OLED Market to Surpass USD 231.23 Billion by 2030 on Account of Growing Popularity in Automotive Applications and Rising Demand in Consumer Electronics | By SNS Insider
As per SNS Insider’s research, the OLED market’s growth is intricately linked to a combination of technological advancements, increasing demand in consumer electronics and automotive applications, strategic investments, and evolving consumer preferences
Pune, Jan. 22, 2024 (GLOBE NEWSWIRE) — The OLED Market, as per the SNS Insider report, witnessed a valuation of USD 45.6 billion in 2022, with a projected expansion to USD 231.23 billion by 2030. The anticipated growth is forecasted at a CAGR of 22.5% during the period spanning from 2023 to 2030.
Organic Light Emitting Diode (OLED) is an advanced display technology that utilizes organic compounds to emit light when an electric current is applied. Unlike traditional displays, OLEDs are capable of producing their own light, eliminating the need for a backlight. This results in vibrant colors, deep blacks, and enhanced contrast ratios, making OLED a preferred choice for high-quality displays in various electronic devices.
The OLED market is propelled by several key growth drivers that underscore its significance in the consumer electronics landscape. The increasing demand for high-quality displays with superior color reproduction and contrast ratios fuels the adoption of OLED technology. The expanding market for smartphones and tablets, coupled with the growing popularity of OLED in televisions, drives overall market growth. Technological advancements, including the development of flexible and foldable OLED displays, open up new avenues for application in wearable devices and automotive displays. Additionally, the emphasis on energy efficiency and sustainability aligns with OLED’s inherent characteristics, further bolstering its market prospects. Collaborations between OLED manufacturers and major consumer electronics brands contribute to innovation and market expansion, creating a positive outlook for the OLED industry.
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Major Players Listed in OLED Market are:
- TDK Corporation
- Samsung Electronics
- AU Optronics Corp
- Sony Corporation
- Rit Display
- eMagin Corporation
- LG Display
- BOE Display
- Universal Display Corporation and other players are listed in a final report.
OLED Market Report Scope:
|Market Size in 2022
|USD 45.6 billion
|Market Size by 2030
|USD 231.23 billion
|CAGR of 22.5% by 2023-2030
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Key Takeaway from OLED Market Study
- Within the OLED market, two key segments, namely the Display segment and the Smartphone & Tablet segment, emerge as dominant forces shaping the industry’s landscape. The Display segment encompasses a wide range of applications, including televisions, monitors, and signage displays. The superior picture quality and flexibility of OLED displays make them increasingly popular in these applications.
- Simultaneously, the Smartphone & Tablet segment witnesses a surge in demand for OLED screens due to their ability to deliver vibrant colors and power-efficient performance. As consumers prioritize devices with visually appealing and technologically advanced displays, OLED technology becomes a defining factor in the purchasing decisions for smartphones and tablets.
- Taiwan’s GlobalWafers has unveiled plans to invest a staggering $5 billion in the construction of a cutting-edge silicon wafer manufacturing facility in Texas. This strategic expansion comes as a response to the increasing global demand for semiconductor products, aiming to strengthen the supply chain and bolster the company’s position in the market.
- Wolfspeed, a leading global player, has expanded and extended its silicon carbide wafer supply agreement with a prominent semiconductor partner. The extended partnership is poised to address the challenges posed by the global shortage of semiconductor materials, contributing to the industry’s efforts to enhance production capabilities and meet growing market demands.
Market Dynamics Analysis
The OLED market is currently experiencing dynamic shifts driven by a combination of various factors. One of the primary drivers propelling the market forward is the escalating demand for high-quality display technologies in consumer electronics, including smartphones, televisions, and wearable devices. The unparalleled advantages of OLED displays, such as vibrant colors, high contrast ratios, and flexibility, contribute significantly to their widespread adoption. Additionally, the increasing focus on energy efficiency and eco-friendly technologies amplifies OLED’s appeal, as these displays are known for their low power consumption compared to traditional LCDs. On the flip side, the market faces restraints in the form of production costs and complex manufacturing processes, which have historically hindered mass adoption. The challenges lie in achieving cost-effective production methods without compromising on quality. Furthermore, while OLEDs offer flexibility, the durability of flexible displays poses a challenge in terms of long-term reliability. Threats to the market include the continuous advancements in alternative display technologies, such as MicroLEDs and Mini-LEDs, which pose competition by promising comparable or superior features.
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Key Regional Developments
The dynamics of the OLED market exhibit a nuanced interplay between global and regional factors. Asia-Pacific, particularly countries like South Korea and China, dominates the market landscape, driven by the presence of key manufacturers and technological advancements. The region’s robust consumer electronics industry and increasing investments in research and development contribute significantly to market growth. North America and Europe also play pivotal roles, with a rising demand for OLED displays in various applications. The market dynamics in these regions are influenced by factors such as consumer preferences, technological innovation, and strategic partnerships among key industry players. Emerging markets in Latin America and the Middle East present untapped opportunities, and the market’s growth trajectory is poised to benefit from expanding consumer bases in these regions.
Impact of Recession
The OLED market, like many industries, faces challenges posed by economic recessions. The ongoing economic downturn has led to shifts in consumer spending patterns and a temporary slowdown in certain industries. However, the impact on the market is mitigated by the resilient demand for consumer electronics, particularly smartphones and televisions. As consumers seek value for their purchases, OLED’s superior display quality and energy efficiency remain attractive, contributing to its continued market stability. Strategic pricing and marketing initiatives by industry players become crucial during economic downturns to maintain market share and capitalize on evolving consumer preferences. The market’s adaptability and technological advancements position it to weather economic challenges and emerge stronger as economic conditions improve.
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