Display Panel Market Size Projected to Grow at a CAGR of 6.8% and Generate a Revenue of $219.4 billion by 2031Download Sample Reports Overview
The Global Display Panel Market is predicted to be valued at $219.4 billion by 2031, surging from $114.0 billion in 2021, at a CAGR of 6.8%.
Impact Analysis of COVID-19 on the Display Panel Market
The COVID-19 pandemic has had a mixed impact on the global display panel market. The outbreak severely impacted the manufacturing and distribution of display panels by disrupting the supply chain. Manufacturing facility shutdown, labor shortages as well as transportation restraints reduced production of companies and delayed shipments as a consequence. Moreover, during the first few months of the pandemic, there was a significant reduction in demand for electronic devices as many people were left jobless and pay was reduced as a result of the economic downturn. However, as remote work and virtual learning increased during this period, the demand for displays in other sectors such as education and healthcare increased significantly. The production and sales of display panels for video conferencing systems, medical equipment, and e-learning gadgets increased as a result of this change in demand. Furthermore, the display panel market greatly benefited from the upsurge in demand for digital signage for public safety alerts and social distance regulations.
Global Display Panel Market Analysis
The rising demand for high-resolution and larger display panels across various industries such as education, consumer electronics, healthcare, and automotive is one of the main factors boosting the display panel market growth across the globe. Consumers are increasingly looking for better and more immersive visual experiences as technology evolves, which can be achieved only by larger and higher-resolution screens. Apart from this, growing digitalization across the globe and rising smart home device usage is further predicted to boost the market growth.
The high manufacturing costs, however, are expected to limit the display panel market growth during the forecast period. Large displays with higher resolution need expensive materials, tools, and technology, which significantly increases the cost of manufacturing. Moreover, the intense rivalry in the market encourages manufacturers to lower their prices, which reduces their profit margins significantly. These factors are anticipated to hamper the market revenue growth during the forecast period.
The growth of the retail industry across the globe is anticipated to offer lucrative opportunities for the major players operating in the market during the forecast period. Visual merchandising and product displays are important components of retail business location. Businesses can increase sales and attract more customers with an appealing display advertisements. Compelling visual merchandising uses display panels to advertise products and services to highlight their characteristics and appeal to consumers. All these are the major factors predicted to create growth opportunities in the market.
Global Display Panel Market, Segmentation
The display panel market is segmented on the basis of product, technology, industry vertical, display type, and region.
The product segment is further classified into TVs, mobile phones & tablets, PCs & laptops, vehicle displays, and others. Among these, the mobile phone & tablets sub-segment is expected to show the fastest growth rate during the forecast period. Major players have created new display panel features and technologies in response to the demand for high-quality display panels for tablets and mobile phones. New technologies, such as AMOLED and OLED displays, have been created in response to the desire for higher-resolution displays. Better images, accurate color reproduction, and deeper blacks are all features of these screens.
The technology segment is further classified into OLED, Quantum Dot, LCD, E-Paper, LED, and others. Among these, the LED sub-segment is anticipated to show the fastest growth rate during the forecast period. In addition to being widely used in homes, LEDs have also made their way into the business and commercial worlds. LED displays are frequently utilized in a wide range of commercial contexts, including shopping malls, sports stadiums, airports, hotels, educational institutions, transit systems, corporate management, and other public places. LED displays are incredibly adaptable and may be mounted in a variety of locations, such as on a wall, a pole, or even a roof. Typically, useful information about a promotion, brand, or safety information is displayed on LED displays.
The industry vertical segment is further classified into healthcare, consumer electronics, BFSI, retail, military & defense, automotive, and others. Among these, the consumer electronics sub-segment accounted for the largest market share in 2021. The rise in popularity of various social media platforms such as Snapchat, Facebook, Instagram, and others has significantly increased the demand for display panels in the consumer electronics sector. People are consuming an increasing amount of content on their devices, including computers and smartphones, as social media platforms gain popularity. This has increased demand for better screens that provide a satisfying viewing experience.
The display type segment is further classified into flat panel display, flexible panel display, and transparent panel display. Among these, the flat panel display sub-segment is anticipated to show the fastest growth rate during the forecast period. Flat panel displays differ from cathode ray tubes (CRTs) in terms of volume, weight, and power consumption. Compared to its older predecessors, CRT monitors and flat panel displays have several benefits. They use less power and are slimmer and lighter. In addition, they offer a significantly broader viewing angle and typically produce an image that is clearer and more vivid. The size of flat-panel screens is one of their main benefits. They are much easier to transport and install than CRT displays as they are significantly thinner and lighter.
The display panel market in Asia-Pacific is projected to show the fastest growth during the forecast period, owing to the rising sale of consumer electronics. In India, China, Japan, and South Korea, the number of smartphone users is increasing at a rapid rate due to increasing population. These factors are expected to increase the demand for display panels in the upcoming years in this region.
Key Players in the Global Display Panel Market
Some of the leading display panel market players are
- Samsung Electronics Co Ltd
- Sharp Corporation
- Japan Display Inc
- Innolux Corporation
- NEC CORPORATION
- Panasonic Corporation
- BOE Technology Group Co. Ltd.
- AUO Corporation
- Sony Corporation
- Leyard Optoelectronic Co. Ltd.