OLED Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

OLED Market Analysis

The OLED Market size is estimated at USD 28.14 billion in 2024, and is expected to reach USD 50.28 billion by 2029, growing at a CAGR of 12.31% during the forecast period (2024-2029).

• OLED technology enables the creation of emissive displays, allowing for individual control of each pixel, which emits its own light. Consequently, OLED displays are renowned for their superior picture quality, characterized by vibrant colors, rapid motion response, and, crucially, exceptional contrast levels.
• With the increasing technological developments in segments such as smartphones, automotive, smart wearables, and others, the adoption of OLED displays has been continuously increasing, demanding the players to invest in this technology through product innovation, expansion activities, mergers, acquisitions, collaborations, partnerships, etc.
• For instance, in August 2024, LG Display announced that it would take part in K-Display 2024 at COEX in Seoul, where it planned to showcase its distinctive competitive edge in OLED technology. Emphasizing the theme "A Better Future," the company plans to present innovative OLED solutions that deliver unique value to customers, featuring large-sized OLEDs tailored for television and gaming alongside ultra-large automotive display options designed specifically for software-defined vehicles (SDVs).
• The growing consumer electronics sector across the world drives the market growth. According to the GSMA report, the adoption rate of smartphones in the MENA region is projected to rise from 54% in 2018 to 74% by 2025. In Sub-Saharan Africa, smartphones are anticipated to account for 61% of all connections by 2025.
• Over the next decade, OLEDs are poised to supplant LCDs across a wide array of applications, from the compact screens of smartwatches to the expansive displays of television sets. OLED displays boast energy efficiency and sunlight readability, as well as offer a recycling process that is simpler than that of LCDs.
• Unlike LCDs, where backlighting is the primary source of illumination, OLED displays derive light from individual pixels. This unique feature allows OLEDs to achieve true, deep blacks by simply dimming or turning off specific pixels, leading to reduced power consumption. The combination of high brightness, low power usage, and superior contrast ratios are driving the widespread adoption of OLED technology across diverse applications.
• The initial attraction of OLED technology is limited by its high upfront costs, which could further impact the market growth. The production of OLED displays or lighting is costly due to the significant amount of materials required.
• Macroeconomic factors such as government regulations can affect the market growth. An OLED technology is governed by specific regulations concerning safety standards and environmental factors. These regulations do not substantially impede innovation or market expansion. Nonetheless, adherence to standards like the Restriction of Hazardous Substances (RoHS) and energy efficiency mandates may have some impact on manufacturing processes and product design.

OLED Market Trends

Mobile and Tablet Segment is Expected to Hold Significant Market Share

OLED Industry Segmentation

The term 'OLED' refers to an organic light-emitting diode. These devices utilize LED technology and incorporate an organic substance as the layer responsible for light emission. Organic LEDs are capable of delivering high-quality displays characterized by excellent contrast, wide viewing angles, and true black levels.

The study tracks the revenue accrued through the sale of OLED display and lighting products by various players in the global market. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.

The OLED market is segmented by product type (display and lighting), technology (passive matrix OLED and active matrix OLED), type (flexible, rigid, and transparent), application (mobile & tablet, television, automotive displays, smartwatches & wearables, digital signage/large format display, PC monitors and laptops, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for the above-mentioned segments.