The Worldwide OLED Industry is Expected to Reach $72.8 Billion by 2026 at a CAGR of 13.6% from 2021
DUBLIN, April 7, 2021 /PRNewswire/ -- The "Global 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 - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global OLED display market 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.
However, Similar benefits of micro-LED and direct-view LED display technologies similar to OLED hampering the growth of the market.
OLED lighting to witness a higher CAGR during the forecast period
OLED technology is gaining momentum in general lighting applications owing to superior performance and wide light source coverage offered by it. OLED lighting products are energy-efficient and are deployed in green buildings. The general lighting segment is expected to continue to account for the larger size of the OLED lighting during the forecast period. However, the automotive lighting segment is anticipated to grow at a higher CAGR during 2021-2026.
The higher growth of the automotive lighting segment can be attributed to the high demand from luxury car manufacturers for premium quality lightings, along with a rise in the number of collaborations of OLED manufacturers with leading automotive companies for the development of flexible lightings for vehicles.
Consumer vertical to account the largest share during the forecast period
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.
Moreover, various display panel manufacturers have reported an increase in the sale of mobile displays due to new product launches and an improved supply-demand environment for large panels even during the pandemic. Thus, smartphones, televisions, and smart wearables (especially smartwatches and VR HMDs) would be the major product categories driving the growth of the consumer segment during the forecast period.
APAC to account the largest share during 2021-2026
APAC is leading the OLED market in terms of market share owing to the high demand for OLED display panels from smartphone vendors and OEMs in China, Japan, Taiwan, and South Korea. Additionally, several key original brand manufacturers and the majority of display manufacturers are based in APAC. Many operations, such as R&D, manufacturing, and assembly, related to OLED displays are being shifted to China owing to the low cost of logistics operations associated with the delivery of end products in the OLED display market. China is also emerging as a leading consumer product manufacturing hub with local players expanding their market share in all segments.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.5 OLED Display Market, by Panel Type
4.6 OLED Market, by Region
5 Market Overview
6 OLED Market, by Product Type
7 OLED Display Market, by Application
8 OLED Display Market, by Technology
9 OLED Display Market, by Panel Size
10 OLED Display Market, by Panel Type
11 OLED Market, by Vertical
12 Geographic Analysis
13 Competitive Landscape
14 Company Profiles
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SOURCE Research and Markets