Flexible Electronics Market Size & Share, by Technology (Stretchable Circuits, Stretchable Batteries, Stretchable Displays); Substrate Material (Glass, Plastic); Application (Smartphone & Tablet, Smartwatches & Wearables, Television & Digital Signage Systems, PC Monitors & Laptops, Electronic Shelf Labels, Vehicles & Public Transports) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4194
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Flexible Electronics Market size is expected to reach USD 7.7 Billion by the end of 2033, growing at a CAGR of 28% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of flexible electronics was over USD 400 Million. The growth of the market can be attributed to the rising demand and production of OLED (Organic Light Emitting Diode) displays coupled with increasing use in the development of electronic circuits. According to recent statistics, the global RGB OLED panel production for mobile devices in 2022 reached about 30 square million meters. Furthermore, the increasing demand for flexible electronics has already witnessed various innovations such as mechanical design, material synthesis, and fabrication strategies. The use of stretchable electronic circuits is widely useful in the healthcare sector. Medical devices use these circuits in fitness trackers, device monitors, and skin patches to observe the slightest changes. The growing healthcare industry and digitalization adoption among people are also estimated to drive the growth of the market.

The global flexible electronics market is also projected to grow on the back of the increasing adoption of flexible electronics in the automotive industry as well as in defense. The use of thinner electronics on the substrate material helps reduce the vehicle’s weight and is considered a primary concern in the production of vehicles. Therefore, the growth of the automobile industry is anticipated to result in increased demand for flexible electronics in the market. According to recent statistics, worldwide automobile manufacturing is projected to reach 97 million units in the coming years, supported by rising global population levels and emerging market prosperity. The rising preference for lightweight vehicles among people to reduce fuel costs and increase the efficiency of the engine is anticipated to boost the market growth as per the market analysis.


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Flexible Electronics Market
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Flexible Electronics Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~28%

Base Year Market Size (2022)

~ USD 400 Million

Forecast Year Market Size (2033)

~ USD 7.7 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Flexible Electronics Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rising Trend of IoT Devices with Increasing Adoption of Electronics – Flexible Electronics have many applications in health care including medical wearables and remote patient monitoring. The growth of the healthcare industry is anticipated to increase the demand for flexible electronics in the market. As per data by the India Brand Equity Foundation, the valuation of the Indian Healthcare sector is estimated to reach ~372 billion by the end of 2022, up from ~USD 110 billion in 2016.
  • Government Support through Policy and Investments with Growing Internet Penetration - According to data from India Brand Equity Foundation, the Government of India had set a target of attracting investments of around USD 2.4 billion in the electronics manufacturing sector by 2021-22.
  • Increasing Adoption of Smartwatch and Wearables with Increasing Disposable Income – As per data, the number of wearable device users in the United States reached 86 million in 2019, up from 80 million in 2018. 
  • Growth of the Consumer Electronics Industry Owing to Digitalization Around the World – According to data from the Indian Brand Equity Foundation, the appliance and consumer electronics industry in India was valued at around USD 9 billion in 2021 and is expected to reach a valuation of ~ USD 21 billion by the end of 2025.
  • Rising Growth of the Healthcare Industry with Increasing Concern on Health – flexible electronics have many applications in health care including medical wearables and remote patient monitoring. The growth of the healthcare industry is anticipated to increase the demand for flexible electronics in the market. As per data by the India Brand Equity Foundation, the valuation of the Indian Healthcare sector was estimated to reach ~372 billion by the end of 2022, up from ~USD 110 billion in 2016.

Challenges

  • High cost of Research - The cost of research in developing flexible electronics is expensive as it involves the study of various accepts. This includes data collection, practical possibilities, equipment, skilled professionals, and raw materials. All these require a huge investment in the research phase which hampers the growth of the Flexible Electronics Market.
  • Trained Workforce is Required for the Development of Operation
  • Less Awareness of the Benefits of flexible electronics in the Market


Flexible Electronics Segmentation

Technology (Stretchable Circuits, Stretchable Batteries, Stretchable Displays)

The global flexible electronics market is segmented and analyzed for demand and supply by technology into stretchable circuits, stretchable batteries, stretchable displays, and others. Out of these segments, the stretchable displays segment is anticipated to garner the largest market share over the forecast period, owing to the rising adoption of stretchable displays amongst electronic device manufacturers. Stretchable displays allow manufacturers to create a wide range of electronic products ranging from smartphone screens to television displays. As per recent data, global OLED panel production for television displays reached around 17 million square meters in 2022, up from 10 million square meters in 2021. Such a factor is therefore estimated to fuel the segment growth in the coming years. Stretchable displays can be folded, elongated, and twisted, unlike solid displays. This display can be attached to the skin. The display is made of silicon and polyurethane materials which is the same material used in the making of contact lenses.

Application (Smartphone & Tablet, Smartwatches & Wearables, Television & Digital Signage Systems, PC Monitors & Laptops, Electronic Shelf Labels, Vehicles & Public Transports)

The global flexible electronics market is also segmented and analyzed for demand and supply by application into smartphone & tablet, smartwatches & wearables, television & digital signage systems, pc monitors & laptops, electronic shelf labels, vehicles & public transports, and others. Amongst these segments, the smartwatches & wearables segment is expected to garner a significant share. Smartwatches and wearables are highly used regarding physical fitness and health tracking. Many people use smartwatches to track their physical activity, glucose levels, and blood pressure. Stretchable electronics such as smartwatch and wearable can monitor many symptoms of the body. These devices can read the temperature, pH level, humidity, glucose, and stress levels of a person wearing them. Many pharmaceutical companies have discovered insulin-tracking flexible electronics that can be worn by patients to continuously monitor glucose levels. Instead of pricking fingers for blood glucose detection, the needle inside these devices helps to track insulin levels without blood collection. It is estimated that more than 20% of Americans used smartwatches to track fitness.

Our in-depth analysis of the global market includes the following segments:

           By Technology

  • Stretchable Circuits
  • Stretchable Batteries
  • Stretchable Displays
  • Others

          By Substrate Material

  • Glass
  • Plastic
  • Others

          By Application

  • Smartphone & Tablet
  • Smartwatches & Wearables
  • Television & Digital Signage Systems
  • PC Monitors & Laptops
  • E-reader
  • Electronic Shelf Labels
  • Vehicles & Public Transports
  • Others

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Flexible Electronics Industry - Regional Synopsis

APAC Market Statistics

The Asia Pacific flexible electronics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising growth of the electronic consumer durable industry along with increasing government support. As per data by the India Brand Equity Foundation, in India production value of mobile devices in 2020 was around USD 30 billion. In addition, by the end of 2025, the Indian consumer electronics and appliances industry is estimated to become the fifth largest in the world. Apart from this, to set up various display fabs in this region, the government is planning to offer several incentive schemes to the manufacturers. Moreover, increased research and development expenditure and rising demand for high-quality displays are also estimated to result in the growth of the market in the region. As per data from the World Bank, China’s research and development expenditure in terms of gross domestic product was around 2.4% in 2020, up from 2.14% in 2018.  

Europe Market Forecast

Further, the market in Europe is estimated to gain significant growth during the forecast period, owing to the increasing adoption of smartwatches and wearables. For instance, in the United Kingdom, user penetration for smartwatches is around 5% in 2022, expected to reach 6% by 2027.  Moreover, the rising demand for flexible display solution technology in countries such as UK, Spain, and Italy are estimated to boost the flexible electronics market growth in the region.

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Flexible Electronics Market Size
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Companies Dominating the Flexible Electronics Landscape

top-features-companies
    • LG Display Co., Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Samsung Electronics
    • Innolux Corporation
    • AUO Corporation
    • Japan Display Inc.
    • Sharp Corporation
    • BOE Technology Group Co., Ltd.
    • Visionox Technology Inc.
    • E Ink Holdings Inc.
    • Corning Incorporated

In-the-news

In The News

 

  •  LG Display Co., Ltd., the market leader and innovator in display technology, announced that LG Display will introduce its flexible OLED technology at CES 2022. Showcasing aims to characterize OLED screens and highlight the potential of OLED to create a new market.

  •  Sharp Corporation, a Japanese multinational corporation that designs and manufactures electronic products, has developed a 30-inch 4K flexible OLED display in collaboration with the Japan Broadcasting Corporation. The color-filter-less OLED display features a 30-inch flexible film substrate and is the world's largest display of its kind


Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4194
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing adoption of smartwatches & wearables along with the rising trend of IoT devices are the major factors driving the market growth.

The market is anticipated to attain a CAGR of ~28% over the forecast period, i.e., 2023-2033.

High cost of research and development for stretchable devices is estimated to be the growth hindering factor for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Samsung Electronics, Innolux Corporation, AUO Corporation, Japan Display Inc., Sharp Corporation, BOE Technology Group Co., Ltd., Visionox Technology Inc., E Ink Holdings Inc., and Corning Incorporated.

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.

The market is segmented by technology, substrate material, application, and by region.

The stretchable displays segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Flexible Electronics Market Report Scope
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