Smartwatch Display Panel Market Expected to Reach $4.06 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Smartwatch Display Panel Market by Panel Type, Display Technology, Display Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global smartwatch display panel market size was valued at $1.21 billion in 2020, and is projected to reach $4.06 billion by 2030, registering a CAGR of 14.1% from 2021 to 2030.

A smartwatch has an interactive touchscreen display panel, which enables to perform actions by tapping or swiping on the screen. The demand for smartwatches has been increasing significantly, due to its reliability, quality, and durability. With the latest smartwatches, users can control music, answer phone calls, and check notifications—all without using mobile phones.

The growth of the global smartwatch display panel industry is driven by high demand for flexible display technologies, emergence of large number of players in the smartwatch industry, and increase in health awareness among consumers. However, high energy consumption by smartwatch display panels acts as a major barrier for the market growth. Conversely, increase in pixel density creates lucrative opportunities for the smartwatch display panel market growth during the forecast period.

COVID-19 Impact Analysis

COVID-19 is having a large impact on both consumer and the economy. Electronics manufacturing hubs have been temporarily working at low efficiency to curb the spread of COVID-19. This has majorly affected the supply chain of semiconductor market by creating shortage of materials, components, and finished goods. Lack of business continuity has negatively impacted the revenue and shareholder returns, thereby resulting in financial disruptions.

Region wise, North America holds a significant share in the global smartwatch display panel market. U.S. dominates the market share in this region, owing to significant demand for consumer electronics in the region. In addition, rise in health-conscious consumers and increase in disposable income have contributed to the growth of smartwatch display panel in the region.

Key Findings of The Study

• In 2020, the rigid segment accounted for maximum revenue and is projected to grow at a notable CAGR of 13.1% during the forecast period.
• The personal assistance segment accounted for more than 30.0% of the smartwatch display panel market share in 2020.
• The OLED segment of the smartwatch display panel market trends is projected to grow at a CAGR of 15.9% during the forecast period.
• North America contributed major share in the smartwatch display panel market analysis, accounting for more than 35.0% share in 2020.

The key players profiled in the report include AU Optronics, BOE Technology Group Co., Ltd., Everdisplay Optronics (Shanghai) Co., Ltd., Futaba Corporation, Japan Display, LG Electronics, Samsung Electronics Co., Ltd., Sharp Electronics, Truly Opto-electronics Ltd., and Visionox. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the smartwatch display panel market.