Display Market Size, Share & Industry Analysis, By Display Technology (LCD, OLED, Micro-LED, Direct-view LED, Near-Eye Display, and Others), By Panel Size (Microdisplays, Small & medium size panels, and Large Panels), By Application (Smartphones, Television Sets, Monitors & Laptops, Smart Wearables, Augmented Reality & Virtual Reality, and Others), By Industry (Healthcare, Consumer Electronics, BFSI, Retail, Automotive, Military & Defense, and Others), and Regional Forecast, 2024-2032

The global display market size was valued at USD 147.61 billion in 2023 and is projected to grow from USD 156.47 billion in 2024 to USD 295.04 billion by 2032, exhibiting a CAGR of 8.3% during the forecast period. Asia Pacific dominated the display market with a market share of 39.52% in 2023.

A display is an electronic device or component designed to present information visually. This information can range from static images and text to dynamic videos and interactive user interfaces. Displays use a variety of technologies to present this visual content, including Liquid Crystal Display (LCD), Organic Light-Emitting Diode (OLED), and Light-Emitting Diode (LED). These technologies differ in how they produce light and images, which affects factors such as color accuracy, brightness, energy efficiency, and viewing angles. Screens are integral to many devices that permeate everyday life, including smartphones, tablets, televisions, computer monitors, smartwatches, and digital signage.

The continuous development of display technology has led to significant innovations, such as flexible displays, touch integration, and high-definition resolution, which greatly improve user interaction and visual experience. In addition to their role in consumer electronics, displays play a key role in many different industries, including healthcare, automotive, retail, and entertainment, serving as user interfaces that seamlessly connect users to digital information and services. For instance,

• May 2024: LG Display, a provider of display technologies, announced the introduction of many cutting-edge display technologies and next-generation OLED at SID Display Week 2024 in California. Bringing products to the market provides new value to customers through continuous research & development, while strengthening technology leadership.

Generative AI Impact On Display Market

Increasing Adoption of Generative AI in Display Systems to Drive Market Growth

Generative AI can significantly impact the market through a variety of applications that enhance productivity and creativity. The adoption of generative AI is driven by its ability to automate and optimize content creation, design, and development processes. In the market, generative AI creates innovative and customized content. Companies such as Adobe and NVIDIA are leveraging generative AI to develop advanced creative workflows and design tools to generate unique patterns for fabrics, produce customized advertisements, and even create virtual environments for entertainment and gaming.

Display Market Trends

Technological Advancements in Display Industry and Applications to Drive Market Growth 

Technological advances in display features include a number of developments aimed at improving visual clarity, responsiveness, and functionality. This includes innovations such as higher resolutions (4K and 8K), faster refresh rates, better color accuracy, and wider viewing angles. In addition, advances in display technology include integration with features such as OLED (Organic Light Emitting Diode), HDR (High Dynamic Range) panels for deeper blacks and vibrant colors, and flexible or curved screens for immersive viewing. Together, these advances help create displays that deliver superior image quality, interactivity, and versatility, and meet users' changing needs in various industries and applications.

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Display Market Growth Factors

Growing Adoption of LED displays or Video Walls, TVs, and Digital Signage Applications to Boost Market Growth

LED technology practices light-emitting diodes to create displays, lighting solutions, and other applications. The technology is used in many applications, including video walls, televisions, smartphones, and digital signage. LED displays have developed as one of the most extensively used display technologies in several applications and have a significant market share compared to other technologies. Although the LED display industry has developed in recent years, there is a lack of innovation. One recent breakthrough, however, has been the miniaturization of the components needed to build an LED display. Thus, these developments have allowed LED screens to become extremely thin and enlarge to huge sizes, making them appropriate for use on any surface, both indoors and outdoors. Technological advances, such as better resolution, increased brightness characteristics, product versatility, and the emergence of robust surface and micro-LED luminaires, have also helped increase the number of LED applications and boosted the display market growth.

RESTRAINING FACTORS

Higher Cost Associated with New Display Technologies Restrain Market Growth

Despite its potential, the market faces challenges due to the high cost of adopting new technologies, such as quantum dots and transparent displays. In addition, the market faces stationary growth in sectors, including computers, desktops, laptops, and tablets, limiting display technology development in these areas. These factors hamper the market's ability to fully exploit its potential for development and innovation.

Display Market Segmentation Analysis

By Display Technology Analysis

Technological Advancements and Wide Applications of OLED Panels Across Several Industry Verticals to Propel Market Growth

On the basis of display technology, the market is categorized into LCD, OLED, micro-LED, direct-view LED, near-eye display, and others.

The OLED segment dominates the market, capturing the largest market share, and is expected to continue its dominance during the forecast period. Increased demand for better viewing experience, technological advancement, and versatile applications of OLED panels in various industries are driving segment growth. OLED screens are brighter, have improved contrast and wider viewing angles, respond faster, and consume less energy. Due to their biological structure, OLED screens are self-illuminating and do not require a backlight to achieve optimal visibility in all conditions. Such advantages increase the demand for panels based on OLED technology.

By Panel Size Analysis

Increasing Security & Surveillance in EMM Applications to Boost Market Growth

On the basis of the panel size, the market is categorized into microdisplays, small & medium size panels, and large panels.

Microdisplays dominate the market with the maximum global display market share. These displays are known for their compact size, making them ideal for new technologies, such as VR and AR headsets, where weight and size are crucial. Dominating this niche can affect the market as a whole. Micromonitors often offer high pixel density, which improves image quality. If the R&D can push the resolution limits, it could attract customers seeking great viewing experiences.

Furthermore, small & medium size panels are expected to grow at the highest CAGR during the forecast period. These panels are increasingly used in industrial equipment and medical devices. Reliability and clarity are crucial for these displays for control panels, monitoring systems, and diagnostic equipment. Furthermore, beyond mobile phones and tablets, other consumer electronics, such as smart home devices, gaming consoles, and cameras, use small and medium size panels. The trend toward smart homes and connected devices continues to drive this market.

By Application Analysis

Rising Adoption of Smartphones in the Display Industry to Boost Segmental Growth

On the basis of the application, the market is categorized into smartphones, television sets, monitors & laptops, smart wearables, augmented reality & virtual reality, and others.

Smartphones dominate the market by capturing the highest market share, and they are expected to continue to dominate during the forecast period. The increasing demand for 4K and 8K displays, availability of UHD content, growing usage of OLED displays in smartphones, rising demand for flexible display panels, and rising investments in the construction of new OLED and LCD panel manufacturing facilities are boosting the smartphones segment. Moreover, the rollout of 5G is anticipated to generate a surge in smartphone demand, thus driving the market growth for OLED and LCD displays. Moreover, the increasing adoption of smart wearables is expected to create growth opportunities for market players offering LCD and OLED display panels.

By Industry Analysis

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Rising Penetration of EMM Solutions Among BFSI Sector Drives Segmental Growth

On the basis of the industry, the market is categorized into healthcare, consumer electronics, BFSI, retail, automotive, military & defense, and others.

The consumer electronics segment held a larger market share in 2023. The consumer segment includes products such as smartphones, televisions, smartphones, personal computer monitors, and laptops and tablets, all of which have a significant market share in the global market. Growing demand for organic light-emitting diodes and micro-LED displays for smartphones and TVs, due to their thinness, flexibility, and vibrant colors, is a major driver of consumer electronics growth. For instance,

• January 2023: HARMAN, an automotive firm, launched HARMAN Ready Display products, including Neo QLED Auto, leveraging Samsung's cooperation to bring mainstream consumer electronics display experiences to the vehicle.

The automotive segment is anticipated to grow at the highest CAGR during the forecast period. Automotive displays provide real-time information about vehicle performance, navigation, and safety alerts, enhancing driver awareness and decision-making. Advanced displays, such as Head-Up Displays (HUDs), project critical data directly onto the windshield, permitting drivers to keep their eyes on the road, thereby reducing distractions and improving safety. Incorporating advanced display technology can increase the perceived value of a vehicle-making it more attractive to buyers and potentially allowing manufacturers to command higher prices.

REGIONAL INSIGHTS

Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

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Asia Pacific dominates the market by capturing the highest market share and is expected to grow at highest CAGR during the forecast period. The region’s dominance in the market is further supported by a large number of end-device manufacturers and the expansion of display panel production facilities in China, Japan, and South Korea. These countries benefit from lower labor costs, which reduce overall production expenses.

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North America is expected to dominate the global market during the forecast period. North America, particularly the U.S., is known for its technological innovation and leadership. Adopting advanced display technologies can solidify this position and drive further advancements in the sector. The region benefits from advanced display technologies through improved infotainment systems, Heads-Up Displays (HUDs), and digital instrument clusters, leading to safer and more enjoyable driving experiences.

Europe is projected to exhibit steady growth over the forecast period. The region's growth is due to the growing adoption of interactive displays in education, retail, and corporate environments. Interactive flat-panel displays are particularly popular in educational institutions for enhancing learning experiences, while the retail sector uses these displays to engage customers more effectively. Moreover, the rise of electric vehicles, connected cars, and autonomous driving technologies has led to increased use of digital instrument clusters, head-up displays, and rear-seat entertainment systems.

South America is displaying substantial growth as Brazil is leading in terms of market share due to its expanding technological infrastructure and industrial activities. The region’s market is expected to observe continuous growth driven by urbanization, increasing disposable incomes, and the rising popularity of digital and interactive displays. Moreover, the Middle East & Africa (MEA) is expected to grow in the coming years, due to increased investment and government funding for digitization.

COMPETITIVE LANDSCAPE

Leading Organizations Join Forces and Focus on Acquisitions to Increase Geographical Footprint

Prominent firms in the industry are expanding their presence globally by unveiling novel solutions that are customized to cater certain industries. In addition, companies are collaborating strategically along with acquiring domestic businesses to institute a strong foothold. Furthermore, market players also have a keen focus on developing beneficial market tactics to increase their share. Thus, the amplified demand for display solutions is estimated expected to create a positive market outlook.

List of Top Display Companies:

• BOE Technology Group Co., Ltd. (U.S.)


• Samsung Electronics Co., Ltd. (Germany)


• Innolux Corporation (Taiwan)


• Panasonic Corporation (Japan)


• Japan Display Inc. (U.S.)


• Sony Corporation (Japan)


• AUO Corporation (U.S.)


• Sharp Corporation (U.S.)


• NEC Corporation (U.S.)


• Neyard Optoelectronic Co., Ltd. (U.S.)

KEY INDUSTRY DEVELOPMENTS IN DISPLAY MARKET:

• January 2024: Sharp Corporation released the most innovative interactive AQUOS BOARD display series to date. The product provides a solution for business customers looking for the best possible performance, security, and durability.


• April 2024: CARUX and Innolux expanded their business plan in the Smart Cockpit ecosystem to secure their key position in this field. The collaboration offers versatile energy-saving and innovative applications of automotive components to exploit the possibilities of intelligent vehicles.


• February 2024: Innolux and Vedanta, a technology supplier, started mass producing LCDs in India, at an estimated cost of USD 3-4 billion. These trends are in line with India's policy of meeting national domestic demand, import substitution, and export enablement.


• November 2023: Sony declared the development of its BRAVIA 4K Professional Display range with the overview of the landmark EZ20L series, which completes the range suitable for commercial environments. The update supports advanced, mid-level, standard, and entry-level usage.


• November 2023: BOE Technology Group and Universal Display Corporation sign long-term OLED contracts—a collaboration between companies offering intelligent interface products and services for information communication and human health.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product/service types, and leading product applications. Besides, it offers insights into market trends and highlights key industry developments. In addition to the factors mentioned above, it encompasses several factors that contributed to the market’s growth in recent years.

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