Display Market Size, Share, Industry Report, Revenue Trends and Growth Drivers 2028

The display market size 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 the automotive and healthcare industries, increasing use of LED displays video walls, TVs, and digital signage applications, and growing popularity of interactive displays are some of the major factors driving the market growth globally.

Driver: Increasing use of LED displays for video walls, TVs, and digital signage applications

LED technology uses light emitting diodes to create lighting solutions, displays, and other applications. The technology is used in a wide range of applications, such as smartphones, TVs, video walls, and digital signage. LED displays have become one of the most used display technologies used across various applications and holds a significant share of the market compared to other technologies. While the LED display industry has matured in recent years, there has been a lack of innovation. However, one recent breakthrough has been the miniaturization of the components required to build an LED screen. This development has enabled LED screens to become incredibly thin and expand to enormous sizes, making them suitable for use on any surface, both indoors and outdoors. Technological advancements, such as improved resolution, increased brightness capabilities, product versatility, and the emergence of durable surface LEDs and micro-LEDs have also contributed to the increase in LED applications, driving the growth of market.

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

The global electronic commerce industry has experienced tremendous growth in recent years, with millions of people engaging in online shopping. Despite initial concerns about security, consumers are increasingly comfortable buying products online due to faster delivery, easy return policies, and free shipping offered by many e-commerce sites. This trend has had a significant impact on the retail sector, with brick-and-mortar stores experiencing a decline in business due to accelerating online sales.

Digital advertising offers more sophisticated and personalized options for reaching multi-device, multi-channel consumers who spend more time online than before. As a result, the demand for displays in commercial and retail settings has significantly decreased as businesses shift their advertising focus toward online channels.

Opportunity: Micro-LED and mini-LED technologies to carve out new growth avenues for display market

Micro-LED and Mini-LED technologies are expected to create new opportunities for the display market. Both technologies are designed to provide better picture quality, higher brightness, and greater energy efficiency than existing display technologies such as LCD and OLED. Micro-LED technology can be used for a wide range of applications, such as televisions, smartphones, and wearables.

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Micro-LED displays are a next-generation technology that utilizes small, self-emitting LEDs that are less than 100 micrometers in size. Compared to conventional display technologies, they offer several benefits such as improved color accuracy, higher contrast, and faster response times. Additionally, micro-LED displays are more power-efficient and can be used in various applications, including smartphones, laptops, AR/VR devices, and large digital signage. These advantages make micro-LED displays a promising technology, with the potential to revolutionize the display industry.

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

In recent years, the display market has been greatly impacted by the consistently decreasing prices of LCD panels. Although there are newer technologies such as micro-LED and quantum dot displays that are more expensive compared to established technologies like LED-LCD. Currently, the prices of LCD panels are lower than OLED panels, which is a result of increased demand for OLED displays from smartphones, smart wearables, and TV manufacturers. Typically, when a new technology is introduced, manufacturers charge a premium, which pushes prices upward and can limit the growth of that market. This, ultimately, has an adverse impact on the overall market.

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