Northbrook, IL 60062 -- (SBWire) -- 09/28/2023 --The Display Market is expected to reach USD 187.8 billion by 2028 from USD 157.8 billion in 2023, at a CAGR of 3.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the market growth for displays include surging adoption of OLED displays in various applications, increasing use of LED displays for video walls, TVs, and digital signage applications, increasing applications of displays in automotive and healthcare industries, and growing popularity of interactive displays.
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LCD to account for the largest share of the display market during forecast period.
LCD displays have been extensively used in display devices over the last few decades. Currently LCDs are mainly used in retail, corporate offices, industries, and banks. The LCD segment accounted for the largest market share in 2022 and was a relatively mature segment. However, the LCD market is expected to witness a decline during the forecast period. High competition from newer and advanced technologies such as OLED and micro-LED, disruption in the demand and supply ratio of LCD displays, and gradual decline in average selling prices (ASPs) of LCD panels globally are some of the major factors contributing to the decline of the LCD market globally. In recent years, technologies such as OLED and micro-LEDs are expected to witness significant growth and increased adoption in smart wearables, smartphones, and television sets.
Microdisplays register the highest CAGR in the display market during forecast period.
Microdisplays are microminiaturized displays with a diagonal size of less than 1 inch. They are manufactured using display technologies such as liquid crystal display (LCD), liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), and digital light processing (DLP). Their compact design allows them to be used in various applications where space is limited such as head-mounted displays and digital cameras. The microdisplay segment is expected to register the highest CAGR during the forecast period. The growing demand for augmented reality (AR) and virtual reality (VR) head-mounted displays (HMDs) is a major factor driving the market growth for microdisplays globally.
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Asia Pacific to dominate the display market during the forecast period.
Asia Pacific is expected to account for the largest share of the display industry during the forecast period. Presence of established display panel and display device manufacturers such as Samsung Electronics Co., Ltd., LG Display Co., Ltd., BOE Technology Group Co., Ltd., etc.; increasing government investments in retail and education sectors; cost-effective manufacturing environment; and constantly growing demand for consumer electronics products such as smartphones and television sets are the major factors contributing to the market growth of Asia Pacific. The region comprises major economies such as China, Japan, South Korea, and Taiwan. The region influences the global display market as a majority of display panels are manufactured in South Korea, China, Taiwan, and Japan.
The report profiles key players in display companies such as Samsung Electronics Co., Ltd. (South Korea), BOE Technology Group Co., Ltd. (China), LG Display Co., Ltd. (South Korea), AUO Corporation (Taiwan), Innolux Corporation (Taiwan), Sharp Corporation (Japan), Japan Display Inc. (Japan), Sony Group Corporation (Japan), Leyard Optoelectronic Co Ltd (China), Qisda Corporation (Taiwan), and Via Optronics AG (Germany).
Display Market Worth $187.8 Billion by 2028