Thin Film Transistor Liquid Crystal Display Market Size 2024-2028 

The Thin Film Transistor (TFT) Liquid Crystal Display (LCD) Market size is projected to increase by USD 48 billion at a CAGR of 5.58% between between 2023 and 2028. The market's growth rate is influenced by various factors, such as the increasing popularity of digital signage applications, production capacity expansions by TFT LCD vendors, and the growing demand for high-performance displays. These elements shape the market landscape, reflecting the evolving preferences and needs of consumers and businesses. As digital signage applications gain traction and thin film transistors (TFTs)  LCD companies expand their production capabilities, the market anticipates continued growth opportunities in the high-performance display sector.

Moreover, the market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including, E Ink Holdings Inc., FORMIKE ELECTRONIC CO. LTD., Fujitsu Ltd., Hannstar Display Corp., Hitachi Ltd., Japan Display Inc., LG Electronics Inc., Midas Components Ltd., Orient Display USA Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sharp Corp., Sony Group Corp., TCL Electronics Holdings Ltd., Tianma Microelectronics Co. Ltd., Toshiba Corp., Truly International Holdings Ltd., and WINSTAR Display Co. Ltd . Additionally,  AUO Corp. company offers thin film transistor liquid crystal display such as small and medium-sized TFT LCDs for mobile devices, large sized TFT LCDs for televisions and computer monitors and industrial TFT LCDs for use in harsh environments.

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

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Market Dynamics 

The market is driven by the proliferation of consumer electronic goods such as handheld video games, projectors, and navigation systems. Emerging trends include advancements in TFT technology, leading to high-resolution displays and flexible electronics. However, challenges persist, such as the demand for low power consumption and improved response time. Additionally, the integration of TFTs in medical science for applications like X-ray detection and biochemical sensing presents both opportunities and obstacles in terms of precision and reliability. Overall, the market is poised for growth amidst evolving consumer needs and technological innovation. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

Production capacity expansion by companies is the key factor driving the market. Market players are moving toward the production of high-resolution displays for notebooks, smartphones, tablets, and TVs. To meet the growing demand for thin film transistor LCDs, display manufacturers are increasing their production capacity.  Companies are working on ramping up their TFT LCD fabs.

For example, in November 2022, BOE Technology Group Co. Ltd. announced its investment in a Gen 6 low-temperature polysilicon (LTPS) TFT LCD fab for various display applications. The LTPS TFT LCD fab focuses on VR, automotive, and mobile computing, with a planned capacity of 50,000 sheets of substrates per month. Thus, such production capacity expansion by companies will drive market growth during the forecast period.

Significant Market Trends

The launch of new products is the primary trend shaping the market. The market players are continuously launching new products to increase their market share and geographical presence. For instance, in January 2023, Samsung announced its plan to launch an 89-inch LTPS TFT-based microLED TV in the third or fourth quarter of 2023, which is Samsung's first MicroLED TV to use an LTPS TFT glass substrate instead of a printed circuit board.

Likewise, in May 2022, BOE Technology Group Co. Ltd. announced the launch of a new 95-inch OLED screen with 8K resolution and 120 Hz refresh rate. The 95-inch OLED screen uses BOE super-sized OLED oxide rear panel technology, which is based on various technologies, such as ultra-thick metal coating technology, deep hole etching technology, and optimization of the oxide TFT structure. Thus, the launch of new products is expected to drive the growth of the market during the forecast period.

Major Market Restrain

Supply chain disruptions are a major challenge that affects market expansion. Due to the intricate and interrelated production processes, supply chain disruptions are a significant challenge. TFT LCD manufacture entails procuring a variety of crucial materials and components from many sources across the globe. Natural disasters, geopolitical tensions, and unanticipated events, such as the COVID-19 pandemic, trade wars, Russia-Ukraine war, can all have a significant impact on the supply of these materials and components. Shortages or delays in the supply chain can affect manufacturing schedules, thereby delaying product launches or delivery dates.

Furthermore, manufacturers may face higher costs for expediting shipments or seeking alternative suppliers, impacting overall profitability. Furthermore, the intricate nature of the supply chain, which includes numerous layers of suppliers, makes it difficult to efficiently detect and mitigate risks. As a result, stakeholders in the market continue to prioritize managing and reducing supply chain disruptions. Owing to such factors, the market is expected to witness hindrances during the forecast period.

Market Segmentation

 By Application

The market share by the television segment will be significant during the forecast period. Technological advancements in televisions have spurred demand for high-resolution displays, enhancing picture quality. Moreover, the proliferation of IoT and smart technologies has fueled the adoption of smart TVs featuring TFT displays, offering enhanced user experiences and greater functionality. These factors underscore the prominence of the television segment in the market.

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The television segment showed a gradual increase in the market share of USD 78.40 billion in 2018. Furthermore, rising consumer demand for TFT LCD televisions stems from their advanced features, including high resolution, superior color contrast, and wider viewing angles, enhancing the overall viewing experience. Key players like Samsung Electronics Co. Ltd. are continually integrating cutting-edge TFT LCD technologies like quantum dot and micro-LED to enrich television displays, further propelling the segment's growth and subsequently driving the  TFT-LCD market forward.

Market Segmentation By Type

The large displays?segment will account for the largest share of this segment.? Large TFT LCDs, exceeding standard sizes, offer superior resolution and color accuracy through individual pixel control. Their demand surged recently, buoyed by digital signage adoption in retail, transportation, and public sectors. In automotive, they enhance dashboards and infotainment systems, while healthcare relies on them for precise medical imaging. As diverse industries seek high-resolution displays for varied applications, manufacturers innovate larger, higher-quality displays to cater to growing demand, potentially driving the thin film transistor liquid crystal display (TFT LCD) market growth.

Regional Overview

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APAC is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. North America, known for its early tech adoption, witnesses a surge in TFT LCD usage, notably in education and connected devices like smartwatches. The US, a leading tech market, drives TFT LCD adoption, fueled by advancements across sectors. The region's affinity for connected devices and digital signage, particularly in retail, further propels TFT LCD demand. Moreover, with major automotive OEMs planning TFT LCD integration in vehicles, North America anticipates substantial growth in the thin film transistor liquid crystal display (TFT LCD) market.

Market Customer Landscape

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

Global Market Customer Landscape

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.

• BOE Technology Group Co. Ltd.: The company offers thin film transistor liquid crystal displays such as Gen 10.5 TFT LCD for automotive, marine, aviation, and consumer markets.

Market analysis and report of 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.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Application Outlook
  • Television
  • Mobile phones
  • Monitors
  • Others

• Type Outlook
  • Large displays
  • Small and medium displays

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

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Market Analyst Overview

The market is experiencing significant growth, driven by the smartphone and tablet proliferation. This expansion extends to diverse applications, including electronic readers and smart cities, where TFT technology plays a pivotal role. Key to this advancement is the development of high resolution TFTs and Flat Panel Displays (FPDs), enabling features like low refresh rate and large dimension flat panels. TFTs are also vital components in various devices, from computers and laptops to video system and 4K UHD TV panels. Moreover, TFT-LCD technology finds applications beyond traditional displays, such as X ray detection and other non-LCD applications, driving growth in the semiconductor manufacturing industry and fostering innovation among SMEs manufacturers. Within these displays, components like the Field effect transistor (FET), along with layers such as the Semiconductive layer, Dielectric layer, and Conductive layer, ensure efficient operation and exceptional visual performance. Further, the market is witnessing remarkable advancements driven by innovations like large e thin film transistor (TFTs), which enable the creation of open cell LCD TV and smartphone display panel. While these technologies dominate the consumer electronics sector, TFT-LCD displays also find applications in non LCD applications such as electronic control devices.

Moreover, crucial components like the gate, source, and drain within TFTs ensure efficient operation and performance. As demand surges across various industries, TFT-LCD technology continues to evolve, promising enhanced visual experiences and improved functionalities for a wide range of electronic devices. In the realm of consumer electronics, Thin Film Transistor (TFT) Liquid Crystal Display (LCD) technology stands as a cornerstone, powering various devices such as handheld video games, television screens, and personal digital assistants. These displays, based on TFT technology and flat panel display (FPD) advancements, offer high resolution and low power consumption, making them ideal for applications in projectors, navigation systems, and matrix display technology. With the advent of flexible electronics and organic TFT technology, TFT LCDs find their way into diverse fields including robotics, medical science, and microelectronic devices. Their capabilities extend to X-ray detection, biochemical sensing, and chemical sensing, showcasing their versatility and importance in modern computing and display systems.

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What are the Key Data Covered in this Market Research Report?

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

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