POLED Panel Market to Reach $5.2 Billion, Globally, by 2032 at 20.1% CAGR: Allied Market Research
The POLED panel market is driven by factors such increase in use of POLED display in automotive industry and surge in energy efficient POLED display for wearables.
New Castle, Delaware, Aug. 31, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “POLED Panel Market by Type (Flexible pOLED Displays, Foldable pOLED Displays, and Others), and Application (Smartphones, and Wearables): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global POLED panel industry generated $0.8 billion in 2022, and is projected to reach $5.2 billion by 2032, registering a CAGR of 20.1% from 2023 to 2032.
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A POLED (Plastic Organic Light Emitting Diode) display is an OLED technology which has increased flexibility and reduced production costs. the fact that glass is rigid while plastic is easier to form into new shapes, the demand for POLED is increasing rapidly.
Prime Determinants of Growth
The POLED panel market is expected to witness notable growth during the forecast period, owing to an increase in use of POLED panel display in automotive industry and surge in energy efficient POLED panel display for wearables. Moreover, increase in use of POLED panel displays for consumer electronics, and healthcare application is expected to provide lucrative opportunities for the growth of the POLED panel display market during the forecast period. On the contrary, high manufacturing costs and complex fabrication process is the restraint for POLED panel display market growth during the forecast period.
Report Coverage & Details:
|Market Size in 2021||$0.8 billion|
|Market Size in 2031||$5.2 billion|
|No. of Pages in Report||174|
|Segments covered||Type, Application, and Region.|
|Drivers||Increase in use of POLED display in automotive industry. Surge in energy efficient POLED display for wearables.|
|Opportunities||Increase in use of POLED displays for consumer electronics, and healthcare application.|
|Restraints||High manufacturing costs and complex fabrication process|
- The moderate pandemic impact for POLED panel was witnessed in the increased demand for consumer electronics and medical devices.
- Prime vendors such as LG Display and Motorola diverted its revenue for research and development of POLED panel display, which is anticipated to witness an increase in the use of new foldable displays for smartphones, billboards, and televisions during the forecast period.
The Flexible pOLED Displays Segment to Maintain its Leadership Status Throughout the Forecast Period.
Based on type, the flexible pOLED displays segment held the highest market share in 2022, accounting for more than three-fourths of the global POLED panel market revenue, and is estimated to maintain its leadership status throughout the forecast period. As it is known for its small size & flexibility, and it is widely used in cameras, and billboards. Moreover, the flexible pOLED displays segment is projected to manifest the highest CAGR of 20.56% from 2023 to 2032, driven by growing adoption of smartphones screen manufacturers such as Motorola and Samsung.
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The Smartphones Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on application, the smartphones segment held the highest market share in 2022, accounting for more than three-fifths of the POLED panel market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the wearables segment is projected to manifest the highest CAGR of 20.76% from 2023 to 2032 due to increase in use of wearables to detect heart rate, and monitor SpO2 of the user which can be directed to physicians for further consultation with the physicians.
North America to Maintain its Dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global POLED panel market revenue. Asia-Pacific region is expected to witness the fastest CAGR of 21.11% from 2023 to 2032, owing to the increase in awareness of wearables and smartphones due to miniaturization of the technology.
Leading Market Players:
- LG DISPLAY CO., LTD.
- Apple Inc.
- Google (Alphabet Inc.)
- Motorola Mobility LLC (Lenovo)
The report provides a detailed analysis of these key players of the POLED panel market. These players have adopted different strategies such as product development, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall POLED panel market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global POLED panel market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the POLED panel market.
- The report includes the market share of key vendors and global POLED panel market trends.
POLED Panel Market Key Segments:
- Flexible pOLED Displays
- Foldable pOLED Displays
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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