Flexible Display Market Revenue Forecast Report: Size, Share, Recent Trends, Strategic Developments, Segmentation Analysis, and Evolving Opportunities, 2023–2030

Market Overview

The flexible display market revenue is USD 13.3 billion (E) in 2023, and it will advance at 33.8% CAGR during 2023–2030, to reach USD 101.6 billion by 2030.

The key drivers for the market are the growing rate of urbanization, rising sale of cutting-edge smartphones, tablets, and other consumer electronics, increasing preference for in-vehicle infotainment systems and HUDs, surging disposable income, and expanding internet access.

A specific polymer compound is utilized to create flexible displays for electronic gadgets with touch facilities, to enhance their lifespan. The pressure applied on the screen while interacting with it negatively affects the internal electrical components of the device, which flexible plastic displays efficiently absorb.

Surging Need for Smartwatches Boosts Market

The mounting demand for smartwatches and advanced smartphones has boosted the demand for flexible displays. The innovation of curved edges in recent smartphones and smartwatches has been enabled by flexible displays, and this creates potential consumers. Further, flexible displays’ improved resistance to damage and shock makes them more attractive. Additionally, the extensive R&D activities by major players have resulted in a mounting supply of smart devices, thus resulting in substantial rise in the revenue for companies offering flexible displays.

Moreover, the augmented protection offered by flexible displays has increased the client base, including small children who can now use these advanced devices. Further, the affordability of plastic-based flexible displays allows a larger population to buy cutting-edge electronics. In addition, the utilization of flexible displays is beneficial for the elderly, who may have difficulty in handling smart devices.

OLED Category Leads Market

The OLED category, based on technology, is leading the market, and it is further expected to remain the largest throughout the projection period. This is primarily because of the mounting demand for OLED screens in consumer electronics. The displays used for smartphones are generally rigid in structure, due to the presence of a glass layer. With the arrival of OLED materials, this issue has been tackled significantly, and the display and screen life has considerably risen.

Moreover, OLED material boasts exceptional shock resistance and high flexibility, making it well-suited and more durable for devices that are subject to daily wear and tear. Moreover, as they do not need a backlight, they are lightweight and energy-efficient. Due to such advantages, consumer gadget manufacturers are increasingly utilizing OLED displays in their products. For instance, in August 2023, Samsung received orders for its OLED displays from Apple for four iPhone 15 Series models.

Smartphones and Tablets Category Is Major Revenue Contributor

The smartphones and tablets category, based on application, is the largest contributor to the flexible display market in 2023. This can be attributed to the advancements in display technologies and consumer gadgets themselves. This is because companies are focusing on providing devices with better color accuracy, higher resolutions, and bezel-less designs. 

Moreover, the rising acceptance of 5G connectivity and VR and AR capabilities has boosted the demand for smartphones and tablets with low latency, better color accuracy, and high refresh rates, to provide immersive experiences to consumers.

The automotive and transportation category also holds a significant share, as flexible displays are increasingly being utilized in automobile interiors. Major players in the automobile sector are concentrating on adding flexible displays, to create more-interactive vehicle interiors and offer customers a customized and premium experience. Moreover, the HUDs and digital side-view mirrors of luxury vehicles could be a major application of flexible displays in the automotive industry in the coming years.

Plastic Category Is Leading Material Segment

Based on material, plastic is the largest category of the flexible display market, due to its high flexibility and durability, which increase the life of the device. The utilization of plastic is also increasing to decrease the cost of production and make the product more affordable. 

Furthermore, the ability of plastics to improve shock resistance has become a significant driving factor for the market growth. Using glass poses a higher risk of damage, making plastic an ideal choice. The wide availability of aftermarket services for plastic displays further increases its appeal, by providing convenience and flexibility to customers.

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APAC Is Market Leader

APAC dominated the market in recent years, and it is expected to advance at a remarkable rate during the projection period. This is primarily because of the growing need for compact and lightweight electronic devices in the region. The increasing acceptance of advanced technologies, such as AR and 3D displays, as well as the mounting usage of smartphones further boost the expansion of the regional market.

Moreover, the existence of a massive consumer base and numerous consumer electronics manufacturers play a role. South Korea, Japan, India, and China lead the way in flexible display development, with China serving as the largest manufacturer of flexible OLED screens in the world.

In 2023, the North American flexible display market also holds a significant revenue share. This is because of the increasing research and development by the key players, rising disposable incomes, technological advancements, and surging incorporation of smart displays in smartphones, TVs, and wearable devices, especially smartwatches.

Moreover, the major players in the regional market continue to introduce innovative products featuring flexible displays. One notable example is Google’s introduction of its first foldable smartphone, named Pixel Fold, during the Google I/O event in May 2023. The Pixel Fold will be equipped with a durable hinge.

The European market also contributes significant revenue, attributed to the existence of major players in the automotive sector. Many luxury automobile manufacturers exist in Germany, France, and the U.K., and they generate a high requirement for flexible displays for integration into vehicles. Moreover, the technological advancement in vehicle displays is likely to boost the expansion of the regional market.

Key Companies in Flexible Display Market

• TOPPAN INC.
• BOE Technology Group Co. Ltd.
• Sony Group Corporation
• Samsung Electronics Co. Ltd.
• Innolux Corporation
• FlexEnable Technology Ltd.
• Koninkljike Philips N.V.
• LG Chem
• Universal Display Corporation
• Novaled GmbH
• NanoLumens Inc.
• Materion Corporation
• AUO Corporation
• Kent Displays Inc.
• HP Development Company L.P.
• YFY Inc.
• DuPont de Nemours Inc.
• Delta Electronics Inc.
• Corning Incorporated
• Japan Display Inc.
• BASF SE
• Dow Inc.