USD 18.48 billion
Report ID: SQSG45J2026 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 66 | Figures: 75
Flexible Electronics Market size was valued at USD 18.48 billion in 2021 and is poised to grow from USD 22 billion in 2022 to USD 89.2 billion by 2030, growing at a CAGR of 19.1% in the forecast period (2023-2030).
Flexible electronics have gained a huge popularity with the growing number of electronic applications across the globe. Also, the advent of flexible batteries and increasing usage of flexible sensors in smart packaging and tracking application are expected to bring an extensive growth and demand in the global flexible electronics market throughout the forecast period. For instance, in March 2021, Toppan Printing developed a flexible Thin-Film-Transistor which can withstand million bending cycles to a 1 mm radius of curvature and demonstrates advantages for practical application.
In addition, folding smartphones are gaining huge popularity in the flexible electronics market all over the world. According to our findings, Samsung has said that around 10 million foldable smartphones being shipped worldwide last year, with an increase of more than 300 percent from 2020. And, the IDC has projected that the number of foldable smartphones shipments will reach 27.5 million units by 2025 with a CAGR of 69.8% from 2020 to 2025.
Furthermore, advancement and development of in-mold electronics and flexible sensors is further expanding the growth of flexible and smart wearable technologies. The growth of flexible wearable devices, especially smart wearable devices may further expand the scope of the global flexible electronics market over the forecast period. According to Cisco, the number of connected wearables worldwide has crossed 900 million units in 2021.
US Flexible Electronics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 18.48 billion
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Flexible Electronics Market is segmented on the basis of application, end-user, and region. By application, the Flexible Electronics Market is segment into flexible display, flexible battery, flexible sensor, and flexible memory. By end-user, the Flexible Electronics Market is categorized into consumer electronics, healthcare, automotive, aerospace & defence, and others. By region, the Flexible Electronics Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Flexible Electronics Market Analysis by Application
By application, the flexible display segment dominated the market with a significant share in 2021. High application penetration in smartphones, laptops, notebooks, and desktops are key factors driving the growth of the market during the forecast period. Additionally, features such as, power efficiency and fast microsecond on/off pixel switching rates in the devices are also expected to impact the segment growth positively.
Moreover, the battery segment is expecting to grow at a steady rate throughout the forecast period. The proliferation of Internet of Things (IoT) and implementation of that in wearables and environmental sensors demand are likely to be the key factors of the market and expected to drive the market growth in the coming years.
Flexible Electronics Market Analysis by End-User
By end-user, the consumer electronics segment held the largest market share and accounted for more than 56% in 2021. This is directly attributed to the rapid growth and advancements in the consumer electronics and development of attractive products to influence the consumers and then boost the sales of the latest and advanced electronic products across the globe.
On the other hand, the healthcare is expected to grow at fastest CAGR and most opportunistic segment during the forecast period. Due to the rising investments in the research and development of several medical equipment including patient monitoring devices, self-monitoring devices, and various wearable medical devices. Increasing healthcare expenditure coupled with the rising burden of various diseases is fostering the adoption of the innovative and advanced healthcare devices across the globe and creating lucrative opportunities for the global flexible electronics market over the forecast period.
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Globally, North America held the largest global flexible electronics market share in 2021, with a contribution of more than 33% of global market. Increasing adoption of the flexible electronic devices among healthcare, consumer electronics, automotive, and military in the region are the major factors contributed to the growth of the market. In addition, growing establishment of high-technology industries for flexible electronics for military use in the region is also expected to contribute in the demand and growth of the market during the forecast period.
Asia Pacific is expected to be the fastest growing market with a healthy CAGR throughout the forecast period. This is simply attributed to the presence of several top manufacturers of the flexible consumer electronics in the region. Growing demand for the various affordable flexible devices is boosting the consumption of the flexible electronics. Moreover, rising government efforts to attract FDIs to set up their production units in the nation like China, India, and Indonesia owing the availability of cheap raw materials and labour in the region.
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Flexible Electronics Market Drivers
Flexible Electronics Market Restraint
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Global flexible electronics market is fairly fragmented with the presence of several big players such as Blue Shark Technologies, LG Electronics Inc., and OLEDWorks LLC. Major payers are primarily focusing on the development, innovation, and efficiency of products to provide various benefits related to power efficiency and product designs. Increasing R&D investments is another strategy opting by key players to strengthen their market position.
Top Players in the Global Flexible Electronics Market
Flexible Electronics Market Recent Developments
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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global flexible electronics market analysis, the global flexible electronics market is witnessing a significant growth during the forecast period owing to increased technology, rising popularity, consumer preferences towards flexible devices, and high expenditure on the advancement of devices. In addition, government initiatives to attract major players of the market to establish their manufacturing units in their prospective region is expected to contribute positively in the growth of the flexible electronics market. However, high initial cost for the development projects and advancement of technology is likely to restrain the growth of the global market over the forecast period.
|Market size value in 2021||USD 18.48 billion|
|Market size value in 2030||USD 22 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
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For the Global Flexible Electronics 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 Flexible Electronics 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.
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