PUBLISHER: Grand View Research | PRODUCT CODE: 1575197
PUBLISHER: Grand View Research | PRODUCT CODE: 1575197
The global flexible dsplay market size is anticipated to reach USD 123.49 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 35.3% from 2024 to 2030. Rising adoption of portable electronic devices is the major factor driving the growth. Flexible displays are lightweight, energy-efficient, and shatter-proof, which, in turn is driving their adoption for smartphone manufacturing.
Rising sales of consumer electronics, such as wearable devices, bendable TVs, and foldable laptops are expected to proliferate the demand for flexible displays during the forecast period. Furthermore, technological advancements in the manufacturing process of flexible Organic Light Emitting Diodes (OLED) has boosted the demand over the past few years.
Rising demand from industries, such as healthcare and automotive has opened new growth avenues for the flexible display market. Automotive manufacturers are focusing on integrating flexible displays in automotive interiors. For instance, in May 2019, Samsung Corporation and Audi AG formed a strategic partnership to push Audi's concept car, Audi Prologue A9 Prototype. The proposed car is expected to house a flexible, high-resolution Samsung OLED display near the gear stick helping driver control vehicle settings.
Flexible display manufacturers are investing huge amounts in R&D in a bid to develop energy efficient products. In 2018, a total of 20,590 individual patents/applications were filed by the companies such as Sony Corp., Philips, Samsung Corporation and others. In October 2018, Royole Corporation, a flexible display and smart devices manufacturer, launched FlexPai, a foldable device which can be bent, rolled, and operated as a smartphone as well as tablet.
Thus, technological advancements in the field of displays are anticipated to provide sound growth opportunities to manufacturers and offer customers high-quality touch screen displays. However, huge capital investment requisite to manufacturing flexible substrate is expected to hamper the market growth during the forecast period.