The display market is projected to reach USD 187.8 billion by 2028 from USD 157.8 billion in 2023 at a CAGR of 3.5% during the forecast period. Surging adoption of OLED displays in various applications, increasing demand for displays in automotive and healthcare industries, and increasing use of LED displays for video walls, TVs, and digital signage applications are some of the major factors driving the market growth.
The major players in the display market with a significant global presence include Samsung Electronics Co., Ltd. (South Korea), BOE Technology Group Co., Ltd. (China), LG Display Co., Ltd. (South Korea), AUO Corporation (Taiwan), and Innolux Corporation (Taiwan). These players have adopted various organic and inorganic growth strategies such as product launches and developments, partnerships, collaborations, acquisitions, and joint ventures to expand their presence globally and increase their share in the display market.
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Samsung Electronics Co., Ltd. is a leading manufacturer and provider of display panels globally. The company’s display products are ideal for a wide range of applications, including smartphones, tablets, laptops, television sets, and automotive displays. Samsung has established a brand reputation and a widespread network of distributors and channel partners across the world. The company is renowned for advanced and innovative display technologies, such as OLED and QD-OLED displays, backed by the company’s high R&D expenditure, which highlights its strong focus on product innovation. Samsung also has strong geographic footprint, with the US, South Korea, Europe, Asia & Africa, and China contributing significantly to its revenue.
BOE Technology Group Co., Ltd. adopts both organic growth strategies, such as product launches, and inorganic growth strategies, such as collaborations and partnerships, to strengthen its position in the display market. For instance, in May 2022, BOE launched high-end LCD technology solutions, ADS pro, and f-OLED which is a high-end flexible OLED technology solution. However, the company also focuses on inorganic growth strategies, for instance, in February 2023 BOE collaborated with HONOR to launch HONOR’s Magic5 series and Magic Vs series which is empowered by BOE’s power efficient OLED solution. Moreover, BOE has also increased its investment in research and development activities, which will drive product innovation and the launch of new and effective display solutions.
LG Display Co. Ltd. focuses on product launches, partnerships and collaborations to strengthen its position in the display market. The company drives product advancements and technological innovations by prioritizing substantial investment in research and development activities. In January 2023 company launched 3rd generation OLED TV display integrated with META technology and automotive displays utilizing its OLED and LTPS LCD, which uses two organic light emitting layers to offer greater brightness and durability than single-layered OLED. In recent years, the company has formed several collaborations and partnerships to expand its reach and capabilities, leverage the expertise of other industry players, and develop innovative solutions that address evolving market demands. LG Display Co., Ltd. fosters product innovation by spending extensively on R&D activities, through which it has been able to produce displays that are thinner, lighter, and provides better image quality.
AUO Corporation focuses on both organic growth strategies, such as product launches, and inorganic growth strategies, such as collaborations and partnerships, to strengthen its position in the display market. For instance, in January 2023, the company showcased its new Micro-LED automotive display, and in May 2022, it launched the world’s first 34-inch AmLED curved gaming display panel with a 21:9 widescreen and a 165Hz ultra-high refresh rate. Similarly, in May 2022, the company collaborated with NVIDIA and ASUS ROG to release 24.1-inch ROG Swift 500Hz Esports monitor, which features the world's highest refresh rate panel, and, in June 2021, AUO Corporation partnered with Acer to launch its AmLED technology in Acer’s Predator Helios 500.
Innolux Corporation specializes in the manufacturing of display panels with a focus on providing high-quality and innovative displays for a range of applications. Innolux Corporation is a leading provider of advanced display integration solutions, offering a wide range of products that include 8K and 4K ultra-high resolution, AM miniLED, AM micro-LED, LTPS, and touch solutions. Its product line is suitable for various display applications, TV panels, desktop monitors and laptop panels, small and medium-sized panels, and medical and automotive panels.
Display Market by Display Technology (LCD, OLED, Micro-LED, Direct-view LED), Panel Size (Microdisplays, Small & Medium-sized Panels, Large Panels), Product Type (Smartphones, Television Sets, Wearables), Vertical, and Region- Global Forecast to 2028
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