Report Says OLED Market to Grow at 15.2% CAGR to 2023

Report Says OLED Market to Grow at 15.2% CAGR to 2023
  • According to the "OLED Market - Global Forecast to 2023" research report, OLED Market Size will reach $48.81 billion by 2023 from $16.58 billion in 2016 at a CAGR of 15.2% between (2017-2023).

This growth is driven by the rapid adoption of OLED displays in smartphones and the growing investments in technology and manufacturing facilities, positive user experience pertaining to OLED devices, advancements in technology and benefits offered by the technology, and government support with regard to OLED lighting research.

The geographical segmentation in the OLED market report covers 4 major regions: North America, Europe, Asia Pacific, and RoW. The report also profiles major players in the market. Some of the major players in this market are Samsung Electronics (South Korea), LG Display (South Korea), AU Optronics Corp. (Taiwan), Universal Display Corp. (US), Acuity Brands (US), OLEDWorks (US), BOE Technology (China), Tianma Microelectronics (China), and Konica Minolta Pioneer OLED (Japan).

OLED market in North America is expected to grow at a high rate between 2017 and 2023. However, APAC held the largest share of the overall market in 2016. The increasing demand for OLED display panels from the world-leading smartphone vendor Apple (US) is contributing to the growth of the market in North America. Being the world's largest consumer of display panels, Apple may use OLED displays in its iPad and laptops as well.

APAC accounted for the largest share of the OLED market in 2016 owing to the presence of several display panel manufacturers such as Samsung Display (South Korea), LG Display (South Korea), AU Optronics (Taiwan), Japan Display (JDI) (Japan), and Sharp (Japan) in the region. These players have their major manufacturing facilities across several countries in APAC. In addition, brand customers such as smartphones and tablet vendors, TV and signage display manufacturers, NTE device vendors, and various other vendors have their headquarters based in APAC.

In OLED Market, the demand for flexible OLED display panels is expected to increase rapidly between 2017 and 2023. Flexible display panels held a lower market share compared rigid display panels in 2016; however, the market for flexible display panels is expected to grow at a high rate during the forecast period. With the increasing use of flexible display panels in smartphones and smart wearable devices, and their potential use in other applications such as TVs, signage displays, and vehicles, flexible displays are expected to drive the growth of the overall market during the forecast period.

The rigid display panels accounted for the largest share of the OLED display market in 2016. OLED display market for automotive applications is expected to grow at a high rate between 2017 and 2023. The display market for vehicles, televisions, and signage/large format displays is expected to grow at a high rate during the forecast period. An AMOLED display is used in Audi's R18 as a digital rare-view mirror. BMW A8 includes an OLED display for passengers in the back, which can be used to control the car's infotainment systems. In January 2015, Continental AG (Germany) unveiled flexible AMOLED displays for the automotive sector. LG Display is developing a full HD; 12.3-inch curved plastic-based flexible OLEDs for automotive applications. The company has collaborated with Tesla, Cadillac, and Mercedes, and expects to manufacture these display panels and make them commercially available by 2018. LG dominates the OLED display market for television and signage applications. The company has launched various models based on OLED panels. Samsung Display showcased new OLED prototypes for automotive applications at SID 2016.

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