Display Component Market size is expected to reach USD 531 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of display component was over USD 319 Billion. The primary factor driving the market's expansion is the rising demand for smartphones around the globe. Approximately 1.39 billion smartphones were sold globally in 2022, according to smartphone vendors Furthermore, the necessity for sophisticated portable devices and the quick improvements in cellular network technology have contributed to the recent spike in smartphone ownership.
In addition, the recent trends in the width of these displays getting thinner, the rising popularity of flat-panel displays, and the increase in television unit sales globally, and these factors are all anticipated to fuel market expansion. In addition, throughout the projected period, the growing use of screens in various medical equipment is anticipated to bolster market expansion.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 4% |
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Base Year Market Size (2023) |
~ USD 319 Billion |
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Forecast Year Market Size (2036) |
~ USD 531 Billion |
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Regional Scope |
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Technology (LCD Display, LED Display, OLED, Plasma Display)
The OLED segment in the display component market is attributed to hold largest revenue share of about 40% during the forecast period. The segment's expansion in the market is being driven by the OLED used in smartphones, a vast range of applications of OLED panels across industry verticals, the high demand for improved viewing experiences, and technological advancements. LED screens respond more quickly, use less electricity, have wider viewing angles, more contrast, and are brighter. Moreover, these screens are self-illuminating by nature and don't need a backlight to provide the best visibility possible in all lighting situations. The market for panels based on OLED technology is driven by these benefits. These elements and advancements will strengthen the OLED technology sector, expanding the size of the market in the process.
End-Products (Monitors, Laptops, Televisions, Smartphones, Tablets, Automotive Displays)
Display component market from the smartphones segment is projected to hold largest share of about 32% by the end of 2036. The smartphone application segment in the display industry is growing owing to the availability of UHD content, rising demand for 4K and 8K displays, the growing use of OLED screens in smartphones, rising demand for flexible display panels, and rising investments in the building of new OLED and LCD panel manufacturing facilities. For instance, OnePlus released the OnePlus 10 Pro smartphone, featuring an LTPO 2.0 AMOLED display, in January 2022. For energy savings, the low-temperature polycrystalline oxide display can lower the frequency to 1Hz.
Our in-depth analysis of the global market includes the following segments:
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Technology |
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Panel Size |
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End-Products |
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APAC Market Forecast
Display component market in Asia Pacific region is predicted to hold largest share of about 30% during the predicted period. The main driver of the market's expansion in this area is the rising disposable income of the local populace. Moreover, the market is expanding due to the existence of significant manufacturers and their ongoing R&D efforts. The Asia-Pacific market is expanding due to rising demand for smartphones, televisions, and smart wearables. About 41% of Chinese respondents as of June 2023 said they personally use wearables.
North American Market Statistics
Display component market in North America region is anticipated to hold second largest market share of 27% during the forecast period. North America dominates the market, and throughout the projection period, earnings are expected to grow at a robust rate. Consumers are choosing technologically advanced electronic devices due to their increasing disposable income, which is propelling market progress. The presence of core performance manufacturing in the area drives the target market.
Author Credits: Abhishek Verma
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