Display Market is expected to Grow with a CAGR of 6.5% through 2029
Increasing demand for advanced visualization systems, growth in defense budgets worldwide, and the need for high-resolution, rugged displays in harsh environments like military applications is expected to drive display market throughout the forecast period.
According
to TechSci Research report, “Display Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029F”, the Global Display Market was valued at USD 150.2 billion in 2023 and is expected to reach USD 221.14 billion by 2029 with a CAGR of 6.5% during the forecast period. Display
Market is experiencing a surge in demand in the forecast period. The rapid advancement and integration of AR and VR technologies into various sectors are significantly impacting the display market. AR and VR applications require highly specialized and advanced display systems to deliver immersive experiences. In the gaming industry, VR headsets have become a key growth driver, providing gamers with realistic and engaging environments. Similarly, AR applications in industries like retail, healthcare, and education are revolutionizing the way information is presented and interacted with. For instance, AR displays are being used in medical training and procedures to overlay vital information directly onto the surgeon’s field of view, enhancing precision and efficiency. In the retail sector, AR is transforming the shopping experience by allowing customers to visualize products in their environment before making a purchase. The growing adoption of AR and VR is leading to increased demand for high-resolution, lightweight, and power-efficient displays, spurring innovation and competition among display manufacturers. As these technologies become more mainstream, the display market is poised for significant growth, driven by the need to support the sophisticated requirements of AR and VR applications.
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Based on Technology,
the Micro-LED segment held the largest Market share in 2023. The LCD segment within
the global display market is witnessing robust growth driven by several key
factors that are reshaping consumer preferences, technological advancements,
and industry dynamics. One of the primary drivers is the widespread adoption of
LCD displays across various consumer electronics, including smartphones,
tablets, laptops, and televisions. The increasing demand for high-resolution
and energy-efficient displays with vibrant colors and sharp contrast ratios is
propelling market expansion. Technological innovations in LCD technology, such
as the development of In-Plane Switching (IPS) and Advanced High-Performance
In-Plane Switching (AH-IPS) panels, are driving superior viewing experiences.
These advancements offer wider viewing angles, faster response times, and
better color accuracy, catering to the growing expectations of consumers for
enhanced visual quality in their devices. The proliferation of smart devices
and the Internet of Things (IoT) ecosystem is boosting the demand for LCD
displays embedded in various connected devices and wearable electronics. These
displays are integral to providing interactive user interfaces and displaying
real-time information, thereby driving market growth across diverse application
areas. Another significant driver is the expanding adoption of LCDs in
automotive applications, including infotainment systems, navigation displays,
and instrument clusters. The automotive industry's shift towards connected and
autonomous vehicles is creating opportunities for high-resolution LCD displays
that support advanced driver assistance systems (ADAS) and provide immersive
in-car experiences.
The declining
prices of LCD panels, driven by economies of scale, technological advancements,
and competitive pressures among manufacturers, are making LCDs more affordable
and accessible to a broader range of consumers. This affordability factor is
fueling replacement demand and spurring market growth in both developed and
emerging economies. Environmental considerations are playing a crucial role in
driving the adoption of LCDs over traditional CRT (cathode ray tube) displays
due to their energy efficiency and reduced carbon footprint. Governments and
regulatory bodies worldwide are also promoting energy-efficient displays
through various initiatives and regulations, further bolstering market growth
in the LCD segment. The global display market in the LCD segment is thriving
due to advancements in technology, increasing consumer demand for high-quality
visual experiences, and expanding applications across multiple industries. As
manufacturers continue to innovate and optimize LCD technology, the market is
expected to witness sustained growth, driven by evolving consumer preferences,
technological innovation, and regulatory developments aimed at promoting
sustainable and efficient display solutions.
In region, North America is emerging as the fastest-growing segment in the global display market, driven by a combination of advanced technology adoption, strong consumer demand, and strategic industry investments. The region's robust infrastructure and high penetration of digital technologies are fueling the rapid uptake of cutting-edge display solutions across various sectors, including consumer electronics, automotive, healthcare, and retail. The increasing popularity of high-resolution displays, such as OLED and 4K/8K panels, has positioned North America as a leader in technological innovation and consumer preference. Additionally, the region's well-established automotive industry is driving significant demand for advanced in-car display systems, such as heads-up displays and digital dashboards, to enhance user experience and vehicle functionality. In the retail sector, North America is witnessing a surge in demand for digital signage and interactive displays as businesses leverage these technologies to improve customer engagement and streamline operations. Similarly, the healthcare sector is increasingly adopting high-performance displays for medical imaging and diagnostics, emphasizing precision and clarity. Supportive government policies and investments in smart city projects further bolster the market's growth trajectory in North America. Initiatives aimed at integrating display technologies in public infrastructure, transportation systems, and education contribute to a thriving ecosystem for innovation and development. The presence of leading display manufacturers and technology companies in the region also accelerates product development and market penetration. Their focus on research and development ensures that North America remains at the forefront of display technology advancements, meeting evolving consumer and industry demands.
Major
companies operating in the Global Display Market are:
- Panasonic Corporation
- LG Display Co., Ltd.
- HannStar Display Corporation
- AUO Corporation
- CHIMEI Corporation
- Samsung Electronics Co., Ltd.
- Schneider Electric SE
- Mitsubishi Electric Corporation
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“The
Global Display Market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period.
The global display market is poised for significant growth driven by the
increasing adoption of OLED and MicroLED technologies, rising demand for
high-resolution displays in smartphones, tablets, and televisions, and
expanding applications in automotive displays and wearable devices. Emerging
trends such as foldable and transparent displays present new avenues for
innovation, while the shift towards energy-efficient and eco-friendly display
solutions enhances market prospects. Additionally, the integration of advanced
features like touch sensors and biometric recognition further expands market
opportunities across various sectors, promising a dynamic landscape for display
manufacturers and suppliers globally. Therefore, the display market is expected
to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director of
TechSci Research, a research-based global management consulting firm.
“Display Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Display Type (Flat Panel Display, Flexible Panel, and Transparent Panel Display), By Technology (Direct-View LED, Micro-LED, OLED, and LCD), By End-User (Automotive, Healthcare, Defense & Aerospace, Education, Sports & Entertainment, Consumer, and Others), By Region & Competition, 2019-2029F”, has evaluated the future growth
potential of Global Display Market and provides statistics & information on
the Market size, structure, and future Market growth. The report intends to
provide cutting-edge Market intelligence and help decision-makers make sound
investment decisions., The report also identifies and analyzes the emerging
trends along with essential drivers, challenges, and opportunities in the Global
Display Market.
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