The global display panel market is expected to grow at a compound annual growth rate of 4.92% over the forecast period to reach a market size of US$163.701 billion in 2026 from US$122.743 billion in 2020. Display panels are electronic display devices on which content is displayed for the viewers.
The global display panel market is witnessing significant growth over the forecast period which may be attributed to the globally growing demand for smartphones, televisions, and other electronic devices that comprises displays. The growing disposable income, urbanization, and increasing propensity of the consumer to spend on consumer electronics have been some of the most prominent reasons for the high demand for display panels particularly in emerging economies such as China, India, and Vietnam among others. Growing participation by the market players in the form of increased R&D budgets for the launch of new and enhanced products coupled with the increasing investments in new manufacturing facilities with an aim to meet the growing consumer demand and the gain a competitive edge in the market also shows the potential for the growth of the display panel market in the given time frame. Similarly, the increased usage of displays for emerging applications such as vehicles, digital signage, and others further expands the business growth opportunities for the market players over the course of the next five years. Additionally, the increased demand for wearable devices such as smart bands, smartwatches, and fitness trackers among others also provides an impetus to the market growth in the near future.
The advent of COVID-19 will have a moderate impact on the market growth since the outbreak led to a disruption in the supply chain activities during the short run due to trade restrictions that further led to a slump in manufacturing activities. However, in the second half restrictions were eased off and industries went back to normal. Also, the high demand for electronics such as laptops and smartphones amid the pandemic further led to significant demand, thus, leading to positive yet slow growth in 2020.
Growing usage of displays for various applications
There has been a growing usage of displays for various emerging applications such as digital signage across several sectors such as sports, media, and entertainment among others. Furthermore, the booming demand for wearable technologies has also played a significant role in shaping up the global display panels market growth during the next five years. Also, Digital signage is a staple for modern sports venues and has become an important part of the solution for venue planners and developers. Digital signage has been used for many years but display technology has evolved in recent years, there is a multitude of display applications available beyond scoreboards, way-finder, and advertising to communicate relevant targeted messaging to a wide variety of audiences. Thus, a significant increase in the number of sports events globally will supplement the market growth over the next five years. Moreover, increasing investments by stadiums for equipping digitals signage technology has further been supplementing the growing demand for displays over the years. For instance, For instance, in April 2019, Capital One Arena, a sports venue in Washington D.C., selected Ping HD and Bright Sign to update its signage by deploying more than 100 Bright Sign LS423 media players connected to Samsung displays resulting in the making of video walls at each concession stand.
On the other hand, a substantial increase in the demand for smartwatches and smart bands, especially in the developed economies of the globe further supplements the demand for display panels as well. The major factor that has driven the adoption of these products is the booming trend of E-health around the globe. This evolution has resulted in the fast global adoption of wearable devices that aids in an uninterrupted transmission of health-related information to service providers. The presence of a vast number of products being offered by both big and small market players also shows the growing potential of the market in the coming five years.
The segmentation of the display panel market has been done as type, resolution, and geography. By type, the classification of the market has been done into LCD, LED, and others. On the basis of resolutions, the market has been segmented into 4K, 8K, HD, FHD, and others. By application, the market is classified into television, digital signage, automotive, smartphones, and others. Geographically, the global display panel market has been distributed into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The Asia Pacific to hold a promising market share
Geographically, the Asia Pacific region is anticipated to hold a considerable share in the market owing to the presence of a strong manufacturing base in the globally emerging economies such as India and China among others. Growth in the investments by market players in new manufacturing facilities across these countries further shows the growth potential these countries hold over the next five years. For instance, in January 2020, Samsung states that is planning to invest more than INR 3,500 Crore in setting up India’s first smartphone display manufacturing unit in Noida (Uttar Pradesh). The plant is expected to produce displays of mobile phones and IT displays and is considered as a fresh arrival of the Samsung component manufacturing segment in the country.
Prominent/major key market players in the global display panel market include Japan Display Inc., SAMSUNG, and LG Display Co., Ltd among others. The players in the global display panel market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global display panel market.
|Market size value in 2020||US$122.743 billion|
|Market size value in 2026||US$163.701 billion|
|Growth Rate||CAGR of 4.92% from 2020 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Resolution, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Japan Display Inc., SAMSUNG, Panasonic, LG Display Co., Ltd, Sharp Corporation, AU Optronics Corp., BOE Technology Group Co., Ltd, Innolux Corporation, HannStar® Display Corporation|
|Customization scope||Free report customization with purchase.|
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