The global OLED panel market size was US$ 41.4 billion in 2021. The global OLED panel market is forecast to grow to US$ 101.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 12.6% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Aside from classic technologies like television, displays play a key role in a number of important technology trends, including automobiles, virtual reality, the Internet of Things, and connectivity. With larger panel sizes, improved 8K (7680 x 4320 pixel) resolution, and relatively new form factors, OLED remains a dominant display technology, which is expected to strengthen the potential of the overall market during the forecast period.
Technological advancements and the growing use of OLED displays in smartphones will offer lucrative growth opportunities. Moreover, growing investments in OLED development by prominent electronics firms such as LG, Philips, and Sony, will drive the evolution of the industry during the study period.
OLED smart TVs are becoming increasingly popular as it produces efficient and appealing lighting panels. In addition, growing trends of smart technology, such as smart TV, will benefit the market. Over-The-Top content (OTT) is getting significant traction. According to a report to cisco, video streaming on the internet accounted for 90% of all internet traffic in 2019. For these reasons, smart OLED TVs are changing the way people think about entertainment. Thus, all of these factors will contribute to the growth of the OLED panel market during the forecast period.
Growing disposable income will also be opportunistic for the OLED panel market during the study period.
COVID-19 Impact Analysis
The COVID-19 outbreak impeded the growth of the automotive, wearables, mobile, and various other end-use industries of the OLED panel market. As a result, it also affected the OLED panel market. Due to the pandemic, consumer purchasing power was primarily impacted, which impacted the sales of the electronics. Thus, the manufacturers witnessed slow demand for the end-use industries.
Regional Analysis
Based on the regions, the OLED panel market is forecast to record the highest growth in Europe, owing to the high demand for new technologies. In addition, the European TV market is growing steeply, which will offer lucrative opportunities for the OLED panel market.
Various brands are thriving to launch highly advanced OLED TVs in the region. For instance, HiSense, a renowned appliance and electronics manufacturer unveiled its OLED TVs in the United Kingdom and Europe. Thus, the growing use of technology will benefit the market in the coming years.
Competitors in the Market
Market Segmentation
The global OLED panel market segmentation focuses on Type, Display, Size, Product, and Region.
By Type Outlook
By Display Address Scheme Outlook
By Size Outlook
By Product Outlook
By Regional Outlook
