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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 Snapshots
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