Next Generation Display Market

Global Next Generation Display Market Size (2024 to 2029)

The size of the global next generation display market is anticipated to be worth USD 449.17 billion by 2029 from USD 252.38 billion in 2024, growing at a CAGR of 12.22% from 2024 to 2029.

Next generation displays are fancy screens that are way cooler than regular ones and offer better picture quality, show colors more vividly and use less energy. OLED displays are one of the examples of the Next generation displays that make colors pop, have great contrast and can bend and fold. These displays are used in things like super sharp smartphones, bendy TVs, and even medical devices for accurate pictures.

Next generation display market has witnessed remarkable growth in recent years. The consumer electronics sector, particularly in smartphones, tablets, and smart TVs have played a pivotal role in driving the demand for next-gen displays. The acceptance of these displays is evident in the market's rapid transition towards OLED technology, as consumers seek enhanced visual experiences.

Global Next Generation Display Market Drivers:

Technological advancements are one of the major factors driving the growth of the next generation display market. Technological advancements have been giving superpowers to displays and that's a big deal for the next generation display market. Technological advancements such as OLED (Organic Light-Emitting Diode) and MicroLED technologies make screens sharper, more colorful and even flexible. For instance, OLED displays can show deep colors and bend making your phone screen not just pretty but also bendy. These super-powered displays are upgrading from a basic car to a fancy and futuristic one. As technology keeps getting better, these displays will become more amazing and offer clearer pictures, vibrant colors and screens that can give a premium experience to the users.

The growing demand in consumer electronics is another major factor fuelling the growth rate of the global next generation display market. In today’s world, the demand for superior visual experiences has increased considerably and to address the growing demand, the manufacturers that operate in the consumer electronics sector have been adopting the latest technologies. As consumers increasingly crave more sophisticated visual experiences, the need for cutting-edge displays in devices like smartphones, tablets, and smart TVs has skyrocketed. For instance, the global smartphone market witnessed a substantial increase in demand, with sales reaching over 1.3 billion units in 2021. This surge directly translates into a growing appetite for advanced display technologies that offer sharper images, vibrant colors, and improved energy efficiency. Manufacturers that use consumer electronics are responding by integrating next generation displays, such as OLEDs that are known for their vivid colors and flexible designs, into their products.

The growing applications of next generation displays in diverse industries is further promoting the global market growth. The usage of next generation displays can be seen in healthcare, automotive, entertainment and other industries. In healthcare, the demand for high-resolution displays for medical imaging is on the rise, which indicates a strong market potential for advanced displays in the healthcare sector. In the automotive industry, the integration of next generation displays in interactive dashboards and heads-up displays is becoming increasingly common and this trend aligns with the growing focus on enhancing the driving experience and safety features. 

Global Next Generation Display Market Restraints:

On the other size, high manufacturing costs, limited availability of raw materials and technological challenges in production are hindering the next generation display market. Slow adoption rates in certain industries, regulatory compliance and standards and poor consumer awareness in some countries are further impeding the global market growth. Environmental concerns and competition from existing display technologies can show negative impact on the growth rate of the next generation display market during the forecast period.

REPORT COVERAGE:

This research report on the global next generation display market has been segmented and sub-segmented based on technology, material, application and region.

Global Next Generation Display Market – By Technology:

• OLED
• IPS
• TFT-LCD

Based on technology, the OLED segment held 40.1% of the global market share in 2023 and is anticipated to be the fastest growing segment in the global market during the forecast period. The domination of the OLED segment can be credited to the growing demand for high-quality displays in smartphones and televisions, continuous advancements in OLED manufacturing processes, rapid adoption of OLED in automotive displays, rising popularity of flexible and foldable displays and increasing applications in wearable devices and augmented reality (AR) technologies.

The IPS segment held 31.7% of the global market share in 2023 and is expected to grow at a CAGR of 7.94% during the forecast period in the global market. The growing usage of IPS panels in professional monitors and gaming displays is primarily driving the growth of the IPS segment in the global market. For instance, the sales of gaming laptops with IPS panels have been witnessing a 15% increase annually.

Global Next Generation Display Market – By Material:

• Substrate
• Polarizer
• Color Filter
• Liquid Crystal
• Backlighting Unit
• Emitter
• Organic Layer
• Encapsulation

Based on material, the organic layer segment accounted for 24.9% of the global market share in 2023. The lead of the organic layer segment is attributed to the growing adoption of OLED displays in smartphones, TVs, and wearable devices, technological advancements in organic materials for flexible and foldable displays and rising focus on eco-friendly display technologies with reduced environmental impact. The growing applications of organic layers in transparent displays and lighting and surge in research and development activities for improving organic layer performance are further favouring the growth rate of the organic layer segment in the global market.

The emitter segment was the second largest segment in the global market in 2023 and is expected to grow at a notable CAGR during the forecast period.

Global Next Generation Display Market – By Application:

• Smartphones
• Televisions and Monitors
• Smart Watches
• Automotive Displays
• Laptops and Tablets

Based on application, the televisions and monitors segment accounted for 37.2% of the global market share in 2023 and is predicted to showcase a CAGR of 6.44% during the forecast period. The growth of the televisions and monitors segment is primarily driven by the rising popularity of 8K TVs and quantum dot display technologies. For instance, the global shipments of 8K TVs were increased by approximately 50% in 2023. The rising demand for gaming monitors that have high refresh rates is further boosting the growth rate of the televisions and monitors segment in the global market.

Global Next Generation Display Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Based on region, APAC dominated the next generation display market and accounted for 36.9% of the worldwide market share in 2023. The domination of the APAC region in the global market can be attributed to the growing investments in new display manufacturing facilities and technologies and rising emphasis on 5G technology that boost demand for advanced displays. The APAC regional segment is estimated to register a promising CAGR during the forecast period. Factors such as rapid urbanization, increasing disposable income and growing demand for consumer electronics are further promoting the growth of the next generation display market in the Asia-Pacific region. China is the major player in the Asia-Pacific region and is expected to continue its lead in the APAC region through the forecast period.

North America is another promising regional segment for next generation displays and is expected to grow at a double digit CAGR during the forecast period. North America sees a solid demand from the consumers for advanced and cutting-edge display technologies. Factors such as the growing number of partnerships between display manufacturers and automotive companies, increasing investments in R&D for display technology advancements and rapid adoption of smartphones, smartwatches, and automotive displays are supporting the growth of the North American market.

Europe is anticipated to grow at a prominent CAGR in the global market during the forecast period. The awareness around the environmental impact of display technologies is growing rapidly in the European region, which is paying a way for the development of eco-friendly display technologies. An increase in the number of initiatives by the governments of European countries supporting research and development in display technologies and growing applications of displays in healthcare and industrial sectors across Europe are fuelling the growth rate of the European market.

KEY MARKET PLAYERS:

Philips, Sony, Universal Display Corporation (UDC), Kyocera, LG, Samsung Electronics, Nova, Apple Inc., Doosan Corporation, DowDuPont Inc., eLux Inc., Idemitsu Kosan Co., Ltd., Merck Group, LG Display Co. Ltd., Nanoco Group plc, Nanosys Inc., Novaled GmbH, Optovate Limited, PPG Industries Inc., and Plessey Semiconductors are some of the notable players in the global next generation display market. These companies have been occupying the major share of the global market and the domination of these companies in the global market is likely to continue during the forecast period.

RECENT HAPPENINGS IN THE MARKET:

• In November 2022, Philips, which is one of the leader companies in the global next-generation display market, launched a next-generation compact portable ultrasound solution at RSNA.
• In July 2023, Sony launched their A95L QD-OLED TV and made it available for preorder.