OLED Market Size Expected to Reach USD 344.58 Billion by 2034
Ottawa, Sept. 16, 2024 (GLOBE NEWSWIRE) -- According to Precedence Research, the global OLED market size was USD 46.55 billion in 2023 and is estimated to be valued at USD 56.37 billion in 2024, is anticipated to undergo substantial expansion, reaching an estimated USD 344.58 billion by 2034, supported by a robust CAGR of 19.85% between 2024 and 2034. The OLED market is driven by the growing usage of electronic devices and rising demand for wearable devices.
OLED Market Overview
The OLED market has witnessed significant growth over the years. OLEDs have high energy efficiency, vibrant colors, and contrast ratios, making them suitable for use in displays of electronic devices, such as TVs, smartphones, laptops, and other lighting applications.
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Advancements in material science and technologies led to deuterated OLED compounds, polarizer-free OLEDs, micro-lens arrays (MLA), and novel OLED stack materials, which further transformed the market. These advancements led to enhanced OLED performance.
OLED Market Key Insights:
- Asia Pacific dominated the market with the largest market share in 2023.
- North America is expected to witness significant growth during the forecast period.
- By product, the display segment contributed more than 82% of the market share in 2023.
- By technology, the Passive-matrix OLED (PAMOLED) segment generated the biggest market share of 28% in 2023.
- By technology, the active-matrix OLED (AMOLED) segment is anticipated to grow at the fastest rate during the forecast period.
- By display pane, the flexible segment is projected to expand at the highest CAGR throughout the forecast period.
- By application, the smartphone and tablet segment is anticipated to expand at a significant growth rate throughout the forecast period.
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OLED Market Regional Stance:
Asia Pacific OLED Market Size and Forecast 2024 to 2034
The Asia Pacific OLED market size accounted for USD 13.45 billion in 2024 and is expected to be worth around USD 105.32 billion by 2034, representing a double digit CAGR of 20% between 2024 and 2034.
Asia Pacific dominated the market in 2023, owing to the presence of major electronic device manufacturing companies, such as LG and Samsung, which are leading the manufacturing of OLED displays. Countries like South Korea, Japan, and China are known as major manufacturing hubs. Moreover, the adoption of OLED displays is mainly driven by the increasing demand for electronic devices, such as smartphones and televisions, which contributed to the market growth in the region.
- In August 2024, Philips Monitors, a global frontrunner in display technology, launched the Innovation Festival Campaign and showcased high-performance monitors with AI, OLED, and Mini-LED in Asia Pacific.
North America is expected to witness significant growth during the forecast period due to the increasing demand for wearable devices, automobiles, and consumer electronics. The electronics and automotive industries in the region embrace OLED technology due to its faster response time than LED. OLEDs are used in smart displays in vehicles. Furthermore, advancements in display technology led to flexible and foldable screens, highlighting the versatility and superior performance of OLED technology, thus contributing to the regional market growth.
Scope of OLED Market
| Report Attribute | Key Statistics |
| OLED Market Size in 2024 | USD 56.37 Billion |
| OLED Market Size by 2034 | USD 344.58 Billion |
| OLED Market Growth Rate from 2024 to 2034 | CAGR of 19.85% |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Year | 2024 to 2034 |
| Segments Covered | Technology, Product Type, Display Panel Type, Application, Region |
| By Technology |
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| By Product Type |
|
| By Display Panel Type |
|
| By Application |
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| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
OLED Market Segments Outlook:
Product Outlook:
The display segment dominated the OLED market in 2023 due to the heightened demand for energy-efficient display technology. OLED displays have faster response time and vibrant colors than LCDs and LEDs. With OLED displays, there is no need for backlights since they are emissive and energy efficient, thus consuming less power and enabling higher image quality.
OLED displays are widely used in smart devices. Therefore, the increasing demand for smart devices significantly contributed to the growth of the segment.
Technology Outlook:
The active-matrix OLED (AMOLED) segment is anticipated to grow rapidly in the coming years due to the rising demand for high-resolution displays. AMOLED technology is known for its high contrast ratios, deep blacks, vibrant colors, flexible and thin displays, fast refresh rates, and improved performance in dim light. In low-light situations, active-matrix OLED displays work better since they generate their own light. Thus, they are widely used in cameras, tablets, computers, TVs, and smartwatches.
- In September 2024, Itel launched the Alpha Pro, a smartwatch with a Cat's Eye Opal design and a 1.43-inch AMOLED display with 700 nits' brightness.
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Display Panel Outlook:
The flexible segment is projected to expand at the highest CAGR during the forecast period.
Advancements in manufacturing and material science led to foldable and rollable OLED displays. These displays are ideal for curved monitors and foldable smartphones. The rising demand for innovative display designs, along with the growing adoption of foldable devices, is expected to drive the segment.
Application Outlook:
The smartphone and tablet segment is anticipated to expand at a significant growth rate in the near future.
Due to its lightweight and low power absorption, OLEDs are widely used in portable devices. They have high contrast ratios and consume less power than other display technologies, as they are made of a thin layer of organic materials. Moreover, OLEDs can operate in a wide range of temperatures (between -40 °C to 80 °C). The increasing demand for high-quality displays in smartphones and tablets further boosts the segment.
- In August 2024, Sony launched the Bravia 8 OLED TV series in India, featuring Studio Calibrated Mode for providing quality images. Powered by the AI Processor XR, the TV series supports Dolby Vision HDR and Dolby Atmos surround sound.
OLED Market Dynamics:
Driver:
Rise in usage of smart TVs
Smart TV usage is rising significantly due to the growing desire for a high-quality viewing experience. Advanced functionalities of smart TVs, such as streaming services, voice commands, and internet connectivity, enhance personalized and immersive experiences. Moreover, integrating OLED displays in smart TVs contributes to improved user experience by providing high-quality images, thus boosting the sales of smart TVs.
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Rising demand from the gaming and entertainment industries
OLED displays, with high fidelity, great contrast, and exceptional sharpness, have emerged as a revolutionary innovation in the display technology, transforming the entertainment and gaming industry. The depth and realism that come from these self-emissive displays enhance viewing experience by providing superior image quality. Moreover, their fast response time ensure smooth and bur-free motion, making them ideal for high-graphics and action games.
Restraint:
High cost and the availability of cost-effective alternative
The manufacturing process of OLED displays is complex and more expensive than that of LED displays, resulting in the final product's high cost. These displays have a limited lifespan since OLEDs degrade over time. Moreover, the availability of alternatives may limit their demand. Alternatives like micro-LEDs and mini LEDs are more energy-efficient and brighter than OLEDs. Moreover, mini LED TVs are less expensive than OLED TVs.
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- Printed and Flexible Sensors Market: The global printed and flexible sensors market size accounted for USD 10.63 billion in 2024 and is predicted to reach around USD 22.30 billion by 2034, growing at a CAGR of 7.69% from 2024 to 2034.
- Flexible Display Market: The global flexible display market size was estimated at USD 20 billion in 2022 and is expected to surpass around USD 397.68 billion by 2032, growing at a compound annual growth rate (CAGR) of 34.90% during the forecast period.
Opportunity:
Technological advancements
Technological advancements in the field of display technology create lucrative growth opportunities for key players competing in the market. Market players are focusing on improving the performance, efficiency, brightness, and lifespan of OLEDs. However, brightness is crucial in many applications, such as televisions, smartphones, and automobile displays. Moreover, advancements in material science led to innovative display technologies, such as micro-lens arrays (MLA), deuterated OLED compounds, polarizer-free OLEDs, and next-generation OLED emitters. These advancements have resulted in OLEDs that are much more efficient and suitable for wide range applications.
OLED Market Key Companies
- Acuity Brands
- OLED works
- Kopin Corporation
- Pixelligient Technologies
- BOE Technology
- LG Display
- Osram
- AU Optronics
- Tianma Microelectronics
- Samsung Electronics
- Universal Display Corporation
- Lumiotec
- Royole Corporation
- Konica Minolta Pioneer OLED
- China Star Optoelectronics Technolog
- Emagin Corporation
- JOLED
- Raystar Optronics
- Panasonic
- Truly International
- Visionox
- Winstar Display
- Wisechip Semiconductor
OLED Market Recent News:
- In September 2024, Hongqi launched the Guoya luxury sedan, which features a 14.2" rollable AMOLED display for its center multimedia display. This marked the first commercial production of such a sliding AMOLED display.
- In September 2024, Xiaomi announced that it is set to release its premium tablet lineup, likely named the Xiaomi Pad 7 series, in early Q4 2024. This tablet series includes at least three forms, two of which have top-notch parts, and one is their first-ever tablet with an OLED.
- In August 2024, Hisense announced the launch of a new OLED TV with the same panel as the LG C4 for way cheaper.
- In August 2024, Gigabyte, a Taiwan-based computer hardware manufacturer, launched its QD-OLED monitors, the AORUS FO32U2P and AORUS FO27Q3, specifically designed for gaming and entertainment.
- In July 2024, Asus launched India's first CoPilot+PC, the Vivobook S 15 OLED. It features a Qualcomm Snapdragon X Elite processor, Adreno graphics, Qualcomm Hexagon NPU, 16GB LPDDR5X memory, and 1TB PCIe 4.0 SSD.
The research report categorizes the OLED market into the following segments and subsegments:
By Technology
- Active-matrix OLED (AMOLED)
- Passive-matrix OLED (PAMOLED)
- Foldable OLED
- White OLED
- Transparent OLED
- Others
By Product Type
- Display
- Lighting
By Display Panel Type
- Rigid
- Flexible
- Others
By Application
- Smartphone & Tablet
- Smartwatches & Wearables
- Television
- Digital Signage Systems
- PC Monitors
- Laptop
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or Asia Pacific.
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