Organic Light Emitting Diode (OLED) Global Market Report 2024

The organic light emitting diode (oled) market size has grown rapidly in recent years. It will grow from $41.95 billion in 2023 to $47.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth observed in the historic period can be ascribed to various factors, including heightened consumer demand for electronics, augmented investments in the industry, decreased manufacturing costs, intensified market competition, and the emergence of flexible displays.

The organic light emitting diode (oled) market size is expected to see rapid growth in the next few years. It will grow to $78.02 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The anticipated growth in the forecast period can be attributed to several key factors, including the expansion of automotive displays, increased demand in healthcare and wearables, integration into smart homes, advancements in energy efficiency, and enhanced product durability. Notable trends expected in this period encompass the integration of mini-LED technology, continuous technological advancements, the incorporation of artificial intelligence (AI) and smart assistants, a focus on sustainable manufacturing practices, and the introduction of foldable OLED devices.

The anticipated growth of the OLED market is expected to be driven by the widespread use of smartphones. Smartphones, recognized as portable electronic devices facilitating internet browsing, text messaging, and phone calls, leverage OLED technology to provide users with benefits such as vibrant colors, deep blacks, power efficiency, flexibility, and an overall enhanced visual experience. As of the beginning of 2022, the UK Office of Communications reported a notable increase in mobile connections, reaching 71.8 million and representing a 3.8% rise from 2021. Additionally, projections suggest that by 2025, approximately 65 million people in the UK will own smartphones. Hence, the growing adoption of smartphones is a significant factor propelling the growth of the OLED market.

The OLED market is expected to experience growth due to increasing demand from the automotive industry. The automotive sector, encompassing the design, development, manufacturing, marketing, and sale of motor vehicles, has seen a rising utilization of OLEDs for their self-illuminating properties, providing vibrant colors, deep blacks, and wide viewing angles in applications such as instrument clusters, navigation systems, and infotainment screens. For instance, in February 2023, sales data from MotorCycles Data indicated a 4.9% increase in sales for Honda Motor Co., Ltd., a prominent Japanese automobile and motorcycle manufacturing company, reaching 17.6 million units with a 29.4% market share worldwide. This surge in demand from the automotive industry contributes significantly to the growth of the OLED market.

Product innovation stands out as a prominent trend gaining traction in the OLED market, with major companies actively engaged in developing groundbreaking products to maintain their market positions. An illustrative example is Lenovo, a China-based consumer electronics company, which introduced the Yoga Book 9i in January 2023. This dual-screen laptop features a full-sized OLED dual screen, showcasing unique capabilities to support creativity. Notable features include twin-screen flexibility, multi-mode functionality, and enhanced entertainment possibilities. The device's thin and light convertible form factor allows seamless transitions between laptop, tablet, and tent modes, enhancing user-friendly adaptability.

Strategic partnerships have become a focal point for major companies in the OLED market. In April 2023, Ferrari, the renowned Italy-based luxury sports car manufacturer, entered into a partnership with Samsung Display, a South Korea-based electronics company. This collaboration involves the integration of Samsung Display's OLED display panels in future Ferrari automobile models, showcasing the strategic synergy between these industry leaders.

In June 2022, Samsung Display, a leading South Korea-based electronics company, acquired Cynora GmbH, a Germany-based manufacturer of cutting-edge OLED components, for $300 million. This acquisition aims to improve Samsung's portfolio by enhancing the efficiency of blue sub-pixels in OLED panels, resulting in superior power efficiency, enhanced color reproduction, and higher resolution. These strategic initiatives highlight the dynamic landscape of the OLED market and the diverse approaches companies are taking to drive innovation and growth.

Major companies operating in the organic light emitting diode (oled) market report are Panasonic Corporation, Schneider Electric SE, Toshiba Corporation, BOE Technology Group Co. Ltd., LG Display Co. Ltd., Corning Incorporated, DuPont de Nemours Inc., AUO Corporation, Tianma Microelectronics Co. Ltd., Japan Display Inc., Truly Semiconductors Ltd., OSRAM Licht AG, Universal Display Corporation, Everdisplay Optronics (Shanghai) Co. Ltd., Futaba Corporation, Royole Corporation, Wisechip Semiconductor Inc., Kopin Corporation, Winstar Display Co. Ltd., OLEDWorks LLC, Newhaven Display International Inc., FlexEnable Limited, Luminescence Technology Corp., General Digital Corporation, Raystar Optronics Inc., Pixelligient Technologies LLC, Lumiotec Inc., Dresden Microdisplay GmbH, LXD Incorporated, Samsung Display Co. Ltd.

North America was the largest region in the OLED market in 2023. The regions covered in the organic light emitting diode (oled) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the organic light emitting diode (oled) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products stemming from OLED technology are displays and lighting. OLED displays stand out by not requiring a backlight, generating their own light source. This characteristic contributes to superior picture quality, reduced power consumption, albeit at a higher cost. Various technologies are employed, including Active-matrix OLED (AMOLED), passive-matrix OLED (PAMOLED), foldable OLED, white OLED, and transparent OLED. These OLED technologies cater to rigid, flexible, and other display panels utilized across diverse industries, such as consumer electronics, automotive, retail, industrial, commercial, aerospace and defense, healthcare, among others. The broad spectrum of applications underscores the adaptability and widespread adoption of OLED technology in multiple sectors.

The OLED research report is one of a series of new reports that provides OLED market statistics, including the OLED industry's global market size, regional shares, competitors with OLED market share, detailed OLED market segments, market trends and opportunities, and any further data you may need to thrive in the OLED industry. This OLED market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The OLED market includes revenues earned by providing services such as device management, content services, software updates, repair, and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The OLED market also includes sales of watches, notebooks, tablets, automobile displays, advertising displays, and virtual reality (VR) headsets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.