OLED Panel Market Size, Share & Trends Analysis Report 2020-2027
The demand for OLED panel market was valued at USD 22.71 billion in 2019 and it is anticipated to reach USD 68.25 billion by 2027, growing at a CAGR of 9.11% over the forecast period, the growth can be attributed to growing demands for OLED panels in display and lighting segments. The OLED has revolutionized the display industry by providing high clarity and larger screen displays ranging resolution up to 8K and available in new form factors such as flexible displays.
The Asia-Pacific region has emerged as a prominent market for the OLED market in 2018, the region has the presence of a large number of OLED Manufacturer. The region has favorable manufacturing facilities, and research and development capabilities to manufacture OLED panels. The OLED displays are unique in terms of their lighting capacities as each pixel in the panel act as an individual light source for transmission of light, whereas in LED displays the display is dependent on liquid-crystals for transmissions of light.
The growing demand for thin panel television and smartphone displays has boosted the demand for OLEDs in the display market. These displays offer better clarity and picture quality compared to other conventional displays in the market. Companies are investing in the development of advanced OLED displays such as foldable OLED displays and transparent displays to use for specialized applications such as foldable smartphones and transparent smartphones.
The market has been segmented based on display type into flexible, rigid, transparent. The demand for a rigid segment accounted for the highest OLED panel market share, as these displays are used widely in major consumer electronics including smartphones, television, and watches.
The flexible OLED panel market is gaining significant momentum in the recent few years as the demand for curved TV & Smartphones has increased significantly. There are two types of flexible OLED panels, one that is curved/bent by manufacturers and fitted in smartphones, the second type OLED panels can be bent by a user, these are widely used in foldable smartphones & gadgets. Many companies are trying to develop a completely flexible OLED smartphone; however, the technological challenges are refraining such devices from entering the commercial market.
The OLED panel market size for the transparent OLED (T-OLED) is very low compared to its counterparts, as these panels have very limited application areas, also only a few companies manufacture these panels. However, many companies have developed prototypes of various products to demonstrate the potential of T-OLED panels. For instance, in 2015, the Planar system showcased their 55 inches T-OLED TV, similarly Samsung Display Co. Ltd. and LG Display CO., LTD. are also experimenting with the application on such displays.
Based on the display address scheme, the OLED market can be divided into PMOLED (Passive-Matrix OLED) and AMOLED (Active-Matrix OLED) displays. The PMOLED is cheaper to produce but is less efficient, as these displays require high voltage to attain maximum brightness. These displays are mostly used in small OLED panels for showing digits/ icons in a smart band, watches, and mobile secondary display.
AMOLED accounted for the largest OLED panel market size in 2019. The AMOLED is one of the finest display panel widely used in most of the major electronics such as smartphones, television, automotive displays and other types of displays fit on electronics. AMOLED can be manufactured in all sizes, are long-lasting, offer better clarity, and consume less energy compared to other display types.
Based on display size, the market has been segmented into small, medium, and large-sized panels. The medium-sized OLED panels accounted for the largest market size in 2019, owing to its high demand from the smartphone segment.
Large-sized OLED panels are used in television and other commercial displays. The segment is expected to witness higher demand in the upcoming few years, as sales of smart TV have increased significantly. The small-sized panel segment is growing at a moderate pace, as demand for OLED panel is growing in the smart band, automotive, and consumer electronic display segments.
The OLED panel market is segmented based on application type into mobile & tablet, television, automotive, wearable, and other. The mobile & tablet segment emerged as the largest application segment in 2019, India alone accounted for around 151.2 Million units of the smartphone in 2019, reaching the second position in global sales.
Television segment accounts for greater than 25% market share in 2019, the growth can be attributed to increasing penetration of curved TV worldwide. Automotive OLED panel market is anticipated to grow exponentially owing to an increase in sales of luxury & premium cars, the automotive segment uses OLED panels in the infotainment system display, in-dash display, and rear-seat display.
Asia Pacific region accounted for the largest market size in 2019, the region is the largest manufacturer and exporter of all types of OLED panels. Countries such as China & South Korea are leaders in OLED display manufacturing, these countries have skilled man-power, availability of required manufacturing technologies. The North American market is anticipated to grow at moderate growth rates, as most of the display panels are imported from Asian countries. The trade war between the U.S. and China has somehow benefitted the Korean display manufacturers including Samsung Display in increasing sales.
The global OLED industry is dominated by two major players Samsung Display Co. Ltd and LG Display Co. Ltd, these companies account for more than 30% market share in the global OLED panel market. Other companies operating in this market include Innolux Corp., Pioneer Corporation, Raystar Optronics Inc., Ritek Corporation, OSRAM OLED GmbH, and WiseChip Semiconductor Inc.
The key customers for these companies are mobile & tablet manufacturers, TV manufacturers, wearable manufacturers, and automotive manufacturers. These companies have a supply contract with the display manufacturers; thus, the market has a high entry barrier. The setup cost for manufacturing OLED displays as well as the royalty fees to be paid to the patent holder is also too high, thus many companies refrain from entering this industry.
|The base year for estimation||2019|
|Actual estimates/Historical data||2017 – 2019|
|Forecast period||2020 – 2027|
|Market representation||Revenue in USD Billion & CAGR from 2020 to 2027|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, UK, Germany, France, China, India, Japan, South Korea, Taiwan, Brazil, Mexico, UAE, and KSA|
|Report coverage||Market size estimates and forecast, company market share analysis, competitive landscape, market dynamics, drivers, restraints, opportunities & challenges, qualitative analysis and trends|
|25% free customization scope (equivalent to 9 analysts working days)||Do you have any additional requirements? We can incorporate the same at no extra cost.|
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