USD 152.46 billion
Report ID:
SQMIG45B2112 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
154 |
Figures:
78
Global 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 Global 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. 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.
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. 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. Furthermore, the development of digital signage solutions for retail, hospitality, and transport sectors is raising market expansion.
The display market bears some disadvantages and obstacles, which are the primary reasons for market restraint. On the contrary, 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.
The rising adoption of flexible and foldable display technologies, driven by their applications in smartphones, wearables, and automotive displays, opens new avenues for market expansion. Moreover, the increasing integration of displays in emerging technologies such as augmented reality (AR), virtual reality (VR), and automotive heads-up displays (HUDs) offers promising opportunities for display manufacturers to diversify their product portfolios and tap into new markets.
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, Connectivity Type, Product, Panel Size, End User, and Region. Based on Display Technology, the market can be segmented into Liquid Crystal Display (LCD), Organic Light-Emitting Diode (OLED), Direct-View LED, Micro-LED, and Others. Based on Connectivity Type, the market is segmented into Site-to-Site, and Remote Access. Based on End User, the market is segmented into Service Providers, and Verticals. Based on Component, the market can be segmented into Hardware, and software. Based on Component, the market can be segmented into Hardware, and software. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Display Market Analysis by Display Technology
The largest segment of the global display market is the Liquid Crystal Display (LCD) technology. The advanced technology is the leader in the market thanks 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 leader 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 Connectivity Type
The largest segment is Site-to-Site connectivity, which is thriving due to its essential role in business and industry. This segment is valued at a significant portion of the market share, attributed to the high demand for seamless and efficient communication between different locations. This part of the market is of great value, as it is the segment with a sizable share, caused by the high need of people to have accurate and fast communication across locations. Be it handling large scale operation or performance optimization across different sites, Site-to-Site connectivity is the foundation of industry worldwide, reaching the general revenue growth.
Remote Access connectivity represents a fast-growing segment that signs an increase due to its significance in adjusting work environment to modern operations and remote services. In line with the accelerating trend toward digitalization and the telework, Remote Access is forecast to mirror tremendous growth as more and more organizations are looking for flexible and secure information access from any location. This rise is driven by growing demand for remote work functions and comfort that comes with this for business and end users.
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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:
LED technology is using light emitting diodes as light sources to create lighting, displays, and other more applications. It is employed in various applications that include mobile devices, TVs, video walls, and digital billboards. LED Display has come up as the most used display approach across a variety of applications and enjoys a big slice of the pie as far as other display technologies are concerned. Even though the industry of LED display had gone through the stable development period in the past years, the advancement of innovation still seems to be a very slow process. Nevertheless, not so long ago, the miniaturization of the components needed to create an LED screen was the last of the breakthroughs. This movement had a great impact on the emergence of LED screens that became so thin and expanded to the greatest sizes to make them applicable on any surface and in any place, indoors and outdoors.
Growing Adoption of OLED and Micro LED Technologies:
These newly emerged technologies are characterized by better image quality, low power consumption and versatile design, and therefore the number of display applications that use them is growing rapidly, like smartphones, televisions and wearable devices.
Display Market Restraint
Decline in demand for displays in retail sector due to drastic shift toward online advertisement and shopping:
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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
Growth of Smart Displays: Smart displays that have voice and touch control are increasingly gaining popularity in household and business environment. Such gadgets provide advanced interactivity and integration with other smart home or IOT devices.
Flexible and Foldable Displays: Manufacturers are shifting towards flexible display technologies and foldable screens, especially for smartphones and wearables, which provide with the opportunity to bring about the new designs and forms of electronic devices.
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 the robust Secondary Desk research.
According to our global 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 global 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 Global 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 Global 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 Global Display Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Display Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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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.
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Product ID: SQMIG45B2112