Worldwide foldable display market is anticipated to surpass US $18 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Constant developments and technological advancements in the OLED technology are creating several growth opportunities for foldable display market. Display technology has changed a lot in the recent years with the transition from LCDs to LEDs and now to OLEDs. OLED devices are thinner with wider viewing angle, faster response rate, and better picture quality. Flexible OLED displays are being commercialized by adoption in smartphones and PCs.
Foldable displays use metal or plastic foils as substrates making them lightweight and durable. The ability of these displays to enhance device factors will augment the market growth in the upcoming years.
Smartphone manufacturers have launched many prototypes for their foldable devices on which the market players are reportedly working. Citing an instance, Samsung and Xiaomi launched their foldable smartphones/tablets at the CES 2019. Other smartphone manufacturers like Motorola and Apple are following the same trend, while Huawei, in 2019, announced the plan of launching its first foldable smartphone with 5G capabilities. Increasing research and development in flexible materials and foldable displays is boosting the foldable display market growth.
However, high cost of these displays will result in slow adoption limited to smaller devices for the time being. The foldable display industry is presumed to grow on account of the technical knowledge of device manufacturers to incorporate the product in their different design offerings, validating its usefulness and practicality.
Based on the regional landscape, North America is predicted to be one of the eminent markets for foldable displays due to the booming smartphone industry in the U.S. American customers are at the forefront of adopting technically advanced devices, hence fostering the foldable display market in the region. High spending power of American households makes it a focus area for foldable device manufacturers owing to the high price associated with the devices.
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Moreover, Europe foldable display market is projected to experience substantial growth over the forecast period, due to the strong demand for Samsung high-end smartphones, Apple iPhone, and Chinese smartphones.
The key players of foldable display market include Tianma, Samsung,LG, Royole Corporation, BOE, and Apple among others. These companies are increasingly investing in R&D activities to enhance the durability, flexibility, and compatibility of foldable devices in order to mass produce. Furthermore, players are focusing on amplifying their OLED production capacities to meet the growing demand.