Display Market Size, Share & Growth Analysis

Updated on : Sep 20, 2024

Display Market Size & Share

[273 Pages Report] The global display market size is expected to reach USD 173.7 billion by 2029 from USD 135.2 billion in 2024, at a CAGR of 5.1 % during the 2024-2029 period.

A display is an output device that is used to represent information-textual, pictorial, or graphical. Display panels are used in devices such as television sets, PCs, notebooks, and smartphones. Display panels use various technologies such as liquid crystal display (LCD), organic light-emitting diode (OLED), direct-view LED, micro-LED, and quantum dot display, and others, which mainly include e-paper displays, liquid crystal on silicon (LCOS), digital light processing (DLP), and projection cubes. Display panels are mainly available in three distinct sizes, namely, microdisplays, small & medium- sized panels, and large panels.

A display is a device designed to help users with access to information for wayfinding, self-check-in, product availability at a department store, and patient details. Thus, displays act as dynamic information-sharing devices in various sectors, including retail, transportation, healthcare, and education. Displays are an integral part of restaurants, hospitality facilities, medical centers, or the service industry's point-of-sale systems. The market for displays is diversified, with numerous companies competing across the value chain to strengthen their position in the market and simultaneously increase their market share.

Surging adoption OLED displays in various applications, increasing demand for displays in the automotive and healthcare industries, increasing use of LED displays video walls, TVs, and digital signage applications, and growing demand for interactive displays in various applications are the major factors driving the market growth. Moreover, increasing adoption of flexible and foldable displays, especially rapid adoption pace due to introduction of 5G, and ramping use cases of displays can provide profitable growth opportunities for manufacturers.

Also, as the latest display technologies sit as micro-LED, quantum dot display and mini-LED Further growth opportunities are expected for players in the display industry. However, a decline in demand for displays in the retail sector due to a drastic shift toward online advertisement and shopping, and deployment of widescreen alternatives such as projectors and screenless displays are expected to dampen the market growth. Furthermore, high costs associated with industrial displays and technological obsolescence are some of the major challenges faced by market players.

Display Market Forecast to 2029

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Display Market Trends

Driver: Robust application of displays in automotive and healthcare industries

The automotive industry is in the process of transformation considering that the emphasis is now placed not on the construction of simple automobiles with elemental options but rather on developing vehicles that integrate the latest technologies with the demands for driving safety, comfort, and comfort for individuals riding inside automobiles.

That is why there has been a need to demand for automotive displays. These displays are vital for numerous applications, including presenting real-time data to drivers and passengers, as well as allowing them to manage and communicate with specific functionalities of the vehicle, which enhances their overall driving experience. For instance, OLED displays are slowly finding its way into many automobiles due to the fact that such technology makes use of deep black and bright colors with little power utilized as compared to the LCDs.

Currently touch screens are incorporated on center stack or center console, instrument cluster, head units or head up displays, rear Seat Entertainment Systems among others. Therefore, the market for automotive displays is expected to expand further as car makers remain committed to adopting these technologies as add-on features or as basic infotainment systems in their automobiles while consumers remain willing to purchase automobiles equipped with integrated technologies such as display screens.

In the course of employing the health display technologies, acquisition of accurate diagnosis on the ailment of the patient is improving as is the balance on treatment procedures. Optical and imaging items such as medical display screens of high resolution, for example, allow physicians diagnose diseases and diseases with more precision as compared to before.

For example, in April 2021, AUO Corporation introduced its model, which is the first in the world, a 21. 3-inch A. R. T medical panel, which enables the medical personnel to more accurately diagnose a patient’s condition with better image definition. On the same note, the key component manufacturer, Japan Display Inc., unveiled a 30-inch. 2- inch 8K4K of resolution thin-film transistor (TFT) display that could be applicable in medical procedures like laparoscopic, endoscopic surgery, ophthalmological surgery, and brain surgery. The companies that have been in the production of medical displays include LG Display Co., Ltd.

Digital signage can easily complement the workings of the health sector in terms of conveying information in the working process and also in the overall delivery of services to patients. This type of application can make digital signage serve as real-time sources of information that patients and their attendants can rely on such things as waiting time and discharge instructions. Overall, the trend of displays augmentation in those industries will remain certain as technology consistently develops and consumers insist on more efficient experiences.

Restraint: Decline in demand for displays in retail sector due to drastic shift towards online advertisement and shopping

The industry of Electronic Commerce has steadily grown in the recent past years with millions of people participating in online shopping.

The consumers initially were a little skeptical about the mode of shopping due to security purposes but now they are comfortable to shop online because of the services that are provided by the e-commerce sites such as faster delivery systems, rental policy and free shipping. It has been particularly prominent in the retail industry through the increase of online sales, thereby this trend has adversely affected the physical outlets in the retail business due to a rise in acceleration of online sales.

Digital advertising has better methods of having a closer approach than the multi-device, multi- channel consumer with more time than before online. Therefore, it can be concluded that the necessity of acquiring multiple displays for commercial and retail spaces has become less paramount as a growing number of firms rely on digital platforms for promotion.

In the recent past, concerns for the internet have fueled digital advertising as the population enlarges its time on the internet. A notable factor that has supported the growth of digital advertising is the growing availability of Internet services, not to mention the large players such as Facebook and Google spending greatly in advertising on-line.

Programmatically purchased media which is the use of automated buying systems and auction-based data is also increasing. As a result, there has been a drastic reduction in demand in places such as shops and commercial places where displays are utilized in the advertising of the products and brands.

Opportunity: Increasing adoption of AMOLED displays, especially post 5G rollout

Various smartphone makers are opting for AMOLED panels, which could result in the growth of the percentage of AMOLED screened smartphones. Several Chinese honors such as Huawei, OPPO, Vivo, and Xiaomi have also embraced OLED panels in mid-ranges to create a distinction for their products, boosting the AMOLED smartphones market. Second, the latest price drop of AMOLED display panels is another major factor for wider adaptation of the product.

The spread of 5G technology will bring high internet connection speed and low latency, these causes will lead to the enhancement of cloud gaming, media streaming, virtual and augmented reality and more. Such functions are likely to call for even enhanced screens, which would in turn trigger demand for them. Thus, the appearance of the new generation of cellular communication – 5G has fostered the growth of demand for innovative solutions in the manufacturing of displays, including AMOLED technologies.

Currently, it is evident that different producers have embraced the integration of AMOLED screens in most of their smartphones, and others are planning to do so too. Second, the availability of AMOLED displays compared to other display technologies has gone up thus promoting the use of the AMOLED display. The data also shows that Samsung, one of the major smartphone brand, sold the most total AMOLED smartphones in the year 2019 and was followed by Apple and OPPO.

Challenge: High costs associated with new display technology-based products

LCD panels’ prices drastically and the display market has been rapidly affected by this trend in the past few years. There are other technologies like OLED, QD-OLED and QD-LCD which are relatively newer to the market, but they are likely to be expensive when compared to the LED-LCD technology that has had more time in the market.

At this time, the cost of the LCD panels for displays is cheaper than the prices of OLED panels due is the increased demand of OLED displays for smartphones, smart wearable and TV applications. Usually, entering a new technology market, manufactures set high prices due to the possibility to earn the highest revenues in the shortest amount of time as a result of which the growth of this market may be limited to a certain extent. In general, this affects the display market in a certain way at the end of the given stage of development.

For a new display technology to be developed there are several costs incurred like research cost, cost of development, high manufacturing costs and in most cases a low production capacity. Therefore, in industries, the manufacturers often sell these technologies at premium to be able to recover their cost and possibly make the highest profit possible.

However, this high cost can also restrict the extent of demand for and diffusion of the new technologies in the markets since they can have to compete against these cheaper technologies that have already firmly established themselves in the market. They can reduce the costs of production as more units are produced and as the demand for this new technology increases then it is factually correct that the costs are likely to come down in the long run and consumers can afford the product.

Moreover, the entire manufacturing process of OLED, namely, OQ-OLED involves the manufacture of several parts of the device that includes organic materials, substrate, encapsulation layers, electrodes and other components that are necessary for the production of the device. These components can be produced by various companies located in different parts of the world. This is because the import and export of these components play a vast role in the determination of the final price of the OLED product.

Display Industry Ecosystem

The prominent players in the display market are SAMSUNG DISPLAY, BOE Technology Group Co., Ltd., LG Display Co. Ltd., AUO Corporation, and Innolux Corporation

Display Market Segment

Aerospace and Defense is expected to grow at the highest CAGR during the forecast period.

Display technology became more important in the aerospace and defense industries due to the demand for advanced visualization systems in applications areas such as mission control centers, aircraft cockpits, and navigation systems. The need for high-resolution displays with features such as ruggedness, touchscreen interfaces, and night vision compatibility is driving the growth of the display market in this sector.

 Focusing on developing reliable and robust displays that could withstand extreme conditions for instance Head up display (HUDs) are used to display vital flight information from pilot mental multiple flight function displays (MFDs) for pilot maps and flight plans.

It provides various information, including engine performance data. Companies such as Spectra Aerospace and Defense provide advanced display systems for military aircraft; Collins Aerospace, a subsidiary of Raytheon Technologies, offers a range of cockpit display systems for commercial and military aircraft. Therefore, constant innovations and increasing investments in defense and aerospace verticals are driving the demand for new technologically advanced displays.

Asia Pacific region is projected to grow at the highest CAGR during the forecast period from 2024-2029.

Asia Pacific is a key producer and consumer of display panels. With the market for display devices advancing at an unprecedented pace and new technologies being rapidly adopted, Asia Pacific has emerged as an attractive market for manufacturers of smartphones, tablets, laptops, and televisions.

Some of the major consumer electronics companies in the region are Samsung Electronics, LG Electronics, SONY, Sharp Corporation, and Panasonic, as well as display panel manufacturers like Samsung Display, LG DISPLAY CO., LTD., AUO Corporation, Japan Display Inc., and Sharp Corporation, are based in the region, with their manufacturing facilities spread across various countries.

The region's low labor costs have played a crucial role in attracting companies to establish their OLED and LCD panel manufacturing plants in the area. The consumer electronics, retail, BFSI, healthcare, transportation, and sports & entertainment industries are expected to contribute significantly to the growth of the display market in Asia Pacific. The rapid adoption of display devices in different sectors, particularly in China, India, and South Korea, is a key driver for market growth in the region.

Furthermore, the adoption of digital teaching methods in education has also led to a significant increase in the demand for displays. As more educational institutions shift toward online and hybrid learning models, high-quality displays for video conferencing, interactive presentations, and remote learning have become more important than ever. This trend is expected to continue driving growth in the display market, especially in Asia Pacific.

The demand for high-quality displays has grown significantly with the increasing demand for consumer electronics such as smartphones, tablets, laptops, and televisions. Major display panel manufacturers in the region, including Samsung, LG DISPLAY CO., LTD., and SONY are investing heavily in research and development to develop cutting-edge display technologies such as OLED, quantum dot, and micro-LED displays, which are becoming increasingly popular among different applications and can enhance the consumer experience. The demand for high-quality displays in consumer electronics is expected to continue to drive the growth of the display market in the Asia Pacific region in the coming years.

Display Market by Region

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Top Display Companies - Key Market Players

The major players in the display companies with a significant global presence includes

• SAMSUNG DISPLAY (Republic of Korea),
• LG DISPLAY CO., LTD., (South Korea),
• Sharp Corporation (Japan),
• BOE Technology Group Co., Ltd. (China),
• Innolux Corporation (Taiwan),
• AUO Corporation (Taiwan),
• Sony Group Corporation (Japan),
• Qisda Corporation (Taiwan),
• TCL China Star Optoelectronics Technology Co.,Ltd. (China),
• LEYARD (China),
• E-Link Holdings Co., Ltd. (Taiwan),
• Tianma Microelectronics Co., Ltd. (China),
• Universal Display (US),
• TRULY INTERNATIONAL HOLDINGS LIMITED (Netherlands),
• Panasonic Holdings Corporation (Japan),
• HannStar (Taiwan), eMagin (US),
• Kopin Corporation (US),
• NORITAKE ITRON CORP. (Japan),
• Japan Display Inc. (Japan),
• JOLED Inc. (Japan),
• eLux, Inc. (US),
• Visionox Company (China),
• Winstar Display Co., Ltd. (Taiwan), and
• WiseChip Semiconductor Inc. (Taiwan).

Display Market Report Scope

Display Market Highlights

The study segments the display market based on display technology, resolution, panel size, panel type, dimension, product, vertical, and region

Recent Developments in Display Industry

• In June 2024, AUO Corporation introduced the world's first display manufactured entirely using green energy, designed for Acer's carbon-neutral laptops. This initiative aims to leverage digital transformation and green innovation to explore business opportunities in carbon reduction by integrating R&D with the value chain.
• In May 2024, BenQ launched the MOBIUZ EX321UX in Japan, marking its debut as a high-end chip-on-glass (COG) active matrix (AM) Mini LED monitor. Featuring BOE's 31.5-inch display under the α-MLED technology brand, this monitor incorporates advanced COG AM MLED and local dimming technologies from BOE. It offers exceptional performance with ultra-high brightness, contrast ratio, and wide color gamut coverage, aiming to redefine the viewing experience.
• In April 2024, LG DISPLAY CO., LTD introduced the Gaming OLED panel featuring a switchable refresh rate and resolution, marking a significant advancement. Commencing mass production of the 31.5-inch panel this month, the company aims to strengthen its presence in the high-end gaming display segment through innovative product offerings. This pioneering Gaming OLED panel enables users to flexibly switch between a high refresh rate (FHD·480Hz) and a high-resolution mode (UHD·240Hz), providing enhanced versatility tailored to different content requirements.
• In April 2024, AUO Corporation a prominent provider of display and smart application solutions, announced a strategic partnership and memorandum of understanding with E Ink, a leading global provider of ePaper technology, to collaborate on the development of large-size color ePaper displays. Under this partnership, E Ink will supply full color ePaper modules, while AUO will contribute integrated software and hardware technologies, including TFT backplane components.
• In February 2024, Sharp Corporation Imaging and Information Company of America (SIICA) introduced new ePaper displays in 13” and 25” sizes, offering energy-efficient signage solutions. These displays serve as digital replacements for paper posters, suitable for applications needing static content updates, such as POS promotions, menu boards, and informational displays in retail, hospitality, and transportation settings.
• In February 2024, Sharp Corporation Imaging and Information Company of America (SIICA) introduced the new MultiSync ME Series display line, which includes models like the PN-ME432, PN-ME502, PN-ME552, and PN-ME652. These displays feature an enhanced system-on-chip design and are designed for clear, bright performance as presentation or large-scale messaging devices. The MExx2 Series is well-suited for retail, restaurant, theater, house of worship, and corporate environments.
• In January 2024, Sharp Corporation Imaging and Information Company of America (SIICA) released the latest iteration of Direct View LED displays under the NEC FE Series. These displays offer up to 60% reduced power consumption while maintaining high brightness and image quality standards.
• In January 2024, Sharp Corporation Imaging and Information Company of America (SIICA) introduced the latest AQUOS BOARD interactive displays under the PN-LA series. These displays cater to enterprise customers seeking top-tier performance, security, and sustainability. The PN-LA series represents the next evolution in the AQUOS BOARD line, featuring a sleek design, high-performance touch functionality, and advanced security features.
• In January 2024, LG DISPLAY CO., LTD. Launched OLED TV panel featuring LG Display’s latest META technology 2.O, which provides 42% brighter images than conventional OLED displays to achieve 3,000-nit peak brightness.
• In January 2024, LG DISPLAY CO., LTD. has pioneered the development of the first-ever 27-inch 480Hz QHD Gaming OLED display and is set to unveil it officially at CES 2024, heralding a new era for OLED technology with unprecedented ultra-high refresh rates.
• In November 2023, Sharp Corporation Home Electronics Company of America (subsidiary of SHARP CORPORATION) has launched a series of Sharp Roku TV OLED 4K UHD with HDR10 and LCD 4K UHD TVs, marking Sharp's reentry into the US television market. The OLED models are branded under the AQUOS TV sub-brand known for advanced technology and quality.
• In November 2023, BOE and Lenovo ThinkVision collaborated to launch two 4K chip-on-glass active matrix (COG AM) Mini LED monitors. Featuring 27-inch and 31.5-inch displays under BOE’s α-MLED technology brand, these monitors incorporate UHD image quality, precise color performance, eye care features, zero flicker, and advanced light control with numerous partitions. They are designed for diverse applications such as design, healthcare, and broadcast-grade video surveillance, offering creators an outstanding viewing experience and setting new standards in Mini LED monitor image quality. This partnership underscores BOE's technical leadership and industrial capability in advanced MLED display technology.
• In October 2023, SAMSUNG DISPLAY launched UHD XMP550, the world’s first professional QD-OLED monitor designed for HDR content mastering. the large-format XMP550 (55”) offers a unique amalgamation; it presents a single display that delivers reference-grade performance while catering to both colorists and clients due to its ample size. Compared to OLED, Full Array Local Dimming (FALD) LCD, and Global Dimming LCD mastering monitors, the UHD XMP550 exhibits superior performance.
• In October 2023, SAMSUNG DISPLAY acquired US based eMargin which is known for its leadership in Active-Matrix OLED microdisplays for high-resolution AR/VR and other near-eye imaging products. The acquisition was completed at a price of $2.08 per share in an all-cash transaction valued at approximately $218 million.
• In September 2023, AUO Corporation and Brogent Technologies collaborated to establish Taiwan’s inaugural Universe, aiming to redefine the virtual reality immersion experience. Brogent has integrated AUO display technology, including groundbreaking ALED seamless tiling technology, to create Keelung’s largest outdoor naked-eye 3D LED curved screen. This innovative display transforms the exterior wall of the former Keelung train station into a captivating digital attraction showcasing vivid 3D animations.
• In August 2023, SAMSUNG DISPLAY partners with MINI to present Automotive OLED at Gamescom 2023. At the event, MINI's 'MINI Incubator' sculpture, featuring SAMSUNG DISPLAY'S innovative round OLED, serves as a focal point, symbolizing the partnership's endeavor to engage with the influential gaming community. The 9.4-inch diameter round OLED from SAMSUNG DISPLAY takes center stage at the MINI booth during Gamescom 2023 in Cologne, Germany, emphasizing the strategic alliance between the two entities.
• In August 2023, LG DISPLAY CO., LTD. Partnered with Mercedes-Benz Forge Cooperation to enhance premium automation displays
• In May 2023, SAMSUNG DISPLAY revealed its partnership with MSI, a prominent gaming brand, to bolster the premium laptop market. SAMSUNG DISPLAY'S provision of the industry's highest resolution 16-inch UHD+ (3840x2400) OLED screens to MSI for their latest gaming laptop, the Stealth 16 Mercedes-AMG Motorsport, underscores the commitment to delivering superior image quality, energy efficiency, and lightweight portability in gaming products. This initiative marks SAMSUNG DISPLAY's strategic expansion into the premium laptop sector.
• In May 2023, Sharp Corporation NEC Display Solutions of America (SNDSA) and Sharp Imaging and Information Company of America (SIICA) (subsidiaries of SHARP CORPORATION) have introduced the NEC MultiSync M751, a new addition to their professional-grade M Series lineup. This large format screen is designed for high-end corporate presentations and large-scale digital signage applications in various sectors including restaurants, retail, and command/control centers.
• In April 2023, Sharp NEC Display Solutions of America (SNDSA) and Sharp Imaging and Information Company of America (SIICA) (subsidiaries of SHARP CORPORATION) have introduced the NEC MultiSync M751, a new addition to their professional-grade M Series lineup. This large format screen is designed for high-end corporate presentations and large-scale digital signage applications in various sectors including restaurants, retail, and command/control centers.
• In April 2023, SAMSUNG DISPLAY and Ferrari have inked a memorandum of understanding (MOU) to integrate Samsung OLED technology into future Ferrari models. The agreement was formalized at Samsung Display’s Asan campus in Korea. As per the MOU, Samsung Display will collaborate with Ferrari to create an advanced automotive display solution leveraging cutting-edge OLED technology. This collaboration aims to facilitate Ferrari's digital transformation with high-quality display solutions suitable for a luxury supercar brand.
• In March 2023, SAMSUNG DISPLAY introduced the 'OLED Finder' website, a platform designed to assist customers in identifying products equipped with Samsung OLED technology. The website enables users to identify Samsung OLED-equipped products by smartphone brand and model name. Currently, the OLED Finder website offers services for 700 models across eight smartphone brands, including Samsung Electronics, Vivo, OPPO, and Xiaomi. As Samsung Display continues to update the database with additional smartphone models, it also intends to broaden the scope of the search to include other product categories such as laptops and tablets.
• In February 2023, SAMSUNG DISPLAY'S QD-OLED technology acquired Eyesafe Certified 2.0. This achievement underscores SAMSUNG DISPLAY'S strong dedication to prioritizing human health and enhancing user experience. The company anticipates further expansion of their display lineup to comply with the Eyesafe Standard in the coming years.
• In January 2023, SAMSUNG DISPLAY launched large-sized OCTA (On-Cell Touch AMOLED) technology, marking the expansion of its application from smartphone OLED to laptop OLED panels. Full-scale mass production is scheduled to commence in January.
• In January 2023, LG DISPLAY CO., LTD. has pioneered the development of the first-ever 27-inch 480Hz QHD Gaming OLED display and is set to unveil it officially at CES 2024, heralding a new era for OLED technology with unprecedented ultra-high refresh rates.

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