The Global OLED Display Market is projected to expand at a robust CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing demand and investment in electronics like cameras and mobile phones, in which this technology is used. An OLED display works without a backlight, as it emits visible light. It can display deep black levels and can be lighter and thinner than LCD. In low light conditions, an OLED screen can accomplish a higher contrast ratio than LCD. An OLED display uses thin films of organic materials to make thin, efficient and high-quality displays. OLEDs can be made rollable, transparent, and flexible. This display technology has become quite popular in many display markets, as OLED display panels provide free designs and high quality images, which can be made transparent and flexible.
OLED Display Market Trends, Drivers, Restraints, and Opportunities:
- OLED technology is used in numerous applications, which is anticipated to drive the market in the forecast period.
- OLEDs provide enhanced performance as compared to LCDs. However, declining prices of LCDs are estimated to hamper the growth of OLED display market.
- Lifespan of OLED display is short as compared to LCD display, which is expected to hinder the market growth in the forecast period.
- Rising interest in OLED technology, which offers enhanced picture quality and performance as compared to traditional displays, is projected to fuel the market.
- High costs related to OLED display are expected to hinder the market growth.
- OLEDs consume less power and provide a large contrast ratio, which is anticipated to drive the market.
- Increase in demand for eco-friendly solutions and rise in the adoption of smart lighting systems are estimated to drive the market.
- The rise in use of OLED display in digital healthcare devices, automobiles, smart watches, and music players is anticipated to fuel the market.
- Growing investments from private organizations and governments in R&D are estimated to drive the global OLED display market.
OLED Display Market Segment Insights:
Based on products, the global OLED display market is segregated as automobile, television, mobile phones, and others. The mobile phone segment accounts for more than 80% share of the total market share. It is anticipated to expand at a substantial CAGR during the forecast period. Television segment is also gaining importance, due to technological advancement and rising demand for large-sized displays.
OLEDs are used in the automobiles segment in components, such as dashboard display, back window alerts, and rear-view mirrors. Other products such as ovens, microwaves, and washing machines also use OLEDs as they make products more environment-friendly.
On the basis of technology, the global OLED display market is bifurcated into active matrix (AM) OLED and passive matrix (PM) OLED. Active matrix OLED segment is anticipated to expand at a robust CAGR during the forecast period. This technology is usually used for mobile phones, portable gaming machines, and other displays which have no resolution or size restraints. PM OLEDs were earlier used in MP3 players, but now it has become outdated. PMOLEDs are now used in music players, smart watches, and digital healthcare devices.
In terms of regions, the global OLED display market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held a major share of the total global market in 2019, which is attributed to high consumption as well as focused production in the region. High rate of manufacturing is due to low costs of labor and raw materials in the region. The presence of key market players in Japan, Taiwan, and Korea boosted the market in the region.
The market in North America is speculated to account for a major share during the forecast period. The growth of the market is attributed to rising preferences of smartphones and technological advancements.
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