CHICAGO, March 19, 2021 /PRNewswire/ -- According to the new market research report "OLED Market with COVID-19 Impact Analysis by Product Type (Smartphones, Television Sets, Smart Wearables, Large Format Displays), Panel Type, Panel Size, Technology, Vertical, and Geography - Global Forecast to 2026", published by MarketsandMarkets, the OLED Market size was valued at USD 38.4 billion in 2021 and is projected to reach USD 72.8 billion by 2026. It is expected to grow at a CAGR of 13.6% during the forecast period. Rapid adoption of OLED displays in smartphones, significant investments in building new facilities to manufacture OLED panels, high demand for better viewing experience, especially from smartphone and television consumers, rapid advances in OLED technology, increased demand for AMOLED displays in AR/VR headset applications, and financial support from governments worldwide for OLED lighting research are the key driving factors for the OLED market.
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Display devices to hold major share of the OLED market during the forecast period.
Display panels are used in various applications, including TVs, desktop PCs, notebooks, and smartphones. There are various types of displays, such as flat panel displays, flexible displays, and transparent displays, which are integrated with technologies such as organic light-emitting diode (OLED), LED-backlit LCD, Quantum dot LED, E-paper, and others. Traditional display technologies, such as cathode ray tube (CRT), cold cathode fluorescent lamp (CCFL), and LCD, are being replaced by these new technologies. The display market is now experiencing huge developments in terms of picture quality, display size, and power consumption features. OLED is a new technology for efficient, bright, flexible, and thin display panels. In the next decade, OLEDs are expected to replace LCDs in all display applications, ranging from small displays to large television sets.
Consumer vertical to hold major share of the OLED market during the forecast period
The consumer segment is expected to continue to account for the largest size-more than 90%-of the market during the forecast period. The consumer vertical includes products such as smartphones, television sets, smart wearables, PC monitors and laptops, and tablets-all of which have significant shares in the global OLED market. The consumer electronics market is growing at a very fast speed with remarkable advancements in technology, such as improving picture clarity in large-screen TVs and the evolution of smartphones. OLED technology enables the development of these advanced products. Factors driving the demand for OLED products in the consumer segment include technological advancements in consumer devices and economic growth worldwide. Smartphones and television sets use OLED display extensively.
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Europe to witness a higher CAGR during the forecast period.
The substantial growth of the European automotive industry is the major driver for the growth of the OLED market in this region. Globally, Europe is considered as a prominent luxury/premium car manufacturer. As most of the luxury/premium car manufacturers install automotive OLED displays, such as HUDs, central stack displays, and instrument clusters, that provide safety features, the demand for OLED displays is increasing in this region. Western Europe is one of the largest advertising markets in the world. The UK, Germany, and France collectively account for the highest advertising expenditure through digital signage displays in Western Europe. Moreover, the demand for OLED displays is surging in Europe due to increase in the adoption of consumer electronic devices and heightened adoption of OLED displays for automotive applications.
A few of the key players in the OLED market are Samsung Electronics (South Korea), LG Display (South Korea), BOE Technology (China), AU Optronics (Taiwan), Universal Display Corporation (US), and Tianma Microelectronics (China).
Related Reports:
Display Market with COVID-19 Impact Analysis by Product (Smartphones, Wearables, Television Sets, Signage, Tablets), Resolution, Display Technology (LCD, OLED, Direct-View LED, Micro-LED), Panel Size, Vertical, and Geography - Global Forecast to 2026
Smart Display Market with COVID-19 Impact Analysis, by Smart Home Display (Voice-controlled, Smart Appliance), Smart Display Mirror, Smart Signage (Retail & Hospitality Facilities, Sports & Entertainment Venues), Geography - Global Forecast to 2025
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