In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
June 30, 2021: LG Electronics announced that its most premium LCD TV lineup, which consists of 8K QNED99 and QNED95 series models, along with 4K QNED90 series models, would be rolling out in markets worldwide in the month of July.
The global display component market is estimated to garner a revenue of USD 386173.3 Million by the end of 2029, up from a revenue of USD 283894.8 Million in 2020, by growing at a CAGR of 3.5% over the forecast period, i.e., 2021 – 2029. The growth of the market can primarily be attributed to the growing demand for smartphones worldwide. The sales of smartphones have grown significantly over the past few years, and crossed 1500 Million units in the year 2020. Moreover, smartphone ownership has also witnessed a surge in growth over the past few years, backed by the rapid advancements in cellular network technology and the need for advanced hand-held devices. According to the statistics by Pew Research Center, smartphone ownership in the United States grew from 35% on May 21, 2011 to 85% on February 7, 2021. Smartphones nowadays are equipped with different types of displays, such as AMOLED displays, LCD displays, and others, that comes with a variable refresh rate ranging up to 144Hz. The surge in sales of smartphones is therefore projected to drive the demand for display components, and in turn accelerate the market growth.
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The market is also anticipated to grow on account of the increasing utilization of LED displays for digital signage so as to enhance customer experience. The recent trends of miniaturization of these displays in terms of its thickness, followed by the growing demand for flat-panel display, along with the surge in the sales of television units worldwide, are also expected to contribute to the market growth. Besides this, the increasing use of displays in several medical equipment is also expected to enhance the market growth during the forecast period.
Regionally, the global display component market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst the market in these regions, the market in Asia Pacific is anticipated to garner the highest market share throughout the forecast period and further attain a market revenue of USD 173985.2 Million by the end of 2029, by growing with a CAGR of 3.2% during the forecast period. Further, in the year 2020, the market in the region generated a revenue of USD 131152.2 Million. Increasing population, rising urbanization, and the increasing adoption of televisions, smartphones, laptops, and others, are some of the major factors anticipated to drive the market growth in the region. According to the statistics by the World Bank, the total population in Latin America & Caribbean grew from 589932530 in the year 2010 to 652276325 in the year 2020. Moreover, the share of urban population in the region, according to the statistics by the World Bank, increased from 78.546% in the year 2010 to 81.118% in the year 2020.
The Latin America display component market is segmented by country in to Brazil, Mexico, Argentina, and the Rest of Latin America. Out of the market in these regions, the market in Brazil is anticipated to garner the highest market share and also reach a market revenue of USD 13622.2 Million by the end of 2029.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global display component market is segmented by technology into LCD display, LED display, OLED, plasma display, and others. Out of these, the LED display segment is anticipated to garner the largest market revenue of USD 184609.8 Million by the end of 2029. Alternatively, the OLED segment is anticipated to grow with the highest CAGR of 4.8% during the forecast period. The market is also segmented by microdisplays, small & medium sized, and large panels, out of which, the small & medium sized panels segment is expected to garner the largest market revenue of USD 184940.5 Million by the end of 2021. The market is also segmented by end-products into monitors, laptops, televisions, smartphones, tablets, automotive displays, and others. Among these segments, the smartphones segment is anticipated to garner the largest market revenue of USD 168789.8 Million by the end of 2029, up from a revenue of USD 133035.9 Million in 2020.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global display component market that are included in our report are LG Electronics, Innolux Corporation, NEC Corporation, Panasonic Corporation, AU Optronics Corp., Sony Corporation, Samsung Group, Leyard Group, BOE Technology Group Co., Ltd., and others.
Ans: The rising adoption of smartphones worldwide, along with the increasing utilization of display components in medical equipment are some of the major factors anticipated to drive the market growth.
Ans: The market is anticipated to attain a CAGR of 3.5% over the forecast period, i.e., 2021-2029.
Ans: The availability of alternatives is one of the major factors estimated to hamper the market growth.
Ans: The market in the Asia Pacific is anticipated to display significant growth opportunities in the near future.
Ans: The major players in the market are LG Electronics, Innolux Corporation, NEC Corporation, Panasonic Corporation, AU Optronics Corp., Sony Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology, panel size, and-products, and by region.
Ans: The smartphones segment is anticipated to hold the largest market revenue of USD 168789.8 Million by the end of 2029 and display significant growth opportunities in the future.