The electronic display market size is expected to reach USD 733.7 billion by 2022, according to a new report by Grand View Research, Inc. Surge in demand for electronic displays in number of applications including consumer electronics, digital signage, and automation, is expected to drive the market over the forecast period. Growing demand for screens equipped with high-resolution displays is anticipated to drive growth for mobile devices such as smartphones and tablets.
Growing adoption of 3G and 4G communication technologies owing to their affordability, along with the availability of Wi-Fi in private as well as commercial spaces has positively impacted the popularity of video streaming, thereby opening new avenues for market growth.
There have been significant advances in electronic display technologies over the past few years. Cathode ray tubes were prominently used in the electronic display market for several years until they were replaced by more advanced plasma, LCD, and LED display technologies.
LED and OLED displays experienced high market penetration over the last few years, and are expected to witness similar trends over the forecast period. Flourishing mobile commerce and gaming markets have resulted in growing demand for smartphones and tablets with high-resolution screens.
However, manufacturer responsibilities have increased owing to the enforcement of the Restriction of Hazardous Substances (RoHS) and Waste Electronics and Electrical Equipment (WEEE) standards. The standard intends on decreasing the amount of hazardous e-waste, which may negatively impact the environment.
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Further key findings from the study suggest:
- OLED technology segment is expected to grow at a CAGR of over 15% over the forecast period. OLED displays offer benefits such as high resolution and ultra-high clarity to enhance the value proposition for consumers. These factors have led to increased adoption of AMOLED displays in smartphones. In addition, several OLED makers including BOE display and CSoT in China are heading towards increasing OLED TV production, which is expected to fuel its growth over the future.
- Consumer electronics application contributed to over 50% the overall global revenue shares in 2014. Increasing penetration of consumer electronics is expected to witness healthy growth in Asia Pacific. Proliferation of m-commerce and gaming are anticipated to contribute towards smartphone and tablet growth, which in turn drive the electronic display demand over the next few years. Increasing demand for LED and OLED TVs is also expected to propel the industry growth.
- Retail industry in end-use segment is expected to witness a CAGR of 12.3% over the forecast period. Retailers across the U.S. and Europe are widely adopting digital signage solutions for effective customer targeting. Combined with customer smartphone apps and in-store discounting, digital signage provides significant advantage to the retailers in terms of capturing customer attention and marketing strategy.
- Asia Pacific regional market is expected to grow at a CAGR of close to 15% over the forecast period. Major manufacturers in the industry are based in countries from the Asia Pacific region, such as Taiwan and China, owing to cheap labor and higher production capacities. This has led to an increased adoption if electronic displays in the region.
- Key industry participants include AU Optronics Corp., Cambridge Display Technology Ltd., LG Display Co., Mitsubishi Electric Corporation, Panasonic Corporation, Sony Corp., and Toshiba Corp.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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