Global Foldable Display Market to Garner a Valuation of USD 28.33 Billion by 2030, Exhibiting 8.00% CAGR, Driven By Surging Demand for Connected and Autonomous Vehicles, Projects Kings Research
DUBAI, India, Nov. 20, 2023 /PRNewswire/ -- As per the latest report published by Kings Research, the global Foldable Display Market was worth USD 16.32 billion in 2022 and is projected to accrue USD 28.33 billion in revenue by 2030, growing at 8.00% CAGR from 2023 to 2030. Major factors driving industry growth are prominent developments in display material including organic light-emitting diodes (OLED) and quantum dots (QD). The surge in demand for connected and autonomous vehicles, coupled with the widespread adoption of digital signage systems, serves as a driving force propelling the foldable display industry forward.
Foldable screen technology enables the transformation of larger screens into compact, portable formats, enhancing user convenience. Furthermore, advancements in battery materials have extended the battery life of foldable display devices, contributing to their increasing adoption. The ongoing evolution of foldable screens centers on expanding their utility across various screen sizes, driving innovations, optimizing costs, and advancing technology.
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Prominent players in the foldable display industry are utilizing various business strategies to enhance their market presence and drive growth. These strategies encompass partnerships, mergers & acquisitions, product innovations, and joint ventures. By adopting these approaches, companies aim to broaden their product offerings and strengthen their market position in different regions.
For instance, Google unveiled the first foldable Pixel phone in April 2023. The company concentrated on creating a foldable phone with a sturdy hinge, and the device was to have a 7.6 inch display when open.
Key manufacturers in the global foldable display market include:
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Trending Now: Apple Patents Innovative Foldable Screen Technology
In September 2023, Apple Inc. patented its foldable screen technology titled "Electronic Device with Durable Foldable Display". The patent also introduces a safety feature to protect the screen from impacts or vibrations.
The patent describes a design with a folding mechanism to protect the screen from direct impact when the device is dropped. This allows the screen to fold slightly upon impact, improving its durability. The design relies on a flexible section created by a recess in the display cover layer, which enables the screen to fold and bend without damage.
Rising Adoption of Flexible Displays in Automotive and Transportation Applications to Boost Market Development
Based on application, the foldable display market is segmented into automotive & transpotation, aerospace & defense, media & entertainment, consumer electronics, IT & telecommunication, sports & fashion, and others.
The automotive and transportation segment held a significant market share in 2022 due to the increasing adoption of flexible displays in vehicle interiors. This trend aims to enhance consumer interaction and provide personalized user experiences. By transforming surfaces into touchscreens, vehicles become even more interactive, aiding segmental growth.
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High Demand for OLED Screens in Smartphones to Bolster Foldable Display Market Expansion
By type, the foldable display industry is segmented into LED, OLED, and AMOLED.
The OLED segment is dominating the market due to the high demand for smartphones. These devices typically have rigid structures that incorporate glass layers in their screens. OLED material offers flexibility and durability, making it well-suited for everyday use as it can withstand impacts effectively.
Growing Availability of Smart Devices to Foster Foldable Display Market Growth
The burgeoning trend of smart homes and the surging demand for networking materials stand out as pivotal forces driving the widespread adoption of innovative, interconnected solutions within the consumer electronics sector. These dynamics present substantial growth opportunities for the market. The need for flexible displays has surged in response to the heightened demand for smartwatches and premium smartphones. These displays have not only enabled curved-edge designs in the latest smart devices but have also fostered the growth of the smart wearables market. The enhanced impact resistance and durability of flexible screens are emerging as significant growth catalysts. Moreover, the relentless research and development efforts of key industry players are driving the increased availability and accessibility of smart devices, ultimately fueling market growth.
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Surging Demand for Durable Devices in APAC to Support Foldable Display Market Progress
The Asia Pacific foldable display industry is experiencing rapid growth driven by a high demand for durable devices and the increasing popularity of smartphones and smartwatches across the region. Consequently, the APAC region is expected to continue being the fastest-growing market for foldable displays, fueled by its thriving consumer electronics industry.
Foldable materials are not limited to smartphones. They are also being developed for steering systems in future mobility vehicles. The foldable display market is growing due to increased production, more shipments, and a vibrant consumer electronics market in the Asia-Pacific region. Investment in research and development projects for innovative smartphone displays is driving regional market growth.
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Major Points from TOC:
Chapter 1 Introduction of the Global Foldable Display Market
Chapter 3 Research Methodology
Chapter 6 Global Foldable Display Market, By Type
Browse Complete TOC: https://www.kingsresearch.com/toc/foldable-display-market-263
Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions.
Our team comprises individuals with diverse backgrounds and a wealth of knowledge in various industries. At Kings Research, we offer a comprehensive range of services aimed at assisting you in formulating efficient strategies to achieve your desired outcomes. Our objective is to significantly enhance your long-term progress through these tailored solutions.
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