Display Panel Market Outlook (2023 to 2033)

Global display panel market demand is anticipated to be valued at USD 148,053.0 million in 2023, forecast a CAGR of 4.4% to be valued at USD 228451.9 million from 2023 to 2033. Growth is attributed to the increasing advancement in consumer electronics. From 2018 to 2022, a CAGR of 3% was registered for the display panel market.

The display technologies industry offers thin film liquid crystal display (TFT-LCD) glass and other advanced display products which are used in applications such as televisions, smartphones, tablets, notebooks, wearable, gaming consoles, automotive, electronics, and other emerging technologies.

Data Points Key Statistics
Growth Rate (2018 to 2022) 3.0% CAGR
Projected Growth Rate (2023 to 2033) 4.4% CAGR
Expected Market Value (2023) USD 148,053.0 million
Market Value (2033) USD 228451.9 million
Category Application
Leading Segment Display panel for Flat Panel Display
Market Share 29.5%
Category Technology
Leading Segment LED Display Panel
Market Share 43.4%

The demand for these end products heavily drives the display industry. With the advancement in technologies, there is an increase in awareness among the customers about the display panels or touch screens that enable them to interact with a computer. The display panel acts as a display screen that showcases control components and offers a platform to the consumers to exchange messages or interact.

Display panels have multiple applications, including in television screens, automobiles, smartphones, ATMs, smart wearables, and others. Adoption and awareness of many other devices are directly interlinked to the display panel market, such as smart devices, televisions, infotainment systems in automobiles, etc.

Global television shipment has been experiencing slow growth recently, at the same time, applications in various other devices, such as smartphones and gaming consoles, are increasing, which is negating the impact on the growth.

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Which are Some Prominent Drivers Spearheading Display Panel Market Growth?

Increasing Application of Display Panels in Different Sectors Provide Opportunity for the Growth of the Market

The application of display panels across various sectors, such as education and government offices, retail, and hospitality, is expected to boost the revenue of global display panels in the coming years.

Liquid Crystal Display (LCD) is gaining popularity as it is energy efficient and also offers better picture quality than other technologies. Flat panel display technology is also gaining popularity in the education system, hence flat panel display manufacturers are also working on developing interactive flat panel displays.

The emergence of multi-touch screens, reduction in replacement cycles, and changing consumer usage patterns are expected to drive the growth of display panels in the forecast period. Increasing demand in the automotive segment, technological advancements, and government initiatives toward smart cities is further positively impacting the growth of the global display panel market. Increasing demand for display panels from AR/VR, military, and defense is driving the market for display panels.

What are the Challenges Faced by the Display Panel Industry?

One of the major challenges of the display panel market is the higher cost and thickness of the display of these devices as compared to other modules. The display panel market is expected to witness sluggish and unpredictable growth owing to a quantitative decline in the number of LCD displays.

Moreover, financial uncertainty and macroeconomic situations around the world, such as fluctuating currency exchange rates and economic difficulties, are some of the major factors hindering the growth of the display panel market. However, increased competition from alternative technologies and LCD panel complex structures is likely to limit the growth of the display panel market.

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Sudip Saha

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Why is North America Emerging as an Opportunistic Display Panel Market?

Presence of Leading Manufacturers in the Region Boost the Growth of the Market in North America

As per FMI, the North American market is slated to account for 35.9% of the total market share. The rise in consumer demand for large LCD televisions, increasing the screen size of smartphones, and growth in the development of automotive displays are some of the factors driving demand for a display panel in the United States

Key players in the country have been developing, producing, and selling high-quality display panels. These display panels are implemented in different industry verticals such as automotive, entertainment, medical, and others. The manufacturers of the display panel are constantly undergoing product advancements as the factors such as increasing production of consumer electronics are creating a huge opportunity for display panels to drive the growth of the world display panel market.

The key factor for driving the display panel market in North America is the presence of major industry players. There is an increase in adoption of the touchscreen display panel in the country from video display device manufacturers. Such factors are contributing to the growth of the display panel market. For instance, in February 2022, Microtips Technology, the leading global manufacturer and supplier of LCD Modules, launched MTD0200DDP03RF-1, a great 2.0-inch IPS display for small projects. Also produce a full gamut of TFT Display Modules, Active Matrix and Passive Matrix OLED Modules, Graphic and Character Monochrome LCD Modules, and Fully Custom LCD Modules.

How is Europe Contributing to the Growth of the Display Panel Market?

Growing Use of LCD Displays in Region Drives the Sales of Display Panel Market During Forecasting Period

According to Future Market Insights, Europe is expected to provide immense growth opportunities for the display panel market due to an increase in the adoption of consumer electronics devices, including televisions, mobile devices, laptops, tablets, and desktop monitors. The European display panel market accounts for 24.7%share of the total global market

The demand for display panels has risen dramatically. The increasing usage of LCD displays in various industries in these regions is boosting the display panel market. Moreover, rapid advancements being made in technology coupled with increasing investments in Research and Development are anticipated to drive the market further.

There is a surge in demand for OLED displays in regions due to advantages like viewing angles and black levels. Smartphone manufacturers are developing foldable phone models that incorporate flexible OLED displays. This is likely to further have a massive potential for display panel growth over the forecast period.

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Will the Asia Pacific emerge as an Attractive Display Panel Market?

Advancement in the Education Sector in The Region to Boost the Growth of the Display Panel Market

The Asia Pacific is anticipated to gain market share during the forecast period. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by local players, especially in China and India, are expected to propel the display panel market in the region.

The development of education infrastructure in Japan, China, and India also creates an opportunity for manufacturers to offer advanced interactive display panels. Governments in various countries in the region are also taking initiatives to modify education systems and make them technologically advanced. Governments are also investing in buying materials that are essential in interactive learning, including flat panel displays, tablets, etc. The increasing popularity of e-learning is driving the adoption of display panels to deliver content interactively.

With the rise in the development of smart classrooms and the adoption of new technologies to enhance the learning experience, the education sector is focusing on adopting interactive methods in countries like China and India. For instance, in the Union Budget 2021-22, the Indian government established the National Digital Educational Architecture (NDEAR) to strengthen digital infrastructure and support activities related to education planning.

Start-up Scenario

The new entrants in the display panel market are continually indulging in several collaborations and highly investing in research and development activities to provide more convenient solutions to industry verticals. Some of the major start-ups that are leading the development of the market are –

Shijiazhuang Dianguang Hi-tech Electronics Co., Ltd, STONE Technology co., ltd., Teronix India Private Limited, RandServ Systems Pvt Ltd., Royal Display India and Vision Display Pvt. Ltd.

  • Royal Display India is a TFT display supplier and manufacturer based in Mumbai. Royal Display offers a comprehensive range of products. This includes the following: TFT module, TFT-LCD display, LCD screen module, Touch screen LCD display, Industrial LCD display modules, and OLED display modules

Market Competition

Some of the key participants present in the global display panel market include

Sony Corporation, Panasonic Corporation, Corning Incorporated, LG Electronics Inc., Asahi Glass, Nippon Electric Glass, Samsung Electronics Co. Ltd., Innolux Corporation, Sharp Corporation, and HannStar Display Corporation among others.

Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Sony Corporation, Panasonic Corporation, Corning Incorporated, LG Electronics Inc., Asahi Glass, and Nippon Electric Glass account for considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.

  • In May 2020 - Samsung Electronics unveiled its latest lineup of MicroLED, QLED 8K and Lifestyle TVs ahead of CES 2020. With the introduction of new display sizes, 8K AI upscaling capabilities, innovative display orientation technology, and more, Samsung showcased how its 2020 offerings redefine immersion and revolutionize home integration.
  • In June 2022 - LG Electronics (LG) will unveil its latest lifestyle OLED TVs, the LG OLED Objet Collection.LG has teamed up with premium Dutch lifestyle brand, Moooi, to showcase a stylish, modern living solution. The resulting collaboration, which embraces Moooi’s signature ‘A Life Extraordinary’ exhibition theme, features the perfect pairing of LG’s latest lifestyle TVs and Moooi’s extraordinary design products.

Report Scope

Report Attribute Details
Growth Rate CAGR of 4.3% from 2022 to 2032
Expected Market Value (2023) USD 148,053.0 million
Anticipated Forecast Value (2033) USD 228451.9 million
Base Year for Estimation 2022
Historical Data 2017 to 2022
Forecast Period 2023 to 2033
Quantitative Units Revenue in USD million and CAGR from 2022 to 2032
Report Coverage Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered Application, Display Size, Technology, Region
Regions Covered North America; Latin America; Europe; Asia Pacific; Middle East and Africa
Key Countries Profiled USA, Canada, Mexico, Brazil, Germany, Italy, France, UK, Spain, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel
Key Companies Profiled Sony Corporation; Panasonic Corporation; Corning Incorporated; LG Electronics Inc.; Asahi Glass; Nippon Electric Glass; Samsung Electronics Co. Ltd.; Innolux Corporation; Sharp Corporation; HannStar Display Corporation; Toshiba Corporation; Hisense; AU Optronics Corporation
Customization Available Upon Request

Key Segments Profiled in the Display Panel Industry Survey

Display Panel Market by Application:

  • Display Panel for Flat Panel Display
  • Display Panel for Car Navigation
  • Display Panel for Smartphones
  • Display Panel for Other Applications

Display Panel Market by Technology:

  • LCD Display Panel
  • LED Display Panel
  • Other Display Panel Technologies

Display Panel Market by Display Size:

  • Small Screen Display
  • Medium Screen Display
  • Large Screen Display

Display Panel Market by Region:

  • North America Display Panel Market
  • Latin America Display Panel Market
  • Europe Display Panel Market
  • Asia Pacific Display Panel Market
  • Middle East and Africa Display Panel Market

Frequently Asked Questions

How Big is the Display Panel Market?

The market is valued at USD 148,053.0 million in 2023.

Who are the Leading Manufacturers in the Display Panel Market?

Corning Incorporated, LG Electronics Inc., and Asahi Glass are the industry’s key companies.

What is the Growth Forecast for the Display Panel Market?

The market is forecast to register a CAGR of 4.4% through 2033.

What is the Market Share of North America?

North America’s market is slated to account for 35.9% of the total market share.

What is the Growth Outlook for the Industry in Europe?

Europe’s display panel market accounts for a 24.7% share of the total global market.

Table of Content
	1. Executive Summary
	2. Market Overview
	3. Market Background
	4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
	5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
		5.1. Flat Panel Display
		5.2. Car Navigation
		5.3. Smartphones
		5.4. Other Applications
	6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology
		6.1. LCD
		6.2. LED
		6.3. Other Display
	7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Display Size
		7.1. Small Screen Display
		7.2. Medium Screen Display
		7.3. Large Screen Display
	8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
		8.1. North America
		8.2. Latin America
		8.3. Western Europe
		8.4. Eastern Europe
		8.5. South Asia and Pacific
		8.6. East Asia
		8.7. Middle East and Africa
	9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	16. Key Countries Market Analysis
	17. Market Structure Analysis
	18. Competition Analysis
		18.1. Sony Corporation
		18.2. Panasonic Corporation
		18.3. Corning Incorporated
		18.4. LG Electronics Inc.
		18.5. Asahi Glass
		18.6. Nippon Electric Glass
		18.7. Samsung Electronics Co. Ltd.
		18.8. Innolux Corporation
		18.9. Sharp Corporation
		18.10. HannStar Display Corporation
		18.11. Toshiba Corporation
		18.12. Hisense
		18.13. AU Optronics Corporation
	19. Assumptions & Acronyms Used
	20. Research Methodology
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