Foldable Display Market: Current Analysis and Forecast (2024-2032)

The foldable display market has shown increased growth recently thanks to major developments in foldable display technologies such as OLED and AMOLED. A foldable display is a screen innovation in technology that enables mobile phones, tablets, and laptops to fold in a way whereby customers get a large screen size within a small portable device. The major drivers of the market are the rising demand for new devices, the need for bigger displays on mobile devices, and the need for better experiences. Further, the adoption of 5G technology has also benefited the market over time, as the foldable device has the potential to enhance the efficiency of 5G's high-speed feature.

The Foldable Display Market is expected to grow at a robust CAGR of 27.4% during the forecast period, owing to the growing demand for Foldable Display across various sectors, including power electronics, RF amplifiers, and advanced communication systems. Significant investments and technological improvements are reflected in the recent foldable display mergers and acquisitions. In January 2023, Samsung Display Co. in South Korea will invest about $1.8 billion in a factory in northern Vietnam to create OLED displays for vehicles and tech products. Furthermore, in March 2024, LG Display announced its intention to secure 1.2925 trillion won ($971 million) through a paid-in capital increase, which it will then invest in its OLED business to satisfy the expanding demand for leading display products.

Driven by the significant market for foldable displays, Asia-Pacific, primarily China, South Korea, and Japan, is booming due to both robust demand for premium smartphones and rich manufacturing skills that are accelerating adoption. To aid companies in producing next-generation displays, the Chinese government has launched different initiatives of subsidies and tax cuts. In addition, the U.S. and European markets are undergoing accelerated growth, supported by government grants and R&D tax credits that support local technology companies to produce flexible displays. The investments of these countries in tech and infrastructure are probably going to lead to strong expansion in the foldable display market in the foreseeable future.

Based on Type, the market is categorized into OLED, AMOLED, and Others. Among these, AMOLED is growing with a significant CAGR. The key factor in the market for AMOLED is its ability to present superior quality display with lively colors and better contrasts, improving the viewing experience for users. The faster the refresh rates, the better the program performance in both gaming and multimedia applications. Over and above that, AMOLED displays demonstrate extraordinary energy efficiency, thus improving battery life, especially in little devices. The combination of these factors along with increasing consumer demand for premium smartphones and wearables is providing ongoing fuel for the AMOLED segment's growth.

Based on Application, the Foldable Display market is divided into Smartphone Display, Tablets and Notebook, Television, Wearable Display, and Others. The Smartphone display segment registered the highest revenue during the year 2023. The major impetus for the smartphone display segment is the growing consumer preference for excellent visuals, fueled by the requirement for involving multimedia experiences in video streaming, gaming, and photography. For enhanced user experiences, larger displays with higher resolutions, for example Full HD and 4K, are growing ever more appealing. Also, the entry of 5G technology has boosted the requirement for displays that handle faster data rates and more efficient operation. Together with innovations in foldable and edge-to-edge displays, this trend keeps driving expansion in the smartphone display field.

For a better understanding of the market adoption of the Foldable Display industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S.A., Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. The foldable display market is chiefly influenced by the Asia-Pacific (APAC) area, thanks to the participation of major providers such as Samsung Display, LG Display, and BOE Technology Group. APAC is an international leader in display technology innovation, driven by major investments in research and development. South Korea, China, and Japan are the leaders in foldable OLED and AMOLED display manufacturing, thanks to a mature supply chain for electronics and components available to them. An increase in consumer desire for sophisticated smartphones, combined with a rapid shift to 5G technology, supports market development in the area. With increasing disposable personal income and a tech-skilled demographic, APAC is turning into an important market for technology that showcases foldable display screens in smartphones, wearable devices, and laptops.

Some of the major players operating in the market include Samsung Display, LG Display, BOE Technology Group, Royole Corporation, Visionox Company, TCL Corporation, Tianma Micro-electronics, Sharp Corporation, Everdisplay Optronics (Shanghai) Co., Ltd., and AUO Corporation.