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.
OLED is known as organic light emitting diodes. It is an advanced display screen technology which is made of carbon containing materials in order to enhance the display. OLED displays established significance in numerous sectors such as healthcare and medical, automobile, consumer electronics and designing sectors and changing the display technology. Rapid pace in urbanization across the globe and growing preference of consumer towards advanced, lightweight and durable televisions and rise in adoption of energy efficient and advanced electronics are likely to propel the growth of OLED TV market in near future. Technological advancements in electronics and semiconductors offers the advantages in terms of product shape, light weight and durability of OLED TV’s. Increase in funding in research and development in order to develop light weight, brighter and durable OLED TV’s.
The global OLED televisions market reached USD 4.1 Billion in 2016 and the market is expected to value USD 21.3 Billion by 2023. Further, the OLED television market is projected to register a CAGR of 17.6 % during the forecast period 2016-2023 globally. Growing trend for advanced consumer electronics and rising personal disposable income in emerging economies are likely to foster the demand for OLED televisions in near future.
Regionally, Asia-Pacific is anticipated to witness a remarkable growth in the overall market of OLED televisions across the globe over the forecast period i.e. 2016-2023. The market is driven by presence of key players in Asia-pacific regions such as Samsung and LG Electronics and rapid urbanization which led to increase in demand for advanced consumer goods in near future. Factors such as government initiatives towards saving energy by adoption of energy efficient advanced electronics and rise in personal disposable income in growing economies such as China, Japan, and India are expected to boost the demand for OLED televisions over the forecast period i.e. 2016-2023.
Likewise, Middle-East region is expected to showcase a lucrative growth in the market of OLED televisions over the forecast period 2016-2023 on account of rapid digitization in education and healthcare sector and growing adoption of premium display technology such as OLED televisions. On the other hand, the market of North America and Europe region is expected to uplift in near future on the back of rapid growth in urbanizations and increase in personal disposable income which leads to raise the demand for OLED televisions from consumers end.
OLED TV’s are growing importance on the back of inherent properties such as OLED televisions are brighter, lighter and slimmer than LCD or LED televisions. Enhanced contrast ratio and feature of wide angle display up to 1800 is likely to gain traction of consumers in near future in order to adopt enhanced display technology.
Moreover, importance of OLED televisions are growing in industries and government organizations owing to rising need of advanced, durable and energy efficient electronics. Growing trend of advanced visual technology among the population in urban regions and increasing demand for high-end technology display in various sectors such as healthcare, automotive, etc. are some of the key elements driving the growth of OLED televisions market. Wide-scale application in automobile industry with the purpose to manufacture display dashboards with navigations and installation of OLED televisions for enhanced the entertainment feature of automobiles are some of the vital features paving the market of OLED televisions across the globe.
Our in-depth analysis segmented the Global OLED TV Market in the following segments:
Global OLED TV Market is further classified on the basis of region as follows:
The market is majorly driven on the back of factors such as rising popularity of OLED televisions, increasing adoption of advanced and lighter technology televisions, availability of numerous OLED televisions according to the requirements of users. The enhancement of display through brighter contrast technology present in OLED televisions is likely to gain traction from the consumers end in near future.
Rising demand for advanced consumer electronics in growing economies, increasing adoption of OLED televisions on account of rise in personal disposable income and rising concern towards durable OLED televisions coupled with low risk of breakdown are some of the major factors which are swelling the demand for OLED televisions across the globe in near future. Apart from this, rising industrialization across the globe sequentially increasing the need for advanced display technology such as OLED televisions. An OLED television provides the brighter and high quality display which benefits the organization in the direction of development.
Rise in technological advancements and emergence of automotive and healthcare sector across the globe are adopting high-end display technology in order to update systems with new technology OLED televisions that are likely to bolster the demand for OLED TV’s over the forecast period i.e. 2016-2023.
However, presence of stringent regulations regarding the manufacturing of OLED televisions, lack of awareness in undeveloped nations, slow adoption of OLED television and high cost of OLED televisions are likely to curb the growth of OLED TV market over the forecast period i.e. 2016-2023. Presence of fewer manufacturers such as Samsung and LG electronics and high initial investment for manufacturing set-up are the major challenges for the new players looking to enter in the market.