Mexico Display Market Overview, 2029

Mexico Display Market Overview, 2029

Smart Displays emerge as the standout in Mexico's display sector, with a significant increase in demand. This exponential rise is inextricably tied to consumers' growing interest in smart homes and voice assistants. Concurrently, Multi-Function Displays (MFDs) are becoming increasingly popular in a variety of applications, ranging from vehicle dashboards to industrial machines. Furthermore, the fledgling but promising market of AR and VR displays has enormous potential, driven mostly by the growing demand in immersive gaming and entertainment experiences. Mexico's dynamic display landscape is largely affected by its tech-savvy population, particularly the younger generation, which is ready to embrace technology advances. This cultural propensity results in a strong demand for high-quality displays in a variety of industries. Furthermore, the country's fast urbanisation and corresponding increase in disposable income contribute considerably to the growing demand for consumer electronics with advanced display technology. The expansion of the Mexican display market is being driven by a number of reasons, including the aforementioned product trends as well as government programs aimed at promoting digital inclusion. Despite the market's buoyancy, obstacles remain, including infrastructural limits in distant locations and reliance on imports for key display components. Mexico's regulatory frameworks emphasise a strict focus on quality and safety standards for electronic items, especially screens. Manufacturers must comply with NOM (Norma Oficial Mexicana) certificates to ensure market integrity and consumer trust.

According to the research report “ Mexico Display Market Overview, 2029,"" published by Bonafide Research, the Mexico Display market is expected to grow at more than 8% from 2024 to 2029. Mexico's key free trade agreements with major global economies provide considerable potential for both imports and exports in the display industry. These agreements promote frictionless trade flows, creating a favourable climate for enterprises to conduct international business. Using these agreements, Mexico can establish itself as a major player in the global display market, attracting investment and creating collaborations with international companies. The agreements, in particular, provide attractive terms for the import and export of display technology, allowing Mexican enterprises to have access to a varied range of products and markets while also supporting economic growth and competition. Expo Display Mexico and CANITEC are important industry events that showcase the most recent breakthroughs and innovations in display technologies. These platforms serve as gathering places for domestic and international players to network, collaborate, and pursue business possibilities. Participating in these events provides firms with significant exposure, market data, and prospective partnerships. Expo Display Mexico and CANITEC act as industry growth accelerators, promoting innovation, fostering knowledge sharing, and supporting business development in Mexico and beyond.

The display market can be segmented based on various factors, including panel size, display type, display technology, application, and industrial vertical. In terms of panel size, displays can range from microdisplays, which are small and often used in devices like VR headsets and smart glasses, to large panels, which are expansive screens utilised in settings such as conference rooms and outdoor advertising displays. Display types encompass flat panel displays, flexible panel displays, and transparent panel displays, each offering distinct features and applications. Display technology further diversifies the market, with options like LCD, OLED, Micro-LED, and Direct-View LED, each providing unique advantages in terms of image quality, energy efficiency, and durability. Application-wise, displays find use in smartphones, tablets, TVs, digital signage, PCs, laptops, vehicle displays, and more, catering to a wide range of consumer and commercial needs. Finally, industrial verticals such as consumer electronics, retail, BFSI, healthcare, automotive, and military and defence drive demand for displays tailored to specific requirements within each sector. By segmenting the display market along these lines, manufacturers and stakeholders can better understand the diverse needs of consumers and industries, enabling targeted product development and marketing strategies to meet evolving demands and preferences.

Mexico's display industry has a vast range of products to meet the needs and budgets of consumers. The average selling price (ASP) of displays varies depending on screen size, resolution, and functionality, with smart displays often commanding a higher premium than traditional models. Pricing diversity allows organisations to efficiently target diverse market segments while catering to consumers' varying demands and preferences. Businesses in Mexico's dynamic display market may optimise their product offers, increase competitiveness, and capitalise on new market trends by understanding these price patterns and executing strategic segmentation strategies. In 2021, LG Display made a key statement about expanding its OLED production in Mexico. The corporation announced its intention to invest USD 1.6 billion in expanding its production capacity in the country. This move highlights Mexico's expanding status as a display manufacturing powerhouse, notably in the OLED industry. Such investments not only demonstrate major players' confidence in the Mexican market, but also represent the country's important position in the worldwide display industry. In response to the growing potential of the display manufacturing sector, the Mexican government initiated steps in 2022 to encourage domestic manufacture. These projects reflect a coordinated attempt to boost economic growth and create jobs in the country. Mexico hopes to strengthen its industrial capabilities and position as a major player in the global market by rewarding and supporting local display manufacture.

When comparing Mexico's display market to that of its regional competitors, like Brazil, some differences appear. Mexico's market size may be a little lower, but its growth trajectory is promising. According to forecasts, Mexico's display market will develop at a faster rate in the next few years than some of its Latin American competitors. Furthermore, Mexico's proactive stance to soliciting foreign investment in display manufacturing gives it an advantage over other countries in the region.Mexico hopes to cement its position as a top destination for display manufacturing investment by capitalising on its attractive business environment and strategic incentives. Despite its booming display manufacturing sector, Mexico confronts raw material supply issues. Key materials used in display panel production, such as Indium Gallium Zinc Oxide (IGZO), are primarily imported. This reliance on imports emphasises the significance of building strong supply chain networks and diversifying procurement sources to avoid potential risks from material shortages or disruptions. Finally, the COVID-19 pandemic had a significant impact on Mexico's display industry, producing brief disruptions in the supply chain and manufacturing processes. However, the market proved resilient, recovering quickly from the initial setbacks. In fact, post-pandemic demand for display products has exceeded pre-pandemic levels, indicating a strong rebound and reinforcing Mexico's position as a key participant in the global display market.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Display market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Panel Size
• Micro displays
• Small & Medium-sized Panels
• Large Panels

By Display type
• Flat Panel Display
• flexible Panel Display
• Transparent Panel Display

By Display technology
• LCD
• OLED
• Micro-LED
• Direct-View LED
• Others

By Application
• Smartphone and Tablet
• Smart Wearable
• Television and Digital Signage
• PC and Laptop
• Vehicle Display
• Others

By Industrial Vertical
• Consumer Electronics
• Retail
• BFSI
• Health care
• Automotive
• Military and defence
• Others

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Display industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.