With 17.2% CAGR, OLED TV Market size is expected to Reach USD 22.63 Bn by 2028, Says Brandessence Market Research

LONDON, July 26, 2022 /PRNewswire/ -- The Global OLED TV Market size was valued at USD 7.45 Billion in the year 2021 & the market size is expected to hit USD 22.63 Billion by 2028 with emerging CAGR of 17.2%. OLED TV Market Size, Share & Trends Analysis Report by Technology AMOLED (Active Matrix OLED), PMOLED (Passive Matrix OLED), By End-User (Healthcare, Designing & Manufacturing, Research Laboratories, Automotive), Based on Region, And Segment Forecasts, 2022 – 2028.

OLED TV is a television display technology that supported the characteristics of organic light-emitting diodes (OLED). OLED TVs use a display technology called OLED (organic light-emitting diodes) that permits displays that are brighter, more efficient, thinner, flexible, and with higher contrast and faster refresh rates than either LCD. OLED TVs deliver the best picture quality. OLED displays are made up of organic semiconductor material that forms light-emitting diodes. Two conductors are sandwiched between two thin organic films to form the display. It emits a bright light when the current is passed between the structure. In addition, OLED displays have up to 160-degree viewing angles even in bright light. They also use just two to ten volts of electricity.

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OLED TV Market: Competitive Analysis

Some of the key players in the Global OLED TV Market are Samsung Electronics, LG Display, BOE Technology, AU Optronics, Universal Display Corporation, Panasonic, Konka Group, Haier Group, Sony Corporation, Philips, and Changlong and others.

Global OLED TV Market Dynamics– 

The OLED television market is majorly driven by factors including the growing trend for advanced consumer electronics and rapid digitalization. According to the BrandEssence report, sales of OLED TVs are increasing. The combined sales of OLED TV panels since 2013 have reached 1 million units in 2016, 5 million units in 2018, 10 million units in 2020, and 20 million units so far in 2021. Thus OLED TVs are being bought in bulk. Consumer demand has also been growing rapidly in the last few years, indicating that similar demand will continue to grow in the coming years, creating a huge demand in the market. 

Electronics gadgets are entirely infiltrated items among a wide scope of specialized customer merchandise in families. On one side, TVs with wider screen sizes are getting popular though, on the opposite side, the scaling down of electrical parts is on the rise. Moreover, the rapid digitization of education in schools to promote digital learning around the world which is also projected to increase the demand for OLED TVs. From the last few years, supportive initiative taken by various governments to support the digitization in the field of education are also supplementing the market growth. This makes it useful to add a great deal of knowledge to the students. For example; in 2020, in India, Andhra Pradesh State Govt declared to install 45,000 Smart TVs School to promote Digital Learning. In July 2021, the Karnataka government announced to fill the gap in online school education by installing TV sets in 5,766 Gram Panchayat libraries. And also, the Indian Government Education budget 2022-23: The school education outlay for 2022-23 is Rs 63,449.37 crore, about Rs 9,000 crore more than 2021-22. The country's largest school education scheme, Samagra Shiksha Abhiyan, has been allocated Rs 37,383.36 crore, which is more than Rs 6,000 crore in the 2021 budget. Due to this budget, the government is increasing its investment in school education, in which digital education is a long way off. 

However, there are only a few major players like SAMSUNG and LG who can easily manipulate the prices there is a need for competition to reduce the prices with time, and a major challenge for new players is the high cost of manufacturing for research and development. In spite of that, Cost reduction would play a major role in lucrative growth opportunities. The competition between OLEDs and LCDs provides major business opportunities. OLED technology offers numerous advantages with energy efficiency and eco-friendliness being major attributes. 

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Recent Developments

• LG Unveiled New OLED TV Lineup, Including Rollable TV, for India Market

On May 24th, 2022; With the aim to expand its TV lineup in the country, LG Electronics announced the availability of its highly anticipated 2022 OLED TVs in India at a starting price of Rs 89,990. The company has also unveiled its much-anticipated Rollable OLED TV at Rs 7,500,000. 

• LG Launched its 2021 TV Lineup

On August 24th, 2021; LG announced the lineup of OLED, QNED, Nano Cell, and UHD TVs in India. The new OLED TVs possess TUV Rheinland (TUV) underwriter Laboratories (UL) certification with certified as low-blue light, flicker-free, and discomfort glare-free displays. 

• Tianma Display Technology Commenced Its 6th-Generation Flexible AMOLED Production Line Project

On May 18th, 2020; Tianma started the development of its 6th-generation flexible AMOLED production line. A total of 247.1 acres of land are involved in the project with an investment of 48 billion RMB. Currently, it is the largest flexible AMOLED monomer factory in China.

OLED TV Market: Segmentation Analysis

The Global OLED TV Market is segmented based on technology, end-user, and geography. Based on technology, the market is divided into AMOLED (active-matrix OLED) and PMOLED (passive matrix OLED). Based on end-user, global OLED TV market is classified into healthcare, designing & manufacturing, research laboratories, automotive, and others. 

By Technology 

• AMOLED (Active Matrix OLED) 
• PMOLED (Passive Matrix OLED) 

By End-User 

• Healthcare 
• Designing & Manufacturing 
• Research Laboratories 
• Automotive 
• Others

OLED TV Market: Regional Analysis

Asia Pacific is expected to show a fastest growth in global OLED TV market as far as a portion of the overall industry attributable to the popularity of OLED TV boards from cell phone merchants and OEMs in China, Japan, Taiwan, and South Korea. Moreover, a few key unique brand producers and most show makers are situated in APAC. Numerous tasks, like R&D, assembling, and getting together, connected with OLED TV are being moved to China attributable to the minimal expense of coordinated factors activities related to the conveyance of finished results in the OLED TV market. China is additionally arising as the main customer item fabricating center with neighborhood players growing their portion of the overall industry in all fragments. For example; Asia Pacific is the quickest developing business sector with an assessed 900 million TV families by 2020 with an increment of 100 million contrasted with and year 2015. In the Asia-Pacific area moderately there are 1.21 TV sets per home, which shows that there are around 1.3 billion TVs in the Asia-Pacific regions alone. The high development of the market in the Asia Pacific can be attributed to the expanded government interests in the schooling area and the presence of a portion of the key presentation makers, like Samsung, LG Display, Sharp Corporation, and Panasonic, in the region.

North America, Europe, and the Middle East region are also anticipated to show a significant growth in the OLED TV market as huge investments are done in both the educational and health sectors in these region, and growth can be seen in demand for premium electric goods.

On Special Requirement OLED TV Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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