Organic Light-Emitting Diode Market Size 2024-2028

The organic light-emitting diode (OLED) market is estimated to increase by USD 65.78 billion, at a CAGR of 18.52% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. Firstly, the increasing number of patent-related activities by market players are fueling innovation and competition in the industry. Secondly, the adoption of OLED displays in the automotive sector is on the rise due to their superior performance and energy efficiency. However, the market also faces challenges, including the availability of less expensive substitutes, such as LCD and Quantum Dot LED displays. Despite this, the future looks bright for OLEDs, with advancements in technology and manufacturing processes expected to drive down costs and expand their applications in various industries. Overall, the OLED market is poised for continued growth, underpinned by its unique advantages in terms of brightness, color accuracy, and power efficiency.

What will be the size of the Market During the Forecast Period?

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Market Dynamics

The market is witnessing rapid advancement due to the unique features offered by OLED technology. OLED displays, different from LCDs and LED, use organic materials as conductors to emit light. This results in high contrast ratio, wide viewing angles, fast motion, and bright controls, making OLED displays ideal for various applications. Smartphones and televisions are the major consumers of OLED technology due to their demand for high image quality and flexibility. In consumer electronics, OLED displays are increasingly being used in wearables and automotive displays. The automotive industry is a new and emerging market for OLED technology, with luxury car manufacturers adopting it for their dashboard displays. OLED technology's transparency and flexibility make it suitable for lighting solutions as well. The organic LED market is expected to grow significantly due to the increasing demand for OLED displays in various applications. Traditional display technologies are being surpassed by OLED displays, providing better display quality and user experience. The high cost of OLED displays is a major factor limiting their widespread adoption, but ongoing research and development are expected to bring down costs and expand the market.

Key Market Driver

The increasing number of patent-related activities by market companies is notably driving market growth. A patent is a license that confers the right or title for a fixed period; therefore, obtaining a patent prevents any other person/s or company from making, using, or selling an invention. Several firms are focusing on obtaining patents on displays. These patents allow the firms to protect their IPR, thereby preventing competitors or new entrants from copying their ideas, inventions, technologies, and others.

Some of the major firms that have obtained patents for displays are Samsung Electronics, Universal Display Corp. (Universal Display), and Apple. An increase in patent-related activities results in the development of innovative products. Hence, the increase in the number of patent-related activities will accelerate the development and commercialization of products. This will drive the growth of the market during the forecast period. 

Significant Market Trend

The increasing prevalence of smart TVs is the primary trend in the market. Smart TVs currently employ technology, which delivers efficient and stunning lighting panels. A smart TV is a digital television that is linked to the Internet. It is essentially a standard television set plus Internet and interactive Web 2.0 features. Users may use this to stream music and movies, as well as surf the internet and view images. Smart TVs can deliver internet TV, over-the-top (OTT) content, on-demand streaming, online interactive media, and much more in addition to standard television features.

According to a Cisco analysis, online video streaming accounted for 90% of internet traffic in 2019. Smart TVs are altering the notion of entertainment and revolutionizing the entertainment business for these reasons. Owing to the increased disposable income as a result of global economic growth, the adoption of premium items such as curved TVs increased, which, in turn, will fuel the growth of the market during the forecast period. 

Major Market Challenge

The emergence of quantum dot technology is the major challenge impeding the market growth. Quantum dots are semiconductor nanocrystals with dimensions less than 10 nm. Presently, these are used in various applications such as displays, LED lighting, and solar cells. In-display applications, quantum dots are used only to filter light from LEDs to backlight LCDs. High colour purity, high efficiency, and low power consumption make them one of the most promising technologies for display applications. 

The adoption of quantum dots technology is primarily witnessed in UHD TVs. Several TV manufacturers such as Samsung Electronics, LG Electronics, Haier, and Sony are developing quantum-dot-based 4K and 8K LCD TVs due to the higher cost benefits than this technology. Thus, the emergence of quantum dot technology for manufacturing LCD TVs is a major threat to the growth of the market during the forecast period. 

Key Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Visionox Co. - The company offers organic light emitting diode solutions such as 17.3 inch UHD 4K Ink Jet Printing Display.

The market forecast report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• AU Optronics Corp.
• BOE Technology Group Co. Ltd.
• Futaba Corp.
• Innolux Corp.
• Japan Display Inc.
• Konica Minolta Inc.
• Kopin Corp.
• Kyocera Corp.
• LG Electronics Inc.
• Lumiotec Inc.
• Nippon Seiki Co. Ltd.
• OLEDWorks LLC
• OSRAM GmbH
• RiTdisplay Corp.
• Samsung Electronics Co. Ltd.
• Sharp Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Market?

The market share of the OLED display segment will be significant during the forecast period. Prominent LCD companies are shifting toward production due to the declining average selling price (ASP) of LCD panels, which results in low profit margins. Hence, companies such as Samsung Electronics and LG Electronics are shifting toward display manufacturing due to higher profitability. Furthermore, there is an increased acceptance of displays by end-users, which has encouraged display manufacturers to invest in OLED fabrication units. 

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The OLED display segment was valued at USD 28.52 billion in 2018. OLED display panels are increasingly being integrated into consumer electronics devices such as smartphones, tablets, wearables, TVs, and automobiles. Therefore, the increasing demand for these devices will have a significant impact on the market. 

Which are the Key Regions for the Market?

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APAC is estimated to contribute 59% to the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing demand for consumer electronic devices in the region is providing growth opportunities to companies. In 2023, APAC dominated the global smartphone market with major OEMs, such as Huawei Technologies, Lenovo Group Ltd. (Lenovo Group), HTC Corp. (HTC), Guangdong OPPO Mobile Telecommunications Corp. Ltd. (Guangdong OPPO Mobile Telecommunications Corp. Ltd.), Samsung Electronics, Xiaomi Corp. (Xiaomi), and ZTE Corp. (ZTE), accounting for the majority of the revenue share. These smartphone manufacturers have well-established production facilities in the region.

Further, most OEMs prefer APAC for setting up manufacturing facilities because of the easy availability of raw materials and cheap labor. The rise of urbanization has driven the adoption of high-quality OLED displays in HUDs, instrument clusters, and central stack displays, offering superior visual clarity and energy savings compared to traditional LED-based lighting. This is expected to have a positive impact on the market in the region as consumer electronic device OEMs have started releasing products integrated with displays. 

Segment Overview

• Product Outlook
  • OLED display
  • OLED lighting

• Type Outlook
  • Rigid
  • Flexible

• Region Outlook
  • APAC
    • China
    • India
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The Organic Light-Emitting Diode (OLED) market is a significant segment in the display technology industry, offering numerous advantages over Traditional display technologies such as LCDs and LED. OLED displays, utilizing organic molecules and conductors, present superior image quality with high contrast ratio, wide viewing angles, and fast response time. OLED technology is extensively used in various applications including Smartphones, Televisions, Wearables, Automotive displays, Lighting solutions, and Consumer electronics. OLED displays offer thinner, lightweight, and design-flexible solutions for Smartwatches, Tablets, Automotive dashboards, Infotainment systems, Electric vehicles (EVs), Foldable smartphones, Curved TVs, Rollable displays, and Wearable devices. Key benefits of OLED technology include uniform illumination, color rendering, cost reduction, and environmental considerations. OLED lighting solutions provide excellent sustainability and energy efficiency. The market for OLED is expected to grow significantly due to its unique features and increasing demand for advanced display technology in various industries.

Further, OLED displays offer several advantages over LCDs and LEDs, including high contrast, wide viewing angles, fast response time, and uniform illumination. These features make OLED displays ideal for applications requiring high image quality and fast motion, such as gaming and video streaming. Additionally, OLED displays offer bright controls and can be easily integrated into various applications due to their thinness and lightweight design. In summary, the Organic LED market is a growing and innovative segment in the display technology industry, offering numerous advantages over traditional display technologies. OLED displays are used in various applications, including Smartphones, Televisions, Wearables, Automotive displays, Lighting solutions, and Consumer electronics, due to their superior image quality, design flexibility, and environmental considerations.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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