The flexible electronics market is evaluated at US$9.904 billion for the year 2019 and is projected to grow at a CAGR of 18.45% reaching the market size of US$32.407 billion by the year 2026.
Flexible electronics is being increasingly used in industries such as consumer electronics, healthcare, automotive among others on account of advantages it offers like ruggedness, lightweight, low cost, and less heat dissipation as compared to rigid electronics, which is anticipated to propel the growth of flexible electronics market during the forecast period. The major factors projected to drive the demand for flexible electronics are increasing adoption of consumer devices, favorable government policies and initiatives, cost-effectiveness, and rising application across industry verticals. However, an already established market for rigid electronics products is expected to hinder the growing demand for these products.
The recent outbreak of the novel coronavirus disease had a negative impact on the flexible electronics market. Lockdowns and strict COVID-19 measures implemented to curb the spread of coronavirus led to the shutting down of manufacturing hubs of flexible electronics and its end-use industries as well, which led to a decline in the market growth in 2020. Also, the travel restrictions led to the disruption of the supply chain which further harmed the market. Although, there was an increase in the demand for some of the consumer devices, the shutting down of factories and supply chain disruptions led to an overall decline in the flexible electronics market. However, with the situation getting normal in most of the countries and with the immunity vaccinations being done, the market is expected to recover and come to its normal pace from the second half of 2021 onwards.
Growing adoption of consumer devices.
The rise in demand for consumer devices like smartphones, laptops, and tablets is giving rise to an increased demand for flexible electronics, as they are widely used in those devices. According to the ICEA report, India witnessed a 14.5% growth rate in the smartphone market in 2018 with 142.5 million units shipped. The report also states that the country is expected to have 829 million smartphone users by 2022. Also, NTIA stated that only 27% US population used a smartphone in 2011, which later soared in popularity and were used by 68% of the American population by 2019. Along with smartphones, other consumer devices are also witnessing a surge in demand, and the number of users has been increasing at a great pace around the world, which is anticipated to have a positive impact on the flexible electronics market growth during the forecast period. Moreover, the governments of various countries are launching various programs and policies to promote digitalization in their respective countries, which is further expected to elevate the adoption of consumer devices. For instance, the government of India has launched programs like Digital India and many others which to empower and support the development of digitalization in the country.
Advances in product designs.
With the advancements in technology, many companies are developing innovative products with unique product designs, which is promoting the use of flexible electronics in their manufacturing and hence is anticipated to propel the growth of the flexible electronics market during the forecast period. For instance, in 2021, Oppo has launched a rollable concept smartphone named Oppo X 2021 which features a scroll-like display. The phone has a dynamic sliding frame that extends and retracts smoothly with no hard folding involved which makes the phone's flexible screen to be as small as 6.7 inches and as large as 7.4 inches. The wearing devices are also being launched with flexible screens which are garnering customers' attraction. In February 2019, Nubia launched its new wearable device with a flexible screen, called Nubia Alpha, at MWC 2019. Furthermore, in January 2021, TCL announced that it will launch a foldable or rollable phone in 2021. Moreover, various companies are launching lower-priced flexible products to cater to a wider range of audiences, which is expected to elevate the demand for these products and hence is projected to propel the market growth of flexible electronics during the assessment period. For instance, the South Korean tech giant Samsung is going to launch new foldable phones with lower prices compared to its predecessors.
North America to hold a significant market share.
Geographically, the North American region is anticipated to hold a significant market share owing to the widespread penetration of various consumer electronic devices. Furthermore, the high popularity of premium consumer devices having new and innovative features further supports the large market size in the region. The Asia Pacific region is anticipated to grow at a substantial pace owing to the presence of market leaders such as Samsung Electronics and Panasonic Corporation.
|Market size value in 2019||US$9.904 billion|
|Market size value in 2026||US$32.407 billion|
|Growth Rate||CAGR of 18.45% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Component, End-Use Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Samsung Electronics Co. Ltd., LG Electronics Inc., E Ink Holdings, Inc., Blue Spark Technologies, Enfucell, Plastic Logic GmbH, GSI Technologies, Imprint Energy, Panasonic Corporation, Jenax, Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global flexible electronics market?
A1. Flexible Electronics Market was valued at US$9.904 billion in the year 2019.
Q2. What will be the flexible electronics market size by 2026?
A2. The flexible electronics market is projected to reach a market size of US$32.407 billion by 2026.
Q3. What are the growth prospects for the flexible electronics market?
A3. The global flexible electronics market is projected to grow at a CAGR of 18.45% during the forecast period.
Q4. What factors are anticipated to drive the flexible electronics market growth?
A4. The major factors projected to drive the demand for flexible electronics are increasing adoption of consumer devices, favorable government policies and initiatives, cost-effectiveness, and rising application across industry verticals.
Q5. Which region holds the maximum share of the flexible electronics market?
A5. Geographically, the North American region is anticipated to hold a significant share of the flexible electronics market owing to the widespread penetration of various consumer electronic devices.
Samsung Electronics Co. Ltd?
LG Electronics Inc.?
E Ink Holdings, Inc.
Blue Spark Technologies
Plastic Logic GmbH
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