Display market continues to surge with strong demand driven by smartphones, advanced technologies, and emerging trends.
NEWARK, Del, Oct. 08, 2023 (GLOBE NEWSWIRE) — The global display market size reached US$ 157.9 billion in 2022. The global display market is estimated at US$ 165 billion in 2023. Demand is poised to soar at 3.8% CAGR over the forecast period between 2023 and 2033. Sales are anticipated to surge to US$ 238.8 billion by 2033.
Rising inclination towards smart TVs will likely fuel the global displays market throughout the forecast period. Smart TVs often feature high-resolution displays such as 4K and 8K, which has led to increased demand for advanced display technologies to deliver better image quality.
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Consumers opt for large screen sizes when purchasing smart TVs, which has boosted demand for large display panels. Smart TVs have popularized OLED and QLED display technologies due to their superior color reproduction and contrast ratios. It will result in increased demand for these types of displays.
Smart TVs often come with touchscreens or interactive features, driving the need for innovative touch-sensitive and gesture-control display technologies. The convergence of smart TVs with the Internet of Things (IoT) has led to increased demand for displays with integrated connectivity and IoT capabilities.
Recent years have highlighted the massive surge in streaming services and content consumption via smart TVs. It has driven the demand for displays with faster refresh rates and low input lag for an enhanced viewing experience. Energy-efficient displays are sought after in smart TVs to reduce power consumption. It will increase demand for advanced display technologies that consume less energy.
Few smart TVs incorporate flexible display technology, allowing for curved or rollable screens, generating interest in flexible display manufacturing. The commercial sector is increasingly adopting smart TVs for digital signage purposes. This will boost the demand for displays suitable for continuous operation and content display.
The global smart TV market is growing, leading to increased demand for displays, especially in emerging markets where smart TV adoption is on the rise. Display manufacturers are investing more in research and development to innovate and meet the specific requirements of the smart TV market, further driving technological advancements. As smart TVs become more affordable, the demand for cost-effective display solutions also rises, stimulating competition in the display market.
Key Takeaways from the Displays Market:
- The global displays market is set to surge at a CAGR of 3.8% between 2023 and 2033.
- Based on technology, the LCD division is expected to expand at a CAGR of 3.7% between 2023 and 2033.
- By panel size, the microdisplays segment is anticipated to exhibit a 3.5% CAGR between 2023 and 2033.
- The United Kingdom is set to be worth US$ 8 billion in the Europe displays market by 2033.
- Japan will likely dominate the market with a CAGR of 4.2% throughout the projected period.
“Rising inclination towards smart TVs will fuel the demand for displays market during the forecast period. Manufacturers are working on developing cutting-edge technologies such as LED, OLED, QLED, and MicroLED. Being compact and energy-efficient is becoming a key concern for consumers purchasing displays.” – Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
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Competitive Landscape
Key manufacturers vertically integrate by producing display components, such as OLED panels. These are used to have better control over the supply chain and reduce reliance on external suppliers. They also collaborate with other tech companies to integrate their displays into various devices, such as partnering with smartphone or TV manufacturers. They are incorporating eco-friendly practices in manufacturing, such as using recycled materials, reducing energy consumption, and promoting the recycling of old displays.
Recent developments in the Displays Market:
- In November 2022, New Vision Display said that their research and development departments in China and the United Kingdom collaborated to create a bespoke solution for their ZBD screens.
- In March 2019, NEC Display Solutions of America introduced the 46 and 49-inch UN Series of screens. The business created this series with features including color management, content delivery, and small bezels exclusively for video walls.
Restraints:
Despite the impressive growth prospects, the display market has challenges. Intense competition and rapidly evolving technological landscapes necessitate continuous innovation and investment, which could pose financial challenges for some market players. Additionally, supply chain disruptions and the ongoing global semiconductor shortage may hinder production capabilities and lead to supply constraints in the short term.
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More Insights into the Displays Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global displays market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033.
To understand the global market potential, growth, and scope, the market is segmented based on technology (LCD, OLED, micro-LED, direct-view LED, and others), panel size (microdisplays, small & medium-sized panels, and large panels), vertical (consumer, automotive, sports & entertainment, transportation, retail/hospitality/BFSI, industrial & enterprise, healthcare, and others) across different regions.
Displays Market Outlook by Category
By Technology:
- Liquid Crystal Display (LCD)
- Organic Light-emitting Diode (OLED)
- Micro-LED
- Direct-view LED
- Others
By Panel Size:
- Microdisplays
- Small & Medium-sized Panels
- Large Panels
By Vertical:
- Consumers
- Automotive
- Sports & Entertainment
- Transportation
- Retail/Hospitality/BFSI
- Industrial & Enterprise
- Healthcare
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management in consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas, reflecting his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently recognized him as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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