Global OLED Market to Grow at a CAGR of 21% During 2024-2032, Aided by Technological Advancements

OLED comprises various diverse applications such as photovoltaics, illuminants, printed electronics, and batteries, among others. Moreover, it is energy-efficient and cost-effective, due to which it is rapidly substituting LCD lightings and displays. The rising demand for displays with reduced thickness, flexible touch sensors, and flexible AMOLED display in televisions and smartphones is positively impacting the market growth. As smartphones are increasingly used for gaming and streaming, OLED is used in them to provide improved flexibility and battery life, thus, augmenting the industry growth. The surging use of OLED in the automotive industry is also aiding the market growth. Major automotive companies such as Tesla and Audi use virtual external mirrors and electronic control units in their electric cars for advanced-driver assist functions. This is expected to be adopted by other companies, hence boosting the market growth. Additionally, it is extensively used in car lighting and offers long life, safety, and modern designs, which is further invigorating the growth of the OLED industry.

LG Electronics (KRX: 066570), one of the leading companies, entered into an exclusive marketing partnership with Xbox to highlight the phenomenal gaming experience on its LG OLED TV in November 2020. The combination permits both casual and serious gamers to enjoy next-generation gaming. The television has features such as ultra-fast 1ms response time and low input lag, and support for the latest HDMI specifications to not only enable better sound and look of the game but also make it more responsive while offering advantages of simultaneous collection. Moreover, the television is the first to support Dolby Vision and Dolby Atmos. It also features OLED panels that are Eye Comfort Display Certified to avoid eye fatigue. Such developments are boosting the growth of the OLED industry.

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Market Analysis by Product, Technology, End Use, and Region:

• The market, on the basis of product, can be divided into display and lighting.

• Based on technology, the industry can be divided into active-matrix OLED (AMOLED), passive-matrix OLED (PAMOLED), foldable OLED, white OLED, and transparent OLED, among others.

• The end uses for OLED include consumer electronics, automotive, retail, industrial and enterprise, aerospace and defence, and healthcare, among others.

• The regional markets for OLED include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The surging use of AMOLED display in smartphones and wearable devices to provide vibrant colours and bright screen for gaming and streaming is aiding the market growth.

• The OLED industry is being driven by its rising use of technologies such as virtual reality (VR) for improved refresh rates and reduced brightness.

• The introduction of flexible OLED screen by the leading players to offer advanced experience is augmenting the market growth.

• The increasing industrial applications of OLED in measurement equipment, instrumentation, benchtop equipment, current analysers, and industrial handheld monitors, among others, are positively impacting the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global OLED market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, technologies, end uses, and regions of OLED.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for OLED are LG Electronics, Samsung Electronics Co Ltd, AU Optronics Corp, OSRAM GmbH, OLEDWorks LLC, and Koninklijke Philips N.V., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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