PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555801
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555801
The OLED Panel Market was valued at USD 52,142.5 million in 2023, growing at a CAGR of 14.20% from 2024 to 2032.
Organic light-emitting diode (OLED) panels are made of organic materials that emit light when energy is used. To keep oxygen and moisture out, they have a substrate, a backplane, a frontplane, and an encapsulating layer. They are more efficient, smaller, and more flexible than liquid-crystal display (LCD) panels since they do not have backlights or filters. They provide excellent viewing angles, quick response times, and tiny form factors. OLED panels are now commonly utilized in televisions (TVs), cellphones, handheld gaming consoles, computer monitors, and personal digital assistants (PDAs) because to its improved image quality, rich colors, fast motion, and great contrast.
OLED Panel Market- Market Dynamics
Increasing demand for superior display in wearable devices and smartphones
One of the major factors influencing growth in the OLED panel market is the demand for better displays in both wearables and smartphones. Because value-added displays with key features such as vibrant color, deep black, and power efficiency are increasingly demanded by consumers for their devices, OLED provides these features and hence is very suitable for usage in smartphones and wearables where the quality of display is crucial to creating value. As competition is growing to meet consumer expectations, brands are using OLED panels in their product differentiation strategy. In addition, the trend of thinner and lighter designs supports OLED technology even more, as it enables sleek designs without compromising performance. Further, this is a growing preference among consumers, hence the growth of the market.
OLED Panel Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of around 14.20% between 2024 and 2032.
The rigid panel type segment maintained the greatest share in 2023, based on Type segmentation.
In 2023, the AMOLED category accounted for the highest revenue share by Technology segmentation.
In 2023, Large-sized OLED Panel was the most popular type of Size.
On the basis of region, In 2023, Asia Pacific had the greatest income.
The Global OLED Panel Market is divided into five segments: Type, Technology, Size, end-use, and region.
The market is divided into three types: Flexible, Transparent, and Rigid. The rigid panel type segment held the largest share in 2023, owing to its widespread application in consumer devices such as smartphones, laptops, televisions, and tablets. Rigid OLED displays are well-known for their outstanding image quality, which includes vibrant colors and excellent contrast ratios, making them the preferred choice for a wide range of demanding applications.
The market is separated into two categories according on technology: AMOLED Display and PMOLED Display. In 2023, the AMOLED category had the most revenue share. It is projected that AMOLED displays in smartphones will grow rapidly. Because they are emissive and require no additional illumination, the OLED screen outperforms flat panel displays that have traditionally been used in smartphones. Furthermore, mobile manufacturers are rapidly implementing AMOLED panels into their smartphones due to improved characteristics such as thinness and brightness, which is expected to fuel market growth.
OLED Panel Market- Geographical Insights
Geographically, this market is distributed over Latin America, Europe, Asia Pacific, North America, the Middle East, and Africa. These zones are further split based on the nations that bring commerce. In 2023, Asia Pacific's OLED panel market led the global industry. The region is home to major OLED manufacturers like Samsung Electronics and LG Electronics, which drive manufacturing and technological developments. The rising demand for consumer electronics, such as smartphones and televisions, in nations like India, China, South Korea, and Japan drives market expansion. Furthermore, the increasing use of OLED displays in a variety of applications, including automobiles and wearables, contributes considerably to market growth. Significant investments in R&D and manufacturing facilities in the region have increased production capacities and innovation.
The Europe OLED panel market is predicted to grow at the second-fastest rate from 2024 to 2032, owing to rising demand for high-quality display technologies in consumer devices such as smartphones and televisions. Leading European countries, like Germany and the United Kingdom, have seen a considerable increase in the use of OLED screens for luxury products. The automobile sector in Europe, which focuses on improved display systems for vehicles, has also contributed to this expansion.
The competition within the OLED panel market is highly dynamic, with leading players like Pioneer Corporation, LG Display Co., Ltd, Visionox Co. Ltd, Raystar Optronics Inc., and Ritek Corporation. Remarkable amounts of research and development are invested to enhance product quality, considering the color representation, energy efficiency, and thinner design. Pricing and strategy for customer service, too, take on significance for competition within this domain. New entrants create market niches, thus making the general competition in the market even more intense. The OLED panel market has great potential for profitable growth during use in many industries, motivated by technology advancement into innovation and rising consumer demand.
In May 2024, LG Electronics announced a new line of AI-powered smart TVs in India, including the world's largest OLED TV, measuring 97 inches. The TVs include real-time upscaling, Dolby Vision gaming, and sophisticated sound technology. They also include technologies like webOS with personalized profiles, support for Dolby Vision and Dolby Atmos, and compatibility with Apple AirPlay and Google Chromecast.