Chicago, May 28, 2024 (GLOBE NEWSWIRE) — The display market is expected to reach USD 187.8 billion by 2028 from USD 157.8 billion in 2023, at a CAGR of 3.5% from 2023 to 2028.The major factors driving the market growth for displays include surging adoption of OLED displays in various applications, increasing use of LED displays for video walls, TVs, and digital signage applications, increasing applications of displays in automotive and healthcare industries, and growing popularity of interactive displays.
To know about the assumptions considered for the study
Major Display Companies Include:
- Samsung Electronics Co., Ltd. (South Korea),
- BOE Technology Group Co., Ltd. (China),
- LG Display Co., Ltd. (South Korea),
- AUO Corporation (Taiwan), and
- Innolux Corporation (Taiwan).
Display Companies – Samsung Electronics Co., Ltd. (South Korea), BOE Technology Group Co., Ltd. (China) & LG Display Co., Ltd. are the Leading Manufacturers
Samsung Electronics Co., Ltd. is a leading manufacturer and provider of display panels globally. The company’s display products are ideal for a wide range of applications, including smartphones, tablets, laptops, television sets, and automotive displays. Samsung has established a brand reputation and a widespread network of distributors and channel partners across the world. The company is renowned for advanced and innovative display technologies, such as OLED and QD-OLED displays, backed by the company’s high R&D expenditure, which highlights its strong focus on product innovation. Samsung also has strong geographic footprint, with the US, South Korea, Europe, Asia & Africa, and China contributing significantly to its revenue.
BOE Technology Group Co., Ltd. adopts both organic growth strategies, such as product launches, and inorganic growth strategies, such as collaborations and partnerships, to strengthen its position in the display market. For instance, in May 2022, BOE launched high-end LCD technology solutions, ADS pro, and f-OLED which is a high-end flexible OLED technology solution. However, the company also focuses on inorganic growth strategies, for instance, in February 2023 BOE collaborated with HONOR to launch HONOR’s Magic5 series and Magic Vs series which is empowered by BOE’s power efficient OLED solution. Moreover, BOE has also increased its investment in research and development activities, which will drive product innovation and the launch of new and effective display solutions.
LG Display Co. Ltd. focuses on product launches, partnerships and collaborations to strengthen its position in the display market. The company drives product advancements and technological innovations by prioritizing substantial investment in research and development activities. In January 2023 company launched 3rd generation OLED TV display integrated with META technology and automotive displays utilizing its OLED and LTPS LCD, which uses two organic light emitting layers to offer greater brightness and durability than single-layered OLED. In recent years, the company has formed several collaborations and partnerships to expand its reach and capabilities, leverage the expertise of other industry players, and develop innovative solutions that address evolving market demands. LG Display Co., Ltd. fosters product innovation by spending extensively on R&D activities, through which it has been able to produce displays that are thinner, lighter, and provides better image quality.
Key Opportunity:
The display market is poised for significant growth, driven by a variety of key opportunities. The increasing adoption of augmented reality (AR) and virtual reality (VR) applications, along with advancements in automotive display integration, are opening new avenues for high-resolution and immersive display technologies. Flexible and foldable displays are creating innovative product categories in consumer electronics, while smart wearables and smart home devices demand efficient, low-power consumption displays. Advancements in MicroLED and OLED technologies promise better performance and energy efficiency, crucial for high-end and professional applications. The healthcare sector’s need for high-precision displays for medical imaging and telemedicine, combined with the rise of e-learning and remote work, further enhances the market potential. Additionally, industrial applications require rugged, high-performance displays, and emerging markets offer substantial growth potential due to increasing consumer electronics adoption and urbanization.
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