Global Display Panel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Display Panel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Display Panel Market is expected to register a CAGR of 4.2% during the forecast period. Display technologies have evolved over the years, aided by technological developments, to offer higher resolution and lower power consumption. The developments in nanoparticles and transparent sensors in the electronic circuit have boosted the progression of the transparent display market. In the present scenario, development is progressing on the replacement of hard square panels with flexible displays that are more interactive to the consumer. This is expected to provide a substantial opportunity for the growth of the transparent display market.

Key Highlights

• The display market is driven by the growing demand for enhanced displays, such as OLED and PMOLED, augmented displays, and rollable transparent displays, among others. OLED technology enables bright, efficient, and thin displays and lighting panels. They are currently used in numerous mobile devices, TVs, and lighting fixtures. OLED displays provide a better image quality compared to LCD or Plasma displays - and can also be made transparent and flexible.
• Moreover, a significant application area of displays has been the heads-up display devices. These devices have witnessed strong demand from AR/VR, military and defense, and automotive markets, thereby driving the market for display panels. A device with a transparent display has a much higher resolution and displays much more realistic augmented reality than video augmented reality.
• The growing demand for oxide TFT has encouraged players to increase their production capacity to compensate for the market demand. For instance, in December 2021, China Star Optoelectronics Technology (CSOT), a China-based display panel maker belonging to the TCL Group, announced setting up an 8.6G oxide TFT-LCD production line, with production scheduled to begin in first-quarter 2023.
• Out of the hardware sales, head-mounted displays dominated the market. This is a result of the rising demand for higher-quality HMDs to support the ongoing demand for high-quality content and functionality improvements, as well as to provide an improved immersive experience to consumers, which can be achieved through transparent displays. This is expected to drive the market.
• DriveAR platform from Nvidia uses a dashboard-mounted display overlaying graphics based on camera footage around the car, using a transparent display. This system points out everything from hazards to historic landmarks along the way. Following the success of the platform, automotive manufacturing giants like Audi, Mercedes-Benz, Tesla, Toyota, and Volvo have signed up with the company to work with the technology.
• In July 2021, Samsung Electronics launched the new model of its commercial microLED display product, the Wall, in global markets with upgraded features. The new modular display panel comes with enhanced micro artificial intelligence (AI) processor for better upscaling function. It also applied an emitting device 40 percent smaller than existing models to deliver better gradation and perfect black.
• Due to the Covid-19 pandemic, Sony’s business has been impacted by factors such as restrictions on the movement of people across national borders, making it difficult for the company to send engineers to manufacturing hubs such as China and countries in Southeast Asia for the purpose of helping with new product launches or giving instructions on manufacturing. Moreover, sales of Sony's products are also being affected by lockdowns around the globe and retailer closings.​

Key Market TrendsOLED Type of Display Panel to Hold a Significant Position

• OLEDs are expected to replace existing technologies in the display ecosystem. Owing to this, many vendors started investing heavily in R&D related to OLED. OLED transparent displays are penetrating the market due to increasing demand for these displays from head-mounted display (HMD) vendors.
• In July 2021, Samsung Display and LG Display invested more than 7 trillion won in small and medium-sized organic light-emitting diode (OLED) production lines in the second half of the year. This is to prepare for the increase in demand for small and medium-sized OLEDs, drawing attention to the vitalization of downstream industries such as OLED materials, parts, and equipment.
• OLEDs are expected to replace existing technologies in the display ecosystem. Many vendors started investing heavily in R&D related to OLED. OLED transparent displays are penetrating the market due to increasing demand for these displays from head-mounted display (HMD) vendors.
• In April 2022, Samsung announced that it has a new project underway for future TV offerings. The project aims to make its quantum dot (QD)-OLED panels thinner than they are now. With this, the company will be eyeing a new possibility for its TV lineup - rollable screen TVs. The new panel types will also help cut down production costs.
• Owing to success over battery life, in February 2022, LG Display won the contract to supply OLED panels based on low-temperature poly-crystalline oxide (LTPO) technology to Apple for the iPhone 14 series, which will be launched in the second half of 2022.

India in the Asia Pacific region is Expected to Witness Significant Growth

• Consumer spending in India is increasing, due to rising disposable income, due to which the demand for televisions is witnessing a high spike, owing to the rising soccer fan base in countries such as India. As a result, the TV makers in India are launching larger screens with advanced technologies, which, in turn, is likely to boost the market growth in the country over the forecast period.
• Furthermore, the changing behavior in TV connection is expected to drive the market growth. Subscriptions, such as Netflix and Amazon Prime, have been made available for Smart and Android TVs, owing to which the demand is gaining high traction, thereby propelling the market growth.
• For instance, in May 2022, LG announced that the company is eyeing heavily OLED (organic light-emitting diode) Televisions as it plans to increase its footprint in India's growing premium Television segment. These days, many consumers are showing interest in buying bigger screens, especially after the pandemic when there is a limitation to going to cinema halls. Consumers increasingly gravitate toward premium TVs, and LG aims to grab the opportunity with the updated OLED TV range.
• Also, Samsung is setting up India's first smartphone display manufacturing unit on the outskirts of Delhi. The South Korean company is investing more than Rs 3,500 crore in this facility in Noida, as per a regulatory filing with the Registrar of Companies (RoC). The plant would produce displays of mobile phones and IT display and could later extend it to laptops and televisions.

Competitive Landscape

The Gloabl Display Panel Market is very competitive in nature. The market is highly concentrated due to the presence of various small and large players. All the major players account for a large share of the market and are focusing on expanding their consumer base across the world. Some of the significant players in the market are AUO Corporation, BOE Japan Co. Ltd, Innolux Corporation, LG Electronics, Samsung Electronics Co. Ltd, Panasonic Corporation, and many more. The companies are increasing the market share by forming multiple partnerships and investing in introducing new products to earn a competitive edge during the forecast period.

• June 2022 - LG and Amazon collaborated on Alexa for hospitality integration with the LG hotel televisions. The world's first Alexa commercial TV integration uses LG webOS smart TV platform. Later this year, through LG's far-field microphone array accessory, hoteliers will be able to upgrade new and existing LG hotel television running webOS 6.0 or 5.0 to offer guests access to a custom Alexa solution. The new microphone solution allows hotel operators to provide a natural language interface for music navigation and television, enabling guests to connect with specific hospitality functions, such as customized weather reports and ordering room service.
• March 2022 - Samsung and Orange partnered to extend the product lifecycle and enhance customer experience. The two companies collaborated to reduce waste and develop the lifecycle of mobile devices, implement technology and device testing to prepare for the arrival of 5G standalone, promote the Samsung Galaxy multi-devices experience, and enhance the mobile customer journey with advanced digital services. Samsung and Orange are also gearing up to deploy advanced 5G standalone (SA) services.

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