Display Technologies Market Research Reports

Evolution of Display Technologies: Key Players, Market Dynamics, and Future Outlook

Industry Overview

The display technologies sector has undergone substantial development and transformation in 2023 and 2024, which has been fueled by the expansion of applications across various industries, increasing consumer demand, and technological advancements. The global display market was valued at approximately $148 billion in 2023, and projections suggest that it will reach $170 billion by the end of 2024, representing a compound annual growth rate (CAGR) of approximately 7%. The rapid proliferation of organic light-emitting diode (OLED) displays is one of the most notable trends in this sector. Driven by their superior energy efficiency, flexibility, and color accuracy, OLED displays comprised 35% of the total display market in 2023. It is anticipated that this trend will persist, with the OLED market share expected to reach 40% in 2024. Leading the charge in OLED production are major firms such as Samsung Display, LG Display, and BOE Technology, which are investing significantly in research and development to improve performance and reduce costs.

An additional noteworthy development is the growing prevalence of micro-LED technology. In high-end televisions and wearable devices, micro-LED displays are acquiring popularity due to their exceptional brightness, low power consumption, and long lifespan. It is anticipated that the micro-LED market will expand from $1.4 billion in 2023 to $2.2 billion by 2024, resulting in a substantial compound annual growth rate (CAGR) of 25%. Sony, Apple, and Samsung are among the companies that are at the vanguard of micro-LED development. It is rumored that Apple will incorporate this technology into its future products. It is also important to observe the growth of display applications in the automotive and augmented reality (AR) sectors. The demand for high-quality displays is increasing as advanced driver-assistance systems (ADAS) and infotainment displays become standard features in the automotive industry. In 2023, the automotive display market was estimated to be worth $20 billion, and it is anticipated to increase to $24 billion by 2024. In the same vein, the market for head-mounted displays (HMDs) and smart eyewear is being driven by the increasing adoption of AR displays in sectors such as healthcare, retail, and education.

Another emerging trend is the proliferation of 8K displays, which is still in its early phases. 8K displays are highly desirable in professional sectors such as medical imaging, design, and broadcasting due to their unparalleled clarity and detail, which is four times higher than 4K. Advancements in content creation and dissemination technologies are expected to drive the growth of the 8K display market, which was valued at $2 billion in 2023, to $3 billion by 2024. The display technologies sector is still dominated by the Asia-Pacific region in terms of regional growth, with over 40% of the global market share in 2023. The region's robust electronics manufacturing ecosystem and the presence of prominent manufacturers are the reasons for this dominance. Increasing investments in research and development and the adoption of advanced display technologies across various industries are observed in North America and Europe.

Details for top 10 countries

China

The display technologies sector in China was valued at approximately $55 billion in 2023, and projections suggest that it will grow to $60 billion by the end of 2024. The country is the market leader in the production of OLED and LCD panels, with companies such as TCL and BOE Technology dominating the. The automotive industry, consumer electronics sector, and digital signage market are the primary users of display technologies in China. The majority of consumer electronics, particularly smartphones and televisions, are utilized at a rate exceeding 50%. The automotive sector and digital signage also make substantial contributions, with each sector accounting for approximately 20% of the market. Approximately 37% of the global display technologies market is controlled by China in 2023. The government's support for high-tech industries and the extensive manufacturing infrastructure are the reasons for this dominance. In 2023, China was responsible for the production of over 70% of the world's LCD panels and 50% of OLED displays. Increasing demand for high-resolution displays and advancements in flexible display technologies are anticipated to drive further market growth by 2024.

South Korea

The display technologies market in South Korea was estimated to be worth $45 billion in 2023 and is anticipated to reach $50 billion by 2024. Samsung Display and LG Display are the global market leaders in OLED and flexible display technologies, and the nation is renowned for its innovation. The automotive, consumer electronics, and healthcare industries are among the primary sectors in South Korea that employ display technologies. Smartphones and high-end televisions, in particular, are the most popular consumer electronics, with a utilization rate of approximately 60%. The automotive and healthcare sectors each contribute approximately 15%. South Korea's technological advancements and substantial investment in research and development are the primary factors contributing to its approximately 25% market share in the global display technologies market. Its dominant position in this segment is evidenced by the fact that the country produced nearly 90% of the world's OLED displays in 2023. Continuous innovation in OLED technology and the growing demand for high-definition displays are expected to drive further expansion of South Korea's display market by 2024.

Japan

In 2023, the value of Japan's display technologies sector was approximately $20 billion, and it is anticipated to increase to $22 billion by 2024. Japan Display Inc. and Sharp Corporation are among the companies that have significantly contributed to the nation's reputation for producing high-quality LCD and OLED products. The automotive, industrial equipment, and consumer electronics sectors are the primary users of display technologies in Japan. About 45% of the market is comprised of consumer electronics, with a particular emphasis on high-end televisions and mobile devices. Approximately 30% of the equipment is utilized by the automotive industry, while the remaining 25% is spent on industrial equipment. Japan's robust presence and reputation for quality are evident in its approximately 12% share of the global display technologies market. Approximately 25% of the world's high-end LCD panels and 15% of OLED displays were produced in Japan in 2023. The market is anticipated to experience consistent growth by 2024, primarily due to the growing demand for advanced display technologies in industrial and automotive applications.

United States

In 2023, the United States' display technologies market was estimated to be worth approximately $15 billion, with forecasts suggesting that it will increase to $17 billion by 2024. The U.S. market is distinguished by a substantial demand for high-resolution displays, which is fueled by sectors such as consumer electronics, healthcare, and defense. Approximately 50% of display technologies are employed by consumer electronics, such as smartphones, laptops, and televisions. Around 25% of the resources are allocated to the healthcare sector, with a particular emphasis on medical imaging and diagnostics, and approximately 15% are utilized by the defense industry. The United States maintains approximately 10% of the global display technologies market share, which is bolstered by its substantial investments in research and development and its robust demand for sophisticated technologies. In 2023, the United States was a prominent market for high-resolution and specialized displays, particularly in sectors that necessitated durability and precise imaging. The market is anticipated to grow by 2024, driven by the adoption of advanced technologies such as augmented reality (AR) displays and micro-LEDs, as well as ongoing innovation.

Taiwan

The market for display technologies in Taiwan was estimated to be worth $12 billion in 2023 and is expected to increase to $13.5 billion by 2024. AU Optronics and Innolux Corporation are among the industry leaders in Taiwan, and they serve as significant centers for LCD and OLED manufacturing. The automotive, industrial, and consumer electronics sectors are the primary users of display technologies in Taiwan. Monitors and televisions comprise approximately 55% of the consumer electronics market. Display technologies are employed by approximately 20% of the automotive and industrial sectors. Taiwan's sophisticated manufacturing capabilities and robust supply chain have contributed to its approximately 8% market share in the global display technologies sector. Taiwan was responsible for the production of approximately 30% of the world's LCD panels and 10% of OLED displays in 2023. Increased demand for high-definition and flexible displays in a variety of applications is anticipated to drive market growth by 2024.

Germany

The market for display technologies in Germany was estimated to be worth approximately $8 billion in 2023 and is anticipated to increase to $9 billion by 2024. Germany is renowned for its superior display technologies, which are employed in the automotive, industrial, and consumer electronics sectors. The automotive industry is the largest user, accounting for approximately 40% of the market. Industrial applications follow at 35%, while consumer electronics account for 25%. Germany maintains a market share of approximately 5% in the global display technologies market, which is indicative of its expertise in specialized and high-precision displays. In 2023, Germany was a prominent market for advanced automotive displays, such as digital instrument clusters and head-up displays (HUDs). Continuing growth in the market is anticipated by 2024, fueled by advancements in industrial and automotive display technologies.

India

The market for display technologies in India was estimated to be worth $5 billion in 2023 and is expected to increase to $6 billion by 2024. The market is characterized by an increasing demand for consumer electronics, which is being driven by the increasing adoption of smartphones and televisions. The automotive sector accounts for 15% of the display technologies market, while consumer electronics comprise approximately 70%. Industrial applications comprise 10% of the market. Driven by its substantial consumer base and expanding manufacturing capabilities, India accounts for approximately 3% of the global display technologies market share. Significant growth in the production and adoption of LCD and OLED displays was observed in India in 2023, particularly in the smartphone and television sectors. The market is anticipated to expand further by 2024, with government initiatives aimed at reducing import dependency and promoting domestic manufacturing.

Vietnam

The market for display technologies in Vietnam was estimated to be worth $3 billion in 2023 and is anticipated to increase to $3.5 billion by 2024. The consumer electronics and industrial sectors are the primary drivers of the market. About 60% of the market is comprised of consumer electronics, such as smartphones and televisions, while 30% is attributed to industrial applications. Vietnam's expanding electronics manufacturing sector accounts for approximately 2% of the global display technologies market share. There was a rise in the production and export of LCD and OLED displays in Vietnam in 2023 in response to the global demand for consumer electronics. Investments in manufacturing and technological advancements are anticipated to drive market growth by 2024.

Mexico

The market for display technologies in Mexico was estimated to be worth $2.5 billion in 2023 and is expected to increase to $3 billion by 2024. The consumer electronics and automotive sectors are the primary drivers of the market. Consumer electronics comprise approximately 50% of the market, while the automotive sector uses approximately 35%. Supported by its robust manufacturing base and proximity to the United States, Mexico accounts for approximately 1.5% of the global display technologies market share. Mexico was a substantial producer of LCD and OLED displays for the North American market in 2023. The market is anticipated to expand by 2024, fueled by the growing demand for high-definition displays and the advancement of manufacturing technologies.

Thailand

The display technologies market in Thailand was estimated to be worth $1.5 billion in 2023 and is anticipated to increase to $1.8 billion by 2024. The consumer electronics and industrial sectors are the primary drivers of the market. It is estimated that consumer electronics, specifically smartphones and televisions, comprise approximately 65% of the market, while industrial applications account for 25%. Thailand's expanding electronics manufacturing sector accounts for approximately one percent of the global display technologies market share. The production and export of LCD and OLED displays in Thailand increased in 2023 in response to the regional demand. Investments in manufacturing and technological advancements are anticipated to drive further market expansion by 2024.

PESTEL Analysis

Political

The political environment significantly influences the display technologies sector. Government policies and regulations regarding trade, intellectual property, and industry standards significantly influence the operations and growth of companies in this sector. The supply chain and market dynamics can be influenced by trade policies, particularly those between key economies such as the United States, China, South Korea, and Japan. For example, the flow of raw materials and components that are essential for display manufacturing can be disrupted by trade tensions and tariffs, resulting in increased costs and potential production delays. The display technologies sector is characterized by a high level of innovation and research and development, which is why intellectual property rights (IPR) are of paramount importance. In order to safeguard the investments of companies in emerging technologies such as OLED, micro-LED, and flexible displays, it is imperative to establish robust intellectual property rights laws and enforce them rigorously. More investment and innovation in this sector can be attracted by governments that offer robust protection for patents and other intellectual property. Furthermore, the display technologies sector can obtain a substantial boost from government funding and incentives for technological advancements and R&D. 

Economical

The economic environment significantly influences the display technologies sector's growth and development. Consumer demand and investment in new technologies are directly influenced by the global economic landscape, which is defined by GDP growth, inflation rates, exchange rates, and economic policies. Consumer expenditure on electronic devices, which are significant end-users of display technologies, is stimulated by global economic growth. Higher disposable incomes and increased consumer expenditure on products such as smartphones, televisions, and laptops are the result of robust economic performance in key markets such as the United States, China, and Europe. This, in turn, increases the demand for sophisticated display technologies such as flexible displays, micro-LED, and OLED. Also, inflation rates and currency exchange rates are substantial factors. The demand for non-essential electronics can be reduced as a result of high inflation, which can reduce consumer purchasing power. Alternatively, companies that manufacture displays for international markets may capitalize on favorable exchange rates by increasing the competitiveness of their exports. The cost of imported raw materials and components can also be influenced by fluctuations in exchange rates, which can have an overall impact on production costs.

Social

The display technologies sector is substantially impacted by social factors, particularly through changes in consumer behaviors, lifestyle trends, and demographic shifts. The demand for sophisticated display technologies is driven by the growing dependence on digital devices in daily life. The market for high-resolution, energy-efficient, and flexible displays is expanding as consumers continue to demand superior visual experiences in smartphones, televisions, laptops, and gaming devices. Demographic trends, including the expanding middle class in emerging markets, are also essential. As disposable incomes rise, a greater number of consumers are able to purchase premium electronic products that feature advanced display technologies. This is especially apparent in countries such as China and India, where the middle class has expanded as a result of economic development, resulting in a higher demand for consumer electronics. The demand for display technologies has been further bolstered by the COVID-19 pandemic, which has accelerated the transition to remote work and online learning. A greater number of individuals are investing in home office arrangements, which necessitate high-quality displays, such as laptops and monitors. Furthermore, the demand for sophisticated displays that provide superior color accuracy, brightness, and refresh rates has been exacerbated by the proliferation of digital entertainment, such as online gaming and streaming subscription services.

Technological

In the display technologies sector, technological advancements are the foundation that propels innovation, efficiency, and the development of new products. The industry is characterized by rapid technological changes, with significant investments in research and development (R&D) to stay competitive. In comparison to conventional LCDs, OLED (Organic Light Emitting Diodes) technology has emerged as a dominant force in the market, providing superior energy efficiency, contrast, and color accuracy. Companies such as Samsung Display and LG Display are at the forefront of OLED production, consistently advancing the technology to improve its luminosity, durability, and resolution. The emergence of flexible and foldable OLED displays is also enabling new form factors for smartphones, tablets, and other electronic devices. Micro-LED technology is another innovation that has the potential to achieve even greater efficiency, luminosity, and longevity than OLEDs. Although micro-LEDs are still in the early phases of commercialization, they are anticipated to revolutionize display technologies by offering unparalleled performance for high-end displays and wearable devices. 

Environmental

The display technologies sector is being increasingly influenced by environmental factors, which are being driven by regulatory pressures, consumer demand for sustainable products, and the industry's initiatives to reduce its environmental imprint. The production of displays, particularly LCDs and OLEDs, necessitates the use of hazardous materials and significant energy consumption, rendering environmental considerations imperative. Electronic waste (e-waste) management and recycling regulations are becoming increasingly stringent on a global scale. Laws are being enforced by governments that mandate manufacturers to assume responsibility for the entire lifecycle of their products, from production to disposal. These regulations necessitate that companies in the display technologies sector adhere to them, which frequently involve the elimination of hazardous substances in their products and the implementation of recycling programs. There is a growing trend among consumers to prioritize sustainability in their purchasing decisions. The environmental impact of electronic products is becoming increasingly recognized, resulting in a preference for products that are constructed from recyclable materials and have energy-efficient displays. Companies that can exhibit a dedication to sustainability, such as through recycling programs, energy-efficient products, and eco-friendly packaging, are likely to acquire a competitive edge.

Legal

The display technologies sector is considerably impacted by the legal environment, which encompasses a diverse array of regulations and standards that regulate international trade, consumer protection, environmental compliance, and intellectual property. In order to operate effectively and prevent litigation, businesses in this sector must navigate these legal frameworks. The protection of the innovations and R&D investments made by companies in the display technologies sector is contingent upon intellectual property (IP) laws. Ensure that companies can capitalize on their inventions without fear of infringement by safeguarding proprietary technologies and designs through patents, trademarks, and copyrights. Nevertheless, the industry frequently experiences intricate legal disputes regarding intellectual property rights as companies compete to safeguard their technological advantage and market share. It is imperative to maintain a competitive edge and promote innovation through the implementation of robust intellectual property protection. The display technologies sector is also influenced by consumer protection laws, which mandate that companies guarantee that their products meet safety standards and function as advertised. Strict adherence to product safety, data privacy, and labeling requirements is required by regulations such as the General Data Protection Regulation (GDPR) in Europe and the Consumer Product Safety Improvement Act (CPSIA) in the United States. 

Major companies and their details

Samsung Display

Samsung Display, a subsidiary of Samsung Electronics, generated approximately $30 billion in revenue from its display technologies sector in 2023. The company allocated approximately $4 billion to research and development (R&D) in order to advance its OLED and QLED technologies. Samsung Display's revenue is anticipated to reach $32 billion by 2024, a figure that is expected to be bolstered by ongoing innovation and growing market demand. Samsung Display is a global leader in the manufacturing of OLED panels, which are primarily used in smartphones, televisions, and tablets. Samsung Display's primary business segment is the consumer electronics sector, which accounts for approximately 70% of its total revenue. Samsung supplies high-quality panels for industrial equipment and digital interfaces, while the remaining 30% is allocated to the automotive and industrial display segments. Samsung Display is a prominent participant in the global display technologies market, with an estimated 20% market share. The company's market share is bolstered by its extensive production capacity and technological advancements. Samsung Display maintained its dominant position by producing nearly 40% of the world's OLED panels in 2023. The company's objective is to augment its market share by 2024 by introducing next-generation display technologies, including micro-LED and quantum dot displays, and by expanding its production capabilities.

LG Display

In 2023, LG Display, a prominent participant in the display technologies sector, reported earnings of approximately $24 billion, with projections that it will surpass $26 billion by 2024. In 2023, the organization allocated approximately $3 billion to research and development initiatives, with an emphasis on optimizing its LCD and OLED technologies. LG Display is distinguished by its automotive and commercial displays, as well as its large-size OLED panels, which are extensively employed in high-end televisions. LG Display generates 60% of its revenue from the consumer electronics sector. The automotive and commercial display sectors each contribute 25% and 15%, respectively. LG Display is a significant competitor in the industry, with an estimated 15% of the global display technologies market. Approximately 30% of the world's large-size OLED panels were manufactured by the company in 2023, and it is anticipated that this figure will increase as LG Display expands its production capacity. LG Display's objective is to expand its market share by 2024 by introducing advanced display solutions, such as transparent and flexible OLED panels. LG Display is poised to preserve its substantial presence in the global display technologies sector by adhering to a steadfast dedication to the advancement of display technologies and the fulfillment of a wide range of consumer needs.

BOE Technology

In 2023, BOE Technology, a Chinese display manufacturer, generated an estimated $23 billion in revenue from its display technologies segment. In order to improve its LCD and OLED production capabilities, the organization allocated approximately $2.5 billion to research and development. BOE Technology's revenue is anticipated to reach $25 billion by 2024, driven by the growing demand for high-quality displays. Consumer electronics, automotive displays, and industrial applications comprise BOE Technology's principal business segments. About 65% of BOE's total revenue is derived from the consumer electronics sector, with smartphones and televisions being the most significant contributors. The automotive and industrial segments each contribute 20% and 15%, respectively. Underpinned by its extensive production capacity and technological advancements, BOE Technology controls approximately 13% of the global display technologies market. BOE was responsible for the production of roughly 25% of the world's LCD panels and 15% of OLED displays in 2023. The company's objective is to further increase its market share by 2024 by introducing innovative display solutions, such as flexible and foldable screens, and expanding its production capabilities. In order to remain competitive in the swiftly evolving display market, BOE Technology is also investing in the development of micro-LED technology.

Japan Display Inc.

Japan Display Inc. (JDI), a prominent actor in the display technologies market, reported a revenue of approximately $8 billion in 2023. It is anticipated that this figure will increase to $9 billion by 2024. The organization allocated approximately $1 billion to research and development initiatives, with an emphasis on the enhancement of its LCD and OLED technologies. JDI is recognized for its exceptional LCD panels, which are extensively employed in industrial applications, automotive displays, and devices. JDI's primary business segment is the consumer electronics sector, which accounts for approximately 50% of its total revenue. The automotive and industrial segments comprise 30% and 20%, respectively. Japan Display Inc. occupies approximately 5% of the global display technologies market, which is indicative of its robust presence in the sector. Approximately 15% of the world's high-end LCD panels and 5% of OLED displays were produced by JDI in 2023. The company's objective is to expand its market share by 2024 by improving its production capabilities and introducing next-generation display technologies, including high-resolution and low-power screens. Additionally, the organization is investigating prospects in emerging display technologies, including transparent displays and micro-LEDs.

AU Optronics

In 2023, AU Optronics, a prominent Taiwanese display manufacturer, reported a revenue of approximately $10 billion, with expectations that it will surpass $11 billion by 2024. In order to improve its LCD and OLED production capabilities, the organization allocated approximately $1.2 billion to research and development. The high-quality LCD panels produced by AU Optronics are widely recognized for their use in industrial applications, automotive displays, and consumer electronics. AU Optronics' primary business segment is the consumer electronics sector, which generates approximately 60% of its total revenue. The automotive and industrial segments each contribute 25% and 15%, respectively. AU Optronics' extensive production capacity and technological advancements have enabled it to maintain approximately 6% of the global display technologies market. The company was responsible for the production of approximately 20% of the world's LCD panels and 8% of OLED displays in 2023. AU Optronics intends to augment its market share by 2024 by introducing innovative display solutions, including high-refresh-rate and energy-efficient screens, and by expanding its production capabilities. In order to remain competitive in the swiftly evolving market, the company is also investing in the development of next-generation display technologies, such as micro-LED and flexible displays.

Recent developments

• Samsung Electronics Co., Ltd. created the world's first touch-integrated OLED display in January 2023. It implemented touch-integrated panels as an alternative to plastic touch film. The On-Cell Touch AMOLED (OCTA) technology was developed to eliminate the necessity for distinct touch screen panels by directly integrating the touch sensor into the panel.
• In December 2023, LG Display Co., Ltd. introduced a 97-inch OLED display panel that, as a result of its substantial size, provides users with an enhanced cinematic experience. Furthermore, it also introduced a 77-inch 8K OLED panel that provides the maximum level of resolution by managing 33 million self-emissive pixels to produce exceptional ultra-high-resolution images.

Conclusion
After a banner year of growth in 2023, the display technology sector is set to continue its upward trajectory in 2024. With predictions showing a surge to $185 billion by the end of 2024, the global display industry was valued at around $170 billion in 2023. A handful of dominant players, including AU Optronics, Japan Display Inc., BOE Technology, LG Display, and Samsung Display, drove this expansion. With $30 billion in sales in 2023 and an anticipated $32 billion in 2024, Samsung Display dominated the industry. The business was ahead of the curve because of its dedication to organic light-emitting diode and quantum dot technology. Profits for LG Display, which dominated the market for large-size OLED panels, were expected to increase from $24 billion in 2023 to $26 billion in 2024. 

BOE Technology also achieved remarkable progress, with projected revenues increasing from $23 billion to $25 billion during the same time frame. This was mainly attributable to the company's innovations in LCD and OLED manufacture. Consumer electronics, the automotive industry, and manufacturing are the main markets for display technologies. Over 60% of the market in 2023 was occupied by consumer electronics, the most common of which were smartphones and televisions. Digital instrument clusters and head-up displays were among the most popular advanced display solutions in the automobile industry, which accounts for 20% of the market. Twenty percent came from business uses, such as digital billboards and medical imaging.