The flexible display market involves the production and sales of electronic visual display technologies that are thin, lightweight and flexible. Flexible displays can bend, fold or roll up without damaging the image quality and pixel function. Flexible displays offer inherent advantages over conventional LCD and OLED displays such as portability, durability and versatility. They are increasingly being used in wearable devices, e-readers, smartphones, tablets and laptops due to their flexibility, thinness and resistance to breakage. The growing popularity of foldable and rollable smartphones is anticipated to be a key driver for the flexible display industry. The Global Flexible Display Market is estimated to be valued at US$ 16.14 Bn in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the flexible display market are LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, e-ink Holdings, BOE Technology Group Co. Ltd, Guangzhou Oed Technologies Co. Ltd, FlexEnable Limited, Chunghwa Picture Tubes Ltd, Huawei Technologies Co. Ltd, Sharp Corporation, Plastic Logic, Innolux Corporation, AU Optronics Corp., TCL Electronics Holdings Limited, and Microtips Technology. LG Display and Samsung together account for over 50% share of the global flexible display market owing to their significant investments in RD and production capabilities.

The demand for flexible displays is growing rapidly due to the rising adoption of wearable devices, foldable smartphones, and e-readers. Flexible displays offer advantages like lightweight, durability and flexibility making them ideal for wearable gadgets. Major technology giants are focusing on developing innovative and durable flexible display technologies to expand in this high growth segment.

The flexible display market is expanding globally with growing demand from regions like Asia Pacific, North America, and Europe. Key players are investing heavily in these regions to leverage the high market potential. China and South Korea are the largest producers of flexible displays currently due to presence of major manufacturers and suppliers in these countries.

Market Drivers

One of the key drivers for the flexible display market is the increasing demand for foldable and rollable smartphones. Major smartphone brands like Samsung, Huawei, Oppo etc. have launched premium foldable smartphone models to attract customers with innovative display technologies. As the technology improves further and costs come down, the sales of foldable models are expected to surge hugely over the coming years. This growing popularity of flexible smartphones will significantly drive the demand for manufacturing and RD of flexible display technologies. Other upcoming technologies utilizing flexible displays such as foldable laptops, tablets and wearable devices will further accelerate the market growth during the forecast period from 2023-2030.

Impact of Geopolitical Situation on Flexible Display Market Growth

The current geopolitical tensions and uncertainties are negatively impacting the growth of the flexible display market. Many regions that are major manufacturing and consumer markets for flexible displays have been affected due to global supply chain disruptions caused by ongoing geopolitical conflicts and economic sanctions. This has led to an increase in raw material costs and delivery timelines for components. Manufacturers are facing challenges in procuring critical materials for flexible OLED production from sanctioned countries. They need to find new reliable suppliers to ensure continuity of operations.

The market is also impacted by declining global economic growth amid geopolitical risks. Consumer demand tends to reduce during periods of economic uncertainty which dampens the adoption of premium display technologies like flexible displays used in high-end smartphones and wearables. In order to mitigate these adverse effects, manufacturers will need to diversify their supply chains, develop localized production capacities, and focus on emerging low-cost applications to sustain growth in the long run. They can explore cooperation opportunities with local partners in less risky markets and regions witnessing stable economic expansion.


Regions with High Concentration of Flexible Display Market in Terms of Value

The Asia Pacific region currently generates the highest revenues for the flexible display market owing to presence of leading manufacturers as well as large consumer electronics markets. China, South Korea and Japan are among the top three countries accounting for over 60% of the global flexible display market value. This concentration is driven by the dominance of Chinese and Korean tech giants in the OLED display panel space and strong demand for their high-end foldable smartphones in these countries. The region also attracts significant foreign investments for expanding next-gen display tech capacities. Flexible displays worth billions of dollars are produced and sold within Asia annually, firmly establishing the region's position as the current market leader.

Fastest Growing Region for the Flexible Display Market

North America region is poised to witness the fastest growth in the flexible display market during the forecast period. Major catalysts include rapid adoption of innovative foldable devices by technology-savvy consumers, stable economic growth supportive of premium product segments, and expansion efforts by display makers encouraged by local electronics assembly capacities. The implementation of advanced displays in AR/VR applications is expected to further fuel demand. Favorable policy support for display technology RD as well as large addressable customer base position the region for higher growth against the global average CAGR of over 30%. Countries like the US offer huge opportunities for flexible display market with forecast market size projected to reach over $4 Billion by 2028 in North America alone.