OLED DISPLAYS MARKET ANALYSIS
The Global OLED Displays Market is estimated to be valued at USD 41.23 Billion in 2024 and is expected to reach USD 104.24 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031.
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The display market has been experiencing a rapid shift from LCD to OLED displays owing to benefits such as superior contrast, thinner panels, and lower power consumption compared to LCD counterparts.
Market Driver - Advancements in technology leading to higher resolution, better color accuracy, and longer battery life
Technological advancements have been the driving force behind the growth of the OLED displays market. As compared to traditional LCD displays, OLED displays offer superior characteristics such as higher resolution, richer colors, darker blacks, and thinner profiles. OLED displays are self-emissive meaning each pixel produces its own light which allows for incredible contrast between light and dark areas on the screen. This results in more vivid images and video with deeper blacks and brighter whites.
Continuous innovations have enabled OLED displays to push the boundaries of display performance. Major advances such as dual domain pixel design, new manufacturing techniques like inkjet printing, and innovative materials have led to significant improvements in resolution and color accuracy. High-end OLED TVs are now available in 8K resolution with over 33 million pixels offering a pristine viewing experience. Moreover, new organic materials extend the lifespan of displays with reduced power consumption for a longer lasting battery on portable devices like smartphones and tablets.
Advancements by manufacturers have also expanded the size of OLED displays while still retaining their ultra-thin form factor. Flexible OLED displays are now widely used in curved and foldable smartphones allowing for unique design possibilities. As manufacturing processes mature further, seamless rollable and stretchable displays could become commercially available and create new application areas. Such transformational technological milestones will fuel the adoption of OLED across consumer products as it sets the bar for unmatched display quality and functionality.
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Rising Demand for Larger Screen Sizes
With advancements strengthening the capabilities of OLED technology, consumers are gravitating towards larger screen OLED formats. Previously limited to smaller screen sizes, OLED displays are now proliferating big screen categories led by increasing usage of TVs and monitors for work, learning and entertainment purposes. Large OLED TV screens ranging from 55 to 77 inches deliver an exceptional viewing experience akin to a cinema in home settings. Their deep blacks and wide viewing angles combine to make vivid and immersive on-screen content a reality.
With people spending more time at home over online platforms, demand has risen steeply for bigger monitors too. Popular applications like online education, remote work meetings, and video calls have put the focus on high performing screens. OLED's lifelike colors, true contrast, and slim design make them suited for productivity and collaboration needs whether on desktops or all-in-one systems. Usage of 4K and 5K high-definition monitors is growing to leverage OLED technology for its accurate and detailed images.
The availability of affordable large OLED options as prices decline will further drive adoption rates. Smart TV manufacturers and PC brands are embracing OLEDs as a premium offering and mainstream alternative helping market growth. More types of application areas leveraging big screens such as digital signage and infotainment could strengthen demand going ahead. Overall, larger OLED screen sizes have emerged as a dominant trend shaping the future expansion of the market.
Key Takeaways from Analyst:
The global OLED displays market is expected to witness significant growth over the forecast period driven by the rising demand for large screen TVs and foldable smartphones. OLED technology allows for thinner, brighter, and more power-efficient displays which is increasing its adoption across diverse end-use industries. The increasing consumption of media such as movies and videos on streaming platforms is propelling the sales of large size OLED TVs. Further, OLED displays are finding greater applications in premium and flagship smartphones which is expanding the market size.
However, high production costs involved in OLED manufacturing poses a challenge to widespread adoption. Significant investments are required to attain economies of scale. Stiff competition from emerging cost-effective LCD displays can also restrain the market to some extent. Nevertheless, ongoing R&D towards improving efficiency, yields, and lowering costs is expected to boost commercialization.
Emerging applications in wearables, folding smartphones, and automotive displays are opening up new avenues for growth. If production bottlenecks are addressed, the OLED displays market has potential to witness exponential expansion in the coming years.
Market Challenge - High production costs and complex manufacturing processes
One of the key challenges currently faced by the global OLED displays market is the high production costs associated with OLED manufacturing processes. Producing OLED displays at scale requires significant capital expenditures to build Cleanroom facilities and acquire the necessary production equipment. The deposition and patterning of various thin film layers that make up the light-emitting stacked OLED structures is a complex, time-consuming process that reduces production throughput and yields. Additionally, achieving uniformity in factors such as layer thickness and emission across large panel sizes remains technically challenging. These issues contribute to relatively high manufacturing costs compared to traditional LCD technology. For OLED displays to gain more widespread adoption and compete effectively against low-cost LCDs, manufacturers will need to develop innovative production techniques and next-generation materials to simplify manufacturing workflows while improving yields and reducing costs. Unless these challenges around costs and complexities in OLED production processes are adequately addressed, high prices may restrict the market potential of these superior display panels.
Expansion into new applications, such as wearable devices and virtual reality headsets
One promising growth area is wearable devices such as smartwatches and augmented/mixed reality head-mounted displays. OLEDs are highly advantageous for these devices due to their flexible and lightweight nature which enhances the user experience of wearing the devices continuously and seamlessly integrating the displays. Another major opportunity lies in virtual and augmented reality headsets which require very high resolution displays capable of high refresh rates. OLED's fast response times make them well-suited to produce immersive and lag-free VR/AR experiences. As OLED production volumes increase and costs come down, their use in applications like curved VR headsets, smart eyewear and foldable wearables is projected to grow exponentially in the coming years. This will be a key driver of revenue growth for the global OLED displays market.
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Insights By Display Type - Rising adoption of flexible and foldable devices
In terms of Display Type, the Flexible OLED Displays segment is estimated to hold 42.5% share of the market in 2024 owing to the rising adoption of bendable and wearable devices. Flexible OLED displays provide several advantages over other types of displays such as high resolution, lighter weight, shatter and impact resistance, and thinness. Major technology companies are actively investing in developing innovative products based on flexible display technology. Smartphones with flexible displays are gaining popularity as they offer convenience of large screen size combined with portability. Similarly, the advent of foldable smartphones and tablets is propelling the demand. Wearable devices manufacturers prefer flexible OLEDs as they allow developing wearables that conform to body shape and movement. Automotive display screens integrated with features like driver monitoring systems are switching to flexible OLEDs for improved visibility and reliability in varied environmental conditions. Rising demand for innovative form factors from consumer electronics and wearable devices will continue to drive the growth of flexible OLED displays segment.
Insights By Application - Growing smartphone and tablet ecosystem
In terms of Application, the Smartphones and Tablets segment is estimated to hold 45.3% share of the market in 2024 owing to thriving mobile device industry. Adoption of OLED displays is rising rapidly in smartphones and tablets due to their superior display quality, thinness, and power efficiency compared to LCD displays. Leading smartphone brands are aggressively promoting OLED enabled flagship devices to gain competitive edge. At the same time, decline in OLED prices is making it feasible for mid-range smartphones as well. As mobile devices become an integral part of consumers' lives globally, demand for high quality display experience is on the rise which benefits OLED technology. Proliferation of online streaming, gaming, and AR/VR based applications also augment the need for vivid color display and cinematic experience provided by OLEDs. 5G rollout will further fuel innovations in mobile devices and generate additional demand. With high refresh rates and power efficiency, OLED displays are well positioned to support advanced mobile experiences.
Insights By End User - Growing preference for OLED TVs
In terms of End User, the Consumer Electronics segment is estimated to hold 56.1% share of the market in 2024 owing to the tremendous popularity of OLED TVs. Superior display quality of OLED TVs with perfect blacks, wide viewing angles and vibrant colors is attracting increased consumer interest. Declining prices compared to early generations is expanding the customer base beyond premium segments. Rising disposable incomes in developing regions is propelling lifestyle upgrade among consumers who are willing to pay more for excellence in home entertainment experience. OLED TVs perfectly suit large screen TV viewing experience without compromise on slim design. Content streaming revolution is driving bigger screen sizes at home and creating requirement for sharper, clearer and more immersive viewing experience. Major TV brands introduce new OLED models regularly and invest heavily in marketing to achieve competitive edge over rivals. Favorable word-of-mouth publicity further aids their popularity and demand.
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North America is projected to be the dominate the global OLED displays market with an estimated 38.6% share in 2024. The U.S., in particular, is witnessing a surge in demand for OLED televisions from major brands and their widespread adoption among consumers. This has prompted international TV leaders like LG and new entrants like Sony to significantly increase local TV production with OLED technology. Growing smartphone usage and technological preferences have also paved the way for OLED adoption in premium handsets in the region. Additionally, the consumer shift towards large screen smartphones and foldable devices will likely support OLED penetration going forward. Major tech companies intensifying their focus on R&D for novel applications like OLED augmented reality and virtual reality devices signals promising future opportunities as well. Driven by these trends, the North American market is expected to uptick at an accelerated pace compared to other regional markets.
Asia Pacific, specifically South Korea, is currently the fastest growing region in the global OLED displays market. South Korea is home to leading OLED display manufacturers such as Samsung Display and LG Display, who together account for over 90% of the world's OLED panel production. These companies have significantly invested in expanding their production capacity over the past decade to cater to the growing demand. Several other South Korean firms also actively support the OLED supply chain with components and machinery. This strong industry presence starting from R&D to manufacturing has helped South Korea capture a major share of the global market.
Additionally, the large domestic market for consumer electronics in South Korea has helped manufacturers gain scale and honed their technological leadership. Samsung and LG both use their home market to quickly introduce new innovative OLED products and gain consumer feedback before overseas launch. This first-mover advantage has made South Korean OLED displays a gold standard globally. Furthermore, their exports of OLED panels to brands worldwide have given them an edge over other regional players trying to make inroads.
OLED Displays Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 41.23 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 14.2% | 2031 Value Projection: | US$ 104.24 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
AU Optronics, BOE Technology Group, Canon Inc., LG Display, Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Display, Sharp Corporation, Sony Corporation, Sumitomo Chemical Co., Ltd., Tianma Microelectronics, Universal Display Corporation, Visionox Technology Inc., Wistron NeWeb Corporation, and JOLED Inc. |
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| Restraints & Challenges: |
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*Definition: The Global OLED Displays Market involves the manufacturing and sale of organic light-emitting diode display panels across international markets. OLED displays offer superior contrast, color accuracy, and refresh rates compared to traditional LCD displays. They are increasingly being used in high-end consumer electronics like smartphones, televisions, tablets, laptops and other devices.
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About Author
Monica Shevgan is a Senior Management Consultant. She holds over 13 years of experience in market research and business consulting with expertise in Information and Communication Technology space. With a track record of delivering high quality insights that inform strategic decision making, she is dedicated to helping organizations achieve their business objectives. She has successfully authored and mentored numerous projects across various sectors, including advanced technologies, engineering, and transportation.
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