Display panel market to reach USD 167.7 billion by 2024

According to a new market research report ‘Display Market by Product, Technology (LCD, OLED (Flexible, Foldable, Rigid), Direct-View LED, Micro-LED), Panel Size (Micro, Small & Medium, Large), Industry, and Geography - Global Forecast to 2024’, published by MarketsandMarkets™, the display panel market is expected to grow from USD 137.7 billion in 2019 to USD 167.7 billion by 2024, at a CAGR of 4.0% from 2019 to 2024.

Growing adoption of OLED displays, high demand for flexible display panels, rising government support and increasing investments toward the construction of new OLED and LCD panel manufacturing facilities are the major driving factors for the display market. However, saturated shipments of display panels for TVs, tablets, and monitors are expected to hamper the growth of the display panel market during the forecast period. Fluctuating average selling price (ASP) of display panels; complex supply chain and manufacturing processes; and high costs associated with new display technology-based products are major challenges faced by display panel manufacturers in the market.

Market for micro-LED technology expected to grow at highest CAGR from 2019 to 2024

The report adds that market for micro-LED display technology is expected to grow at the highest CAGR from 2019 to 2024. The micro-LED technology is under development but has the potential to disrupt the existing display market by supporting a range of display applications, says the report. The micro-LED technology can be applied to displays of any size; however, the manufacturing process and mass transfer and yield rates differ with panel size.

APAC to grow at the highest CAGR during forecast period

Also, as per the report, the market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the leading region in terms of production and consumption of display panels. The high demand for display panels in countries such as South Korea, China, and Japan is the major factor for APAC's dominance in the global market. Several major original brand manufacturers and most of the display panel manufacturers are based in the APAC region. China is expected to hold the largest share of the market during the forecast period owing to the fact that there are several display panel manufacturers in the country with robust display panel manufacturing capabilities (also a large number of major product manufacturers).