The global demand for display panel market is expected to reach a value of US$ 148,053.0 million in 2023, with a projected compound annual growth rate (CAGR) of 4.4% that will lead to a value of US$ 228,451.9 million by 2033. This growth can be attributed to the continuous advancements in consumer electronics. In the period from 2018 to 2022, the display panel market experienced a CAGR of 3%.
The display technologies industry offers thin film liquid crystal display (TFT-LCD) glass and other advanced display products that are used in applications such as televisions, smartphones, tablets, notebooks, wearable, gaming consoles, automotive, electronics, and other emerging technologies.
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The display industry is heavily driven by the demand for these end products. With the advancement in technologies, there is an increase in awareness among 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 for consumers to exchange messages or interact.
Display panels presently have multiple applications including in television screens, automobiles, smartphones, ATMs, smart wearables, and among 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.
Global Display Panel Market: Drivers and Challenges
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.
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 towards smart cities are further having a positive impact on the growth of the global display panel market.
Pricing pressure from online retailers and the maturing of the smartphone industry are among the prime challenges to be faced by the global display panel market in the forecast period.
Global Display Panel Market: Competition Landscape
Some of the key players in the 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.
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Key Segments Profiled in the Display Panel Industry Survey
Display Panel Market by Application:
- Flat Panel Display
- Car Navigation
- Smartphones
- Other Applications
Display Panel Market by Technology:
- LCD
- LED
- Other
Display Panel Market by Display Size:
- Small Screen Display
- Medium Screen Display
- Large Screen Display
Display Panel Market by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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