NEW YORK, Feb. 11, 2019 /PRNewswire/ -- Display panel market expected to grow at CAGR of 4.0% from 2019 to 2024
The display panel market is expected to grow from USD 137.7 billion in 2019 to USD 167.7 billion by 2024, at a CAGR of 4.0% from 2019 to 2024. 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.
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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.
Saturated shipment of display panels for TVs, tablets, and monitors is expected to hamper the display panel market's growth during the forecast period. Fluctuating average selling price (ASP) of display panels; complex supply chain and manufacturing processes; and high costs associated with new display technology-based products are the major challenges faced by display panel manufacturers.
Microdisplays to grow at highest CAGR during forecast period
The display panel market for microdisplay panels is expected to grow at the highest CAGR during the forecast period.Microdisplays are incorporated into various products such as HMDs, cameras/EVFs, projectors, and automotive HUDs.
The increasing use of AR glasses in industrial and enterprise industries for providing on-the-job training to field workers, warehouse management, and maintenance and inspection activities creates significant demand for HMDs.With high AR HMD shipment growth, the microdisplay market is expected to grow tremendously, registering the highest CAGR during the forecast period.
Also, development of microdisplays for VR HMDs provides significant opportunities to players in the microdisplay market. Major microdisplay panel manufacturers such as Sony, Epson, eMagin, and Kopin are expected to drive the display market for microdisplays during the forecast period.
OLED segment to propel growth of global display panel market during forecast period
OLED technology is penetrating the display panel market, finding an expanding application scope in products such as TVs, smartphones, and smart wearables.Using OLED panels in smartphones enables highly bright screens, low-power consumption, and thin and lightweight form factor.
With Apple's adoption of AMOLED displays in its smartphones, the market had witnessed exponential growth during 2017 and 2018, and the trend is expected to continue during the forecast period.LG Display emerged as the key producer of OLED panels for televisions utilizing WOLED technology.
Television vendors like LG Electronics, Panasonic, Sony, Hisense, Toshiba, Changhong, Skyworth, Konka Group, Haier, KTC Technology, Loewe, Philips (TPVision), Bang & Olufsen, and Grundig have had OLED televisions in the market by the end of 2018.
APAC to dominate display panel market during forecast period
APAC accounted for the major share of the global display panel market in 2018, and a similar trend is expected to continue during the forecast period.APAC's dominance in the global display panel market is due to the presence of the majority of display panel manufacturers (such as Samsung Display, LG Display, AU Optronics, Japan Display, and Sharp) in counties such as South Korea, China, Taiwan, and Japan.
The display panel market in APAC is also expected to receive a boost from the presence of several smartphone and tablet vendors, TV and signage display manufacturers, NTE device vendors, and other vendors in this region.
In the process of determining and verifying the market sizes for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions.
The breakup of the profiles of primary participants has been given below:
? By Company Type: Tier 1 ? 25%, Tier 2 ? 40%, and Tier 3 ? 35%
? By Designation: C-Level Executives ? 20%, Directors ? 55%, and Others ? 25%
? By Region: North America ? 25%, Europe ? 30%, APAC ? 45%.
Samsung Electronics Co.Ltd (South Korea); LG Display Co.
Ltd. (South Korea); BOE Technology Group Co. Ltd (China); AU Optronics Corp. (Taiwan); Innolux Corp. (Taiwan); Japan Display Inc. (Japan); Sharp Corp. (Sharp, Foxconn) (Japan); China Star Optoelectronics Technology (CSOT, CDOT, TCL) (China); Tianma Microelectronics Co. Ltd. (China); and Truly International Holdings Ltd. (Hong Kong) are among the key players in the display panel market.
The report defines, describes, and forecasts the display panel market on the basis of product, display technology, panel size, industry, and geography.It provides detailed information regarding the major factors influencing the growth of the display panel market (drivers, restraints, opportunities, and challenges).
It also analyzes the competitive developments?such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches?carried out by key players to grow in the market.
Reasons to Buy the Report:
? Illustrative segmentation, analysis, and forecast pertaining to the display panel market based on product, display technology, panel size, industry, and geography have been conducted to provide an overall view of the display panel market.
? Major drivers, restraints, opportunities, and challenges for the display panel market have been detailed in this report.
? The report includes a detailed competitive landscape of the key players in the market and their revenues.
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