Kent Displays Inc.
• NEC Display Solutions
• Sony Corporation

The report analyzes these key players in the global display market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.  

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