According to a recent report by Reports and Data, the global Foldable Display Market is predicted to reach USD 8,772.3 Million by 2028. The market's growth is being driven by the rising demand for consumer electronics such as smartphones and tablets. In addition, investments and advancements in the electronics and semiconductor industries have led to the development of technologies like OLED, AMOLED, and E-Papers, which are being used in the manufacturing of these devices.
Foldable devices offer a large display in a compact form factor that is perfect for immersive experiences like gaming, video watching, and reading. These devices are portable and enable more flexible multi-tasking due to their large displays. Foldable smartphones, in particular, offer a significant advantage of having a thin, lightweight, and unbreakable larger display. In 2018, smartphones accounted for the largest market share (~24%), followed by tablets. Royole Technology was the first to launch a foldable smartphone, named FlexPai, in October 2018.
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Television is forecast to have the highest CAGR of 61.8% during the forecast period, owing to the rapid investments and developments in the consumer electronics market. LG Signature OLED TV R, the first rollable OLED TV in the world, was announced in 2019. The TV can roll up into its base and has three viewing choices - full view, line view, and zero views, in which the display is entirely in the base.
The Asia Pacific region had the largest market share (~30%) in 2018 and is expected to continue dominating the market. Technological advancements and continuous developments in OLED technology are creating numerous opportunities for market growth in the region. Rapid developments in the consumer electronics industry in China and Japan will be significant drivers. Major players such as Samsung, Xiaomi Corporation, LG, and others are present in the region and will influence the market's growth in the coming years.
Driving factors of Foldable Display Market
- Growing demand for consumer electronics, particularly smartphones and tablets, which are incorporating foldable display technology.
- Technological advancements and developments in the electronics and semiconductor industries, which have led to the innovation of technologies like OLED, AMOLED, and E-Papers that are being used in the manufacturing of these devices.
- Portability and flexibility provided by foldable devices due to their larger displays, which enable immersive experiences like gaming, video watching, and reading, as well as more flexible multi-tasking.
- Increased investment and development in the consumer electronics market, particularly in the Asia Pacific region, which has become a hub for technological innovation and development.
- Potential productivity enhancements enabled by foldable displays, particularly in the case of foldable smartphones, which offer a larger screen and the ability to multitask.
- The introduction of unique form factors, such as rollable OLED TVs, which offer new possibilities for display and screen usage.
- The presence of major players like Samsung, LG, and Xiaomi Corporation, which are driving innovation and growth in the market through their investments and technological advancements.
Some of the notable innovations in the Foldable Display Market
Flexible OLED technology, which allows displays to be bendable and foldable, making it possible to manufacture foldable smartphones and tablets.
AMOLED (Active Matrix Organic Light Emitting Diode) technology, which is used in the manufacturing of foldable displays, and offers superior display quality and energy efficiency.
Rollable OLED TVs, which allow the TV screen to roll up into its base when not in use, enabling a unique form factor and flexible display usage.
E-Paper technology, which is used in foldable e-readers, providing a high-quality reading experience with a flexible and lightweight display.
Foldable laptop screens, which offer enhanced portability and flexibility in the use of laptops, and are being developed by major players like Lenovo and LG.
Innovative hinge mechanisms, which allow for smooth folding and unfolding of the displays, and are crucial to the success of foldable devices.
Key participants in the foldable display market include
LG Display Co., Ltd, Samsung Electronics Co., Ltd, Royole Corporation, Semiconductor Energy Laboratory Co., Ltd, Applied Materials, Inc., C3Nano, Inc., Altenergy Power System, Inc., Tianma Microelectronics Co., Ltd, Xiaomi Corporation, BOE Technology Group Co., and Visionox Technology Inc, among others.
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