Display panel market is predicted to grow by generating a revenue of $1,19,339.1 million by 2027 at a CAGR of 10.5% in the forecast period.
Display panels are the surface panels on which information can be displayed. Display Panels are based on electronic viewing technology and are used to enable people to see content on a wide range of entertainment systems like personal computers, consumer electronics, and smart phones. Display panels act as a mediator between a machine and human. It displays valuable information to the user with various medium.
The display panel market is predicted to have a positive response to the novel coronavirus outbreak. Due to the increase in the use of smart devices along with the adoption of work from home culture, the demand for laptops has increased drastically, impacting the global display panel market positively in the estimated period. Moreover, the price of the display panels is very high which is predicted to hamper the market growth in the estimated period. Advancement in technologies is predicted to create more investment opportunity during the pandemic.
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Increasing demand for display panels for various electronic devices is predicted to be the major driving factor for the display panel market in the forecast period. Display panels are mostly used in various devices such as television, smartphones, smart watches, infotainment systems in automobile and many more. The advancement in technology for flexible panels is predicted to be one of the major driving factors for the display panel market in the forecast period. Many manufacturers are focusing more on developing a variety of products to the consumers, which is predicted to create more investment opportunities in the market during the forecast period. For instance, Nubia’s launched a 4-inch flexible smartphone which can be adjusted on your wrist and can function as a phone as well as a watch at the same time.
Production cost of display panels is very high which is predicted to be the biggest restraint for the display panel market in the forecast period. Due to the increase in the production cost the average selling price of devices increases, which affects the profitability of the manufacturer and predicted to hinder the market growth in the forecast period.
OLED sub-segment is predicted to grow by generating a revenue of $ 90,079.4 million by 2027 at a CAGR of 13.9% in the forecast period. Rise in the demand of OLED screens for the manufacturing of various electronic devices is predicted to drive the sub-segment market in the forecast period. Moreover, the advanced technology in OLED is predicted to create more investment opportunity in the forecast period.
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Foldable sub-segment is predicted to grow by generating a revenue of $ 3,820.8 million by 2027 at a CAGR of 17.1% in the forecast period. Foldable screens are mostly used in televisions and other end use industries for monitoring and inspecting operational work, which is predicted to drive the sub-segment in the forecast period. Moreover, foldable large size television is predicted to create more growth opportunity as enable the user to view television at any flexible direction.
Tablets and mobile phones sub-segment is predicted to grow by generating a revenue of $74,817.5 million by 2027 at a CAGR of 9.9% in the forecast period. Rise in the demand of smartphones among users and rise in the usage of the smart devices is predicted to boost the sub-segment market in the estimated period. Technical advancement is predicted to create investment opportunity in the forecast period.
Asia-Pacific region market is predicted to grow by generating a revenue of $50,910.1 million by 2027 at a CAGR of 12.5% in the forecast period. Increase in R&D and increasing demand of various electronic item is predicted to be the major driving factor for the region market in the forecast period. The emergence of advanced technology with IoT solution has created a significant advantage to the overall market in the forecast period.
The major key players in the display panel market are LG Electronics., Hannstar display corporation, Chunghwa Picture Tubes, Ltd., BOE Technology Group Co., Ltd, Panasonic Corporation, SHARP CORPORATION, Japan Display Inc., Innolux Corporation, AU Optronics Corp., and SAMSUNG, among others.
Porter’s Five Forces Analysis for Display Panel Market:
Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be high.The bargaining power of suppliers is very High.
Bargaining Power of Consumers: In this market, the concentration of buyers is high. The bargaining power of consumers is High.
The threat of New Entrants: Huge initial investments are essential to start a new manufacturing unit of display panels. The threat of new entrants is High.
The threat of Substitutes: This market has numerous alternatives of products. Moreover, availability of product is also high due to which switching costs for clients is high. The threat of substitutes is High.
Competitive Rivalry in the Market: Many major players are following several strategies, and product differentiation among them.The competitive rivalry in the industry is High.
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