USD 152.46 billion
Report ID:
SQMIG45B2127 |
Region:
Global |
Published Date: June, 2024
Pages:
165
|Tables:
154
|Figures:
78
Display Market size was valued at USD 152.46 billion in 2022 and is expected to grow from USD 157.8 Billion in 2023 to reach USD 207.79 Billion by 2031, at a CAGR of 3.5% during the forecast period (2024-2031).
The Display Market is a vivid and swiftly changing sector comprising a diverse range of technologies and uses. the development of sophisticated display technologies like OLED, LED, and micro-LED, the market is ready to take off with the ever-increasing trend of high-resolution displays and unforgettable watching experience. The rapid pace of technological innovations is the key growth determinant for the display market, where consumers continuously demand better visuals and performance in different sectors. A major role of the display market is presenting of diverse visual interfaces for various devices such as smartphones and tablets, screens for TVs, monitors and car displays and making the interaction of users a more fun and interesting experience. Nowadays, consumers are constantly demanding displays with higher resolutions, vibrant colours, and even brighter levels of brightness, which, in turn, forces manufacturers to go creative and produce new cutting-edge display technologies to meet these demands. Inspite of these trends, the display market bears some disadvantages and obstacles, which are the primary reasons for market restraint. The escalating competition among the display makers is an obvious disadvantage that might result in squeeze in prices and slimming profit margins. In addition, the technical difficulty and the high cost of the production processes of advanced display technologies hinder market expansion to a certain degree. Moreover, e-waste from the operation of the obsolescent displays and the energy consumption of large-scale display instalments are environmental factors that the industry faces in terms of sustainability. However, these obstacles to a display market do not stop it to be a high-growth and innovative industry.
US Display Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 152.46 billion
Largest Segment
Liquid Crystal Display (LCD)
Fastest Growth
Organic Light-Emitting Diode (OLED)
Growth Rate
3.5% CAGR
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Global Display Market is segmented by Display Technology, By Resolution, By Panel Size, By Panel Type, By Dimension, By Product, By Vertical and Region. Based on Display Technology, the market can be segmented into LCD, OLED, Micro-LED, Direct-View LED, Quantum Dot Display, E-Paper Display, Digital Light Processing, Projection Cubes, Others. Based on Resolution, the market can be segmented into 8K, 4K, FHD, HD, Lower than HD. Based on Panel Size, the market is segmented into Micro display, Small and Medium size Panels, Large Panels. Based on Panel Type, the market is segmented into Fixed Panel, Flexible Panel. Based on Dimension, the market is segmented into 2D Display, 3D Display. Based on Product, the market is segmented into Smartphones, Television Sets, Monitors & Laptops, Digital Signage & Large Formal Displays, Automotive Displays, Tablets, Wearables (Smart Watches, AR HMDs, VR HMDs, Others). Based on Vertical, the market is segmented into Consumer electronics, Automotive, Sports & Entertainment, Transportation, Retail, Hospitality & BFSI, Industrial, Education, HealthCare, Aerospace & Defense, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Display Technology
The dominant segment of the display market is the Liquid Crystal Display (LCD) technology. The advanced technology makes it a leader in the market due to its low costs, guaranteed reliability and broad applicability in most devices including TV, monitors, laptops, and mobile phones. The LCD segment has proven itself as the dominant segment in the market since it is still the most cost-efficient technology to produce the best quality visuals and therefore maintain its position as the choice for both manufacturers and consumers. Over the past few years, adding to the list of innovations In-Plane Switching (IPS) has even more improved the capabilities of LCDs, brining true color and wide viewing angles.
The fastest-growing segment in the display market is Organic Light-Emitting Diode (OLED) technology. OLED screens have gained a reputation for their sharp colors, inky blacks, and sheer flexibility, and, as such, are used in the production of premium televisions, smartphones, and wearable devices. OLED displays have higher qualities and they have created an opportunity for innovative form factors, which may be foldable screens. The OLED market is expected to grow with a certain CAGR on account of the escalating customer needs for display units of high quality and the rapid increase in the use of OLED panels in different applications. This fast growth of OLED demonstrates its role in the future technology, thereby allowing displays to break the limits of what they can achieve.
Analysis by Vertical
The largest segment is consumer electronics, which is thriving due to its rising interest of young age people for technology and tech-based products, for instance, devices like smartphones, TVs, smartwatches, laptops, and tablets, which all require high-quality displays. The demand for advanced display technologies like OLED and micro-LED is on the rise, particularly for smartphones and TVs. These displays offer thinner, more flexible, and vibrant screens, making them highly desirable. As a result, the consumer electronics segment is projected to hold the largest share of the display market in the coming years. This trend is driven by our increasing reliance on these devices and our desire for better viewing experiences.
Sports & entertainment industry represents a fast-growing segment driven by factors such as the growing demand for personalized fan experiences, increasing adoption of digital signage, and rising consumer spending power. Based on Skyquest in-depth analysis, in the sports industry, demographic segmentation of fan bases helps marketers target their consumers more accurately, enhancing retention and loyalty. For instance, women control $28 trillion in consumer spending and more than 70% of all consumer-related decisions globally, making them a significant target market for sports marketers. This, in turn, leads to higher consumer satisfaction levels and increased revenue for sports clubs and entertainment providers, which in turn drive the display market growth.
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Asia Pacific stands out as a dominating force, commanding a significant share of the industry's growth and innovation. The region's supremacy is driven by several factors, including the presence of key manufacturing hubs, technological advancements, and a burgeoning consumer base with a growing appetite for electronics. Countries like China, South Korea, and Japan are at the forefront of display technology, with leading companies continually pushing the boundaries of innovation in areas such as OLED, LCD, and microLED displays. Additionally, the increasing adoption of smartphones, tablets, and televisions across the Asia Pacific region fuels the demand for high-quality displays, further solidifying its position as a powerhouse in the global market.
North America emerges as the fastest-growing region within the global display market, propelled by a combination of factors such as technological prowess, consumer demand, and a robust ecosystem of research and development. While Asia Pacific leads in manufacturing and production, North America excels in cutting-edge display technologies, particularly in sectors like augmented reality (AR), virtual reality (VR), and automotive displays. With a strong emphasis on innovation and a thriving startup culture, North American companies continuously introduce disruptive display solutions, driving rapid growth and capturing market share. Additionally, strategic partnerships between industry players and academia further accelerate the pace of innovation, positioning North America as a dynamic and competitive region within the global display market landscape.
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Display Market Driver
Increasing use of LED displays for video walls, TVs, and digital signage applications
Growing Adoption of OLED and Micro LED Technologies
Restraints
Decline in demand for displays in retail sector due to drastic shift toward online advertisement and shopping
Concerns related to Energy consumption
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The global display market is highly competitive and dynamic, driven by continuous advancements in technology and changing consumer preferences. Key players in the market include major manufacturers such as Samsung, LG, Sony, and Panasonic, as well as emerging companies from Asia and other regions. These companies are consistently pushing the boundaries of display technology, introducing innovations such as OLED, QLED, and Mini-LED displays, which offer superior picture quality and energy efficiency. Companies are focusing on expanding their product portfolios, improving supply chain management, and investing in research and development to stay ahead in the market. Partnerships and strategic alliances are common as companies seek to leverage complementary strengths and reach new markets. Emerging trends such as the increasing adoption of smart displays and the integration of AI and IoT technologies are likely to shape the future landscape of the global display market.
Display Market Top Player’s Company Profiles
Display Market Recent Developments
In February 2024, Sony India launched the EZ20L series, expanding its professional range of BRAVIA monitors for corporate and retail applications. The 43-75-inch 4K series offered basic professional features such as simplified installation and maintenance, RS-232C support and 24/7 operation. This update met various business needs while maintaining Sony's quality standards.
In January 2024, Samsung Electronics presented its 2024 display lineup, which includes Neo QLED, MICRO LED, OLED and Lifestyle displays. This edition introduces the era of artificial intelligence screens with the new processor NQ8 AI Gen3, improving image and sound quality.
In January 2023, Samsung Electronics Co., Ltd. manufactured the OLED display in the world that is touch integrated. It first did this by switching from touch film to touch panels that were touch integrated. The OCTA (On-Cell Touch AMOLED) was invented by Samsung, and this technology can integrate the touch sensor directly in the panel, allowing the touch screen to be eliminated from the panel.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Display Market analysis, the global display market is expanding rapidly, fuelled by technological advancements and the increasing demand for high-quality visual content across various devices such as smartphones, TVs, and digital signage. The Asia-Pacific region dominates the market due to the presence of major display manufacturers in countries like China, South Korea, and Japan. These countries offer robust production capabilities and innovative technologies, ensuring a leading position in the global market. the rising demand for advanced display technologies like OLED, which provide superior visual quality and energy efficiency. However, a restraint in the market is the high production cost associated with these advanced displays, which can limit their widespread adoption. A major challenge for the industry is the ongoing trade tensions between major economies, such as the United States and China. These tensions can disrupt supply chains and create uncertainties, affecting the stability and growth of the display market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 152.46 billion |
Market size value in 2031 | USD 207.79 Billion |
Growth Rate | 3.5% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Display Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Display Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Display Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Display Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45B2127