The global TFT-LCD display panel market attained a value of USD 155.57 Billion in 2023. The industry is expected to grow at a CAGR of 4.90% during the forecast period of 2024-2032 to attain a value of USD 239.28 Billion by 2032. The market is driven by the shift towards larger, higher-resolution displays along with its growing demand in the gaming sector.
Base Year
Historical Year
Forecast Year
Value in USD Billion
2024-2032
TFT-LCD Display Panel Market Outlook
*this image is indicative*
The global TFT-LCD display panel market is driven by the increasing demand for flat panel TVs, good quality smartphones, tablets, and vehicle monitoring systems along with the growing gaming industry. Consumers are moving towards larger, thinner, and high-definition TVs, and TFT-LCD panels offer the perfect combination of slim design, vibrant colours, and energy efficiency. As per the TFT-LCD display panel market dynamics and trends, the rise of cloud gaming platforms such as Google Stadia and NVIDIA GeForce Now, among others, as well as the ability to stream these games on laptops and tablets, is aiding the demand for TFT-LCD displays.
The global market is dominated by the flat panel display with TFT-LCD display panel. TFT-LCD is the most popular flat panel type because it provides a balance of affordability, energy efficiency, and good colour performance. These features make it suitable for mass-market electronics, driving its widespread adoption. Emerging economies, particularly in the Asia Pacific region, such as India, China, Korea, and Taiwan, are witnessing rapid growth in electronics consumption. With a rising middle class and increasing disposable income, there is a higher demand for affordable yet high-performance electronic devices like smartphones, TVs, and automotive displays, all of which rely on TFT-LCD panels.
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The automotive industry is increasingly adopting TFT-LCD panels for in-car displays, dashboards, and entertainment systems. With the rise of electric vehicles (EVs) and autonomous driving technologies, there's a growing demand for advanced, high-quality displays in vehicles. This trend presents a significant opportunity for TFT-LCD manufacturers to expand their product offerings to meet the needs of the automotive sector, including larger, more flexible, and higher-resolution panels. By 2023, around 50% of the new cars that were sold contained digital instrument clusters and a majority of them relied on TFT-LCD displays.
The rising trend of larger displays in vehicles has increased the demand for TFT-LCD display panels. Larger displays in vehicles, such as infotainment systems, navigation screens, and digital dashboards, offer enhanced usability and a more immersive driving experience. Many modern vehicles are replacing traditional analogue dashboards with digital displays for more detailed information. TFT-LCD panels are commonly used in these digital dashboards, providing high-resolution visuals for real-time data, such as speed, fuel efficiency, and vehicle diagnostics.
For instance, several new vehicles are using 12-inch or larger TFT-LCD screens for an immersive visual experience. For instance, Mercedes-Benz, A German-based luxury automaker, announced the launch of a MBUX Hyperscreen, a 56-inch curved TFT-LCD display, which spreads across its entire dashboard in the EQS electric sedan.
Popularity of 3D cinema, emergence of glasses-free 3D technology, and growth in the gaming sector are the key trends propelling the TFT-LCD display panel market growth.
3D cinema has greatly influenced the demand for TFT-LCD displays as these immersive movies require high-resolution screens such as TFT-LCD to support the 3D content. The release of the movie Avatar: The Way of Water provided a revival to the 3D movies. Several cinema halls leveraged high-end projectors such as TFT-LCD projectors to offer proper brightness and clarity. Moreover, IMAX, a provider of high-quality cinema experiences, adopted laser-based TFT-LCD projection technology, to offer a superior 3D viewing experience to the viewers, which aided the TFT-LCD display panel demand.
The usage of glasses-free 3D displays or autostereoscopic 3D eliminates the need to wear specialised glasses among the users. TFT-LCD technology has been playing a crucial role in the development of these glasses as manufacturers can use TFT-LCD panels to create glasses-free 3D effects. In 2023, Sony announced the launch of a Spatial Reality Display, a TFT-LCD screen, which offers glasses-free 3D technology that uses advanced eye-tracking technology to offer a more convenient experience to the users, which can boost the growth of the TFT-LCD display panel market.
The growing popularity of PC gaming and the esports sector is a crucial trend of TFT-LCD display panel market as it has boosted the demand for high-end gaming monitors. Gaming monitors with high refresh rates up to 240 GHz and low response time under 5 ms prevent lagging and offer a smooth gaming experience. TF-LCD panels can meet this demand at a much more affordable rate than OLED and microLED displays. The total number of gaming monitors was projected to reach around 12 million units by 2023, which can further aid the demand for TFT-LCD displays. LG, ASUS, and Acer are some of the leading market players which have launched gaming monitors with 240Hz TFT-LCD panels in recent years.
Another notable trend is the improvement in energy efficiency and environmentally-friendly manufacturing. As energy consumption and sustainability become key concerns, companies are developing TFT-LCD panels that are more power-efficient while reducing their carbon footprint through greener production techniques and the use of recyclable materials. This trend is increasingly important as consumers and manufacturers alike focus on sustainability.
A major trend in the TFT-LCD display panel market is the shift towards larger, higher-resolution displays. As consumer demand for bigger, more immersive experiences grows, companies are focusing on producing ultra-high-definition (UHD) and 8K displays. This trend is particularly prominent in the television and smartphone markets, where manufacturers are pushing for larger screen sizes and higher pixel densities to enhance viewing experiences.
Additionally, there is a significant adoption of flexible and curved displays, particularly for smartphones, automotive applications, and wearables. This trend is driven by consumer preference for aesthetically pleasing and functional designs, as well as technological advancements in manufacturing processes.
There is strong growth potential in emerging markets such as India, Africa, and Latin America, where the demand for affordable yet high-quality consumer electronics is increasing. As disposable incomes rise and consumers seek smartphones, televisions, and other electronic devices, TFT-LCD panel manufacturers have the opportunity to capture a larger share of these growing markets by offering cost-effective display solutions tailored to local preferences.
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The EMR’s report titled “Global TFT-LCD Display Panel Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Size:
Market Breakup by Application:
Market Breakup by Region
Market Analysis by Size
Large Size panels account for a major market share and are expected to grow at a CAGR of 5.5% during forecast period due to the burgeoning popularity of ultra-large panels which offer better resolution and immersive experience to the users. As per the TFT-LCD display panel industry analysis, the shipment of large-size panels was around 41.3% in 2023, generating significant revenue.
Market Analysis by Application
Television holds the largest share of the market and is expected to grow at a CAGR of 5.4% in the forecast period due to the growing sales of television displays of 55 inches and above for home entertainment purposes, which can also fuel the TFT-LCD display panel industry revenue. Ultra-large displays accounted for around 97% of the overall ultra-large panel shipments in 2023. Moreover, TFT-LCD offers high refresh rates and vibrant colours at a much lower cost compared to other TV displays.
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North America TFT-LCD Display Panel Market Trends
North America is the largest market for TFT-LCD display panels, with over one-third of the global share and is expected to grow at a CAGR of 5.0%. The rising popularity of high-end displays such as 4K and HDR is widely supported by the TFT-LCD technology. Moreover, the rising sales of the automotive in the country are creating lucrative opportunities for the region as TFT-LCDs are used for their infotainment systems.
The gaming display segment is contributing greatly to the market as gaming monitors with 240Hz and above refresh rates gain popularity in the region, especially for esports, and boost TFT-LCD display panel market opportunities.
Asia Pacific TFT-LCD Display Panel Market Growth Factors
Asia-Pacific region is also expected to gain significant growth in the market with a CAGR of 5.2% where countries like India, China, Korea, and Taiwan are significant emerging markets for TFT-LCD display panels. China and India are among the fastest-growing markets in the region. The growth of the demand in these regions has been assisted by the growth in their economy, a rise in disposable incomes and an increasing demand for consumer electronics.
Due to the presence of companies such as BOE Technology and CSOT (China Star Optoelectronics Technology), which are major suppliers of TFT-LCD panels, China has emerged as one of the biggest producers of these display panels in the region and aided the TFT-LCD display panel demand growth.
Europe TFT-LCD Display Panel Market Opportunities
The European region is expected to grow at 4.7% in the forecast period due to the growing sales of the 4K and 8K televisions. The sales of TFT-LCD display panels, especially the ones with large screen sizes, are prominent in countries such as Germany, France, and the UK. The in-cell touch TFT-LCD displays are gaining prominence in the automotive sector are they offer superior durability and much clearer screens compared to other display panels.
The market players in the region are also investing heavily in eco-friendly TFT-LCD panels, as per the EU’s Green Deal, which promotes the adoption of sustainable technologies and increases TFT-LCD display panel market revenue.
Latin America TFT-LCD Display Panel Market Drivers
The CAGR in this region is expected to be around 4.4% in the forecast period. This growth is mainly driven by the rising adoption of 4K and 8K resolution display panels as well as the rise of the automotive sector. There is a high demand in countries such as Brazil and Mexico due to the growing innovations in the TFT-LCD display as well as high disposable income.
The usage of digital signage is also growing in the region as these display panels offer an affordable and versatile application for the retail sector, which can further boost the TFT-LCD display panel market share.
Middle East and Africa TFT-LCD Display Panel Market Insights
The growth rate of the MEA region is expected to be around 4.1% due to the rising adoption of consumer electronics such as smartphones, televisions, and monitors, among others. Saudi Arabia and the UAE are two of the most prominent countries in the market due to the presence of several market players as well as growing sales of large-screen TVs and smartphones.
For instance, Saudi Arabia is expected to grow at 4.1% CAGR in the forecast period and this growth is supported by the rising deployment of TFT-LCD displays in infotainment systems, which can further fuel the demand of TFT-LCD display panel market.
The TFT-LCD display panel market is highly competitive, with several major companies leading the charge through innovation, scale, and advanced manufacturing capabilities. Several market players are investing heavily in improving the features of TFT-CD displays such as refresh rates and contrast ratio. These companies are maintaining leadership by focusing on innovative display technologies, expanding production capacity, and improving panel performance.
Samsung Electronics Co., Ltd. is one of the major providers of televisions, smartphones, and monitors, among other smart devices. The company is known for providing high-end TFT-LCD display panels, especially for TVs and commercial signage.
LG Display Co., Ltd is a major provider of consumer electronics and is known for its innovation in large-size ...
Japan Display Inc. is one of the leading providers of smartphones, automotive displays, and tablets, among oth...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other major players in the market are Sharp Corporation, BOE Technology Group Co., Ltd., AUO Corporation, Raystar Optronics, Inc., WINSTAR Display Co., Ltd, Kingtech Group Co., Ltd, and Tricomtek Co., Ltd, among others.
Several startups in the market are developing micro and nanotechnology for enhancing the brightness, resolution, and power efficiency of TFT-LCD display panels. Some new companies are also investing in transparent TFT-LCD panels for automotive displays and smart windows to expand the use of TFT-LCD displays which positively impacts the TFT-LCD display panel demand forecast.
FlexEnable
It is a UK-based startup that offers flexible displays and sensors, mainly with TFT-LCD technology. The company is innovating heavily in the organic TFTs (OTFTs) which allows them to develop flexible, lightweight panels which can be used in the wearables, and automotive dashboards, among others.
Innolux Corporation’s Startups
Innolux is encouraging the growth of several startups and innovation centers, especially companies which can focus on niche applications of TFT-LCD panels, such as their usage in medical imaging. Moreover, these startups are also enhancing the technological abilities of TFT-LCD panels.
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TFT-LCD Display Panel Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the TFT-LCD display panel market reached an approximate value of USD 155.57 Billion.
The market is assessed to grow at a CAGR of 4.90% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 239.28 Billion by 2032.
The major drivers include the rising disposable incomes, rising demand from the educational and commercial sectors, and the rising demand for consumer electronics.
The rising household demand for average and the large-sized flat panel TVs is expected to be a key trend for the market.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market, with North America accounting for the largest market share.
The leading sizes of the product can be divided into large size and medium and small size.
The product finds extensive applications in televisions, mobile phones, monitors, mobile PCs, and automotive, among others.
The leading players in the market are Samsung Electronics Co., Ltd., LG Display Co., Ltd, Japan Display Inc., Sharp Corporation, BOE Technology Group Co., Ltd., AUO Corporation, Raystar Optronics, Inc., WINSTAR Display Co., Ltd, Kingtech Group Co., Ltd, and Tricomtek Co.,Ltd, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Size |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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