Display Market Expected to Reach $244 Billion by 2032

According to a new report published by Allied Market Research, titled, “Display Market by Display Type, Technology, Application, and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2023-2032”, The display market was valued at $124.14 billion in 2022, and is estimated to reach $244 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032.

A display refers to an electronic device or component designed to present information in a visual form. This information can range from static images and text to dynamic videos and interactive interfaces. Displays utilze various technologies to present this visual content, including Liquid Crystal Display (LCD), Organic Light-Emitting Diode (OLED), and Light-Emitting Diode (LED), among others. These technologies differ in their methods of producing light and images, impacting factors such as color accuracy, brightness, energy efficiency, and viewing angles. Displays are integral to a range of devices that permeate daily life, including smartphones, tablets, televisions, computer monitors, smartwatches, and digital signage.  

The continuous evolution of display technology has brought about notable innovations such as flexible screens, touch integration, and high-definition resolution, significantly enhancing user interaction and visual experience. Beyond their significance in consumer electronics, displays play vital roles across diverse sectors including healthcare, automotive, retail, and entertainment, acting as interfaces that seamlessly connect users with digital information and services.  

Several key factors drive the growth of the global display market, including the growth in demand for flexible display technology in consumer electronics, the increase in adoption of electronic components in the automotive sector, and the upward trend of touch-based devices. Challenges such as the high costs associated with transparent and quantum DOT display technologies, alongside the stagnant growth of desktop PCs, notebooks, and tablets, pose obstacles to market expansion to a certain extent. However, notable advancements have been witnessed, fueled by the widespread adoption of AR/VR devices and the commercialization of autonomous vehicles. Display Market Trends indicate a growing interest in flexible and touch-based displays, particularly in smartphones and wearable devices. Furthermore, Display Market Analysis suggests that the automotive sector is poised for significant growth, with displays playing a critical role in infotainment systems, digital dashboards, and advanced driver-assistance systems (ADAS). Despite challenges, the display market remains dynamic, with ongoing innovation and evolving consumer preferences shaping its trajectory.

Touch screen devices utilizing touch sensors have gained significant traction within the display industry, driving further advancements in display technology. Therefore, a wide array of household appliances, ranging from refrigerators to washing machines, now incorporate touch-sensitive screens, highlighting the widespread nature of this technological advancement.  

Additionally, advanced display technologies are increasingly being incorporated into automobiles, as seen in navigation systems, digital dashboards, digital rearview mirrors, and heads-up displays. This surge in integration is driving the global display market growth, with industry players continuously striving for innovation. For example, in May 2022, AUO Corporation introduced the world's first 34-inch AmLED curved gaming display panel with a wide 21:9 aspect ratio and an ultra-high refresh rate of 165Hz at SID Display Week 2022, highlighting the industry's continuous focus of innovation. 

The global display market is segmented into display type, technology, application, industry vertical, and region.  By display type, the display market is segmented into Flat Panel Display, Flexible Panel Display, Transparent Panel Display. By technology, the display market is segmented into OLED, Quantum DOT, LED, LCD, E-Paper, others. By application, the display industry is segmented into smartphone and tablet, smart wearable, television and digital signage, pc and laptop, vehicle display, others. By industry vertical, the display market is segmented into healthcare, consumer electronics, BFSI, retail, military and defense, automotive, others. By region the display market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa). 

Key Findings of the Study 

• In 2022, flat panel displays dominated the display market size. However, during the forecast period, flexible panel displays are projected to expand at the highest CAGR.  

• By technology, LCD technology was at the forefront of the display market in 2022, capturing the largest display market share. Meanwhile, OLED technology is predicted to witness the highest growth rate in terms of CAGR throughout the forecast period.  

• By application, the television and digital signage segment were the largest contributors to the display industry in 2022. On the other hand, vehicle displays are expected to experience the most rapid growth, showcasing the highest CAGR during the forecast timeframe.  

• In 2022, the consumer electronics sector dominated the display market by holding the largest share among industry verticals. Moving forward, the automotive sector is projected to lead in growth, with the highest CAGR expected during the forecast period. 

• Region-wise, the Asia-Pacific region was the leading market for displays in 2022, holding the largest share. It is also predicted to maintain its growth momentum and achieve the highest CAGR throughout the forecast period. 

The display market key players profiled in the report include BOE Technology Group Co., Ltd., Samsung Electronics Co Ltd., Innolux Corporation, Panasonic Corporation, Japan Display Inc., AUO Corporation, Sharp Corporation, Sony Corporation, NEC Corporation,  Leyard Optoelectronic Co., Ltd., and LG Display Co Ltd. The market players have adopted product launch, acquisition, agreement, new product development, partnership and collaboration strategies to expand their foothold in the display industry.