Global OLED Market Report and Forecast 2024-2032

Global OLED Market Outlook

The global OLED market attained a value of USD 60.23 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 21%.

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Rising Demand for Superior Display in Wearable Devices and Smartphones Boosting the Growth of OLED Industry

As OLED devices are self-emissive and extremely versatile, they are increasingly used in a variety of end-use applications. The rising smartphone ownership and the surging demand for superior smartphones are leading the industry growth. Active-matrix OLED (AMOLED) displays are increasingly used in smartphones and tablets to reach an excellent level of activation speed.  Moreover, they consume comparatively less power than LCD, due to which they are preferred for extensive use in smartphones. In addition, the growing popularity of various wearable devices such as smartwatches and fitness bands are also propelling the industry growth. The rising demand for bright screen and automated display is providing further impetus to the market growth.

The presence of leading companies such as Samsung, Panasonic, and LG in the Asia Pacific region is leading to the robust growth of the market. The flourishing manufacturing activities in emerging economies such as China and India are further fuelling the market growth. Moreover, the rising research and development (R&D) activities and surging investments in OLED in South Korea are providing further impetus to the market growth. In addition, the rapid urbanisation and the emergence of the middle class population are increasing the demand for smartphones and televisions with better displays, which is further invigorating the market growth.

OLED: Market Segmentation

OLED, variously known as an organic light-emitting diode, is a technology that uses organic molecules to produce light. OLED enables better display than LCDs as each pixel is controlled individually and emits its light. Hence, it displays images in great quality and very high contrast. It is majorly used in high-end smartphones and televisions.

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The major products of OLED are:

• Display
• Lighting

The market can be broadly categorised on the basis of its technologies into:

• Active-matrix OLED (AMOLED)
• Passive-matrix OLED (PAMOLED)
• Foldable OLED
• White OLED
• Transparent OLED
• Others

Based on the end use, the market can be divided into:

• Consumer Electronics
• Automotive
• Retail
• Industrial and Enterprise
• Aerospace and Defence
• Healthcare
• Others

The EMR report looks into the regional markets of OLED like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Technological Advancements to Bolster the Growth of the OLED Industry

The increasing use of OLEDs due to their favourable properties is driving the market growth. Recent developments have enabled their use in virtual reality headsets (VR) owing to their reduced brightness levels and exceptional refresh rates, which are also accelerating the market growth. As most of the population is following stay-at-home orders due to the coronavirus pandemic, the demand for smart televisions with a wide range of colours and highlights is significantly rising for entertainment, hence contributing to the market growth. The development of flexible OLED screens, which can diminish the line between real and virtual, is also aiding the market growth. Major companies such as LG and Samsung are constantly developing displays by adopting the latest technology, which is expected to further propel the market growth.

Moreover, OLED is rapidly substituting monochrome LCD in various industrial applications, such as measurement equipment, instrumentation, benchtop equipment, current analysers, and industrial handheld monitors, among others. Emerging technologies, such as flexible OLED, which aids in the development of thinner, lighter, and durable displays, are expected to fuel the market growth. In addition, the launch and the development of foldable smartphones with flexible OLED display by various companies are expected to further enhance the market growth. Also, transparent OLED displays have huge potential in the automotive sector to offer futuristic facilities to passengers and drivers. This can further augment the market growth.

Key Industry Players in the Global OLED Market

The report presents a detailed analysis of the following key players in the global OLED market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• LG Electronics
• Samsung Electronics Co Ltd
• OSRAM GmbH
• OLEDWorks LLC
• Koninklijke Philips N.V.
• AU Optronics Corp
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report