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Display Market by Source, Type, Application & Geography| COVID-19 Impact Analysis

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The display market to grow from USD 137.7 billion in 2019 and to reach USD 167.7 billion by 2024, at a CAGR of 4.0% during the forecast period. Growing adoption of OLED displays in smartphones; huge investments toward, along with government support for, construction of new OLED and LCD panel manufacturing facilities; and increasing demand for 4K and 8K displays with the availability of UHD content are the major driving factors for the market’s growth during the forecast period.

Factors like increasing deployment of HUD, central stack display, and instrument cluster in automotive vehicles; and rising focus toward technological shift and development of energy-efficient, attractive, and high-end-specification display products are also contributing significantly toward the display panel market’s growth.

Increasing demand for flat panel display panels with high resolution, fast response time, and better picture quality is expected to direct the display panel market toward major innovations, and subsequently significant growth. High growth opportunities can be identified in emerging use cases including smart displays, smart mirrors, smart home appliances; emerging display technologies such as micro-LED and true quantum dot; and smart wearable display segments that include AR/VR HMDs and smartwatches. Smartphone, television, and automotive segments are also expected to offer high growth opportunities. Additionally, E-paper display market has the potential to grow, wherein the E-paper displays could be used in emerging use-cases like e-papers, smartcards, notepad, and keyboards. E-paper technology has been adopted in some wearable devices and smartphones; however, the adoption of this technology in these segments has not been much effective.

“Smartphones to dominate OLED display panel market, in terms of size during forecast period”

Smartphones have been dominating the display panel market, with Apple and Samsung dominating the whole smartphone segment. The growth of the display panel market for smartphones will be propelled mainly by OLED and flexible displays during the forecast period. At present, flexible OLED technology-based (highly priced) display panels are being adopted in smartphones at a high rate globally; this trend is expected to continue during the forecast period. The major factors boosting the use of OLED displays in smartphones include energy-efficiency, sunlight readability, vivid color and picture quality, and easier recyclability than LCDs.

“Micro-LED technology to witness highest CAGR during forecast period”

The market for micro-LED displays is expected to grow at the highest CAGR during the forecast period. Micro-LED is an emerging display technology and has the potential to disrupt the LCD and OLED display ecosystem. Increasing demand for brighter and more power-efficient display panels for smartwatches, mobile devices, and NTE (AR/VR) devices will be the major factors for the growth of micro-LED technology in the display panel market. Considering current manufacturing capabilities, prototype development, and the involvement of leading players— Apple, Samsung, and Sony—, micro-LED-based smartwatches and NTE devices may enter the commercial phase in 2019.

“Small-and medium-sized display panels expected to gain share in global market during forecast period”

At present, large-sized display panels are in demand for televisions, PC monitors and laptops, signage and some tablets; therefore, the large-sized display panels account for the largest market share. However, small- and medium-sized display panels are expected to gain share in the global market during the forecast period. The growth in this segment will mainly be driven by high growth of OLED display panels, especially for smartphones.

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APAC to account for highest demand in display panel market during forecast period”

APAC is the leading region in terms of production and consumption of display panels. The region has witnessed significant advancements in the display device market, along with rapid changes in terms of adoption of new technologies. The huge market size in APAC is because of the rapid industrialization, as well as the presence of a large number of OEMs and many consumers in the region. Major companies such as Samsung Electronics and LG Electronics being based in South Korea, and Sony, Sharp, Panasonic, and a few others being based in Japan, contribute significantly to the display panel market’s growth in this region.


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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.


Mr. Aashish Mehra

MarketsandMarkets™ INC.

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