The global stretchable devices market is estimated to garner a moderate revenue by the end of 2031 by growing at a CAGR of ~28% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a significant revenue in the year 2021. The market is estimated to grow on the back of 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 stretchable devices has already witnessed various innovations such as mechanical design, material synthesis, and fabrication strategies.
Source – Research Nester
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The global stretchable devices market is also projected to grow on the back of increasing adoption of stretchable devices in the automotive industry as well as in defense. The use of thinner electronics on the substrate material helps to reduce the weight of the vehicle 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 stretchable devices 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.
Rising Trend of IoT Devices – According to recent statistics, the number of IoT (Internet of Things) devices worldwide is projected to reach around 27 billion by the end of 2030, up from 9 billion in 2020.
Government Support through Policy and Investments According to data from India Brand Equity Foundation, the Government of India has set a target of attracting investments of around USD 2.4 billion in electronics manufacturing sector by 2021-22.
Increasing Adoption of Smartwatch and Wearables – As per data, in the United States, the number of wearable device users reached 86 million in 2019, up from 80 million in 2018.
Growth of Consumer Electronics Industry – 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 the 2025.
Rising Growth of Healthcare Industry – Stretchable devices 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 stretchable devices in the market. As per data by India Brand Equity Foundation, valuation of Indian Healthcare sector is estimated to reach ~372 billion by the end of 2022, up from ~USD 110 billion in 2016.
The stretchable devices market is segmented and analyzed for demand and supply by technology into stretchable circuits, stretchable batteries, stretchable displays and others. Out of these segments, 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 devices manufacturers. Stretchable displays allow manufacturers to create wide range of electronics products ranging from smartphone screen to television display. As per recent data, global OLED panel production for television display reached around 17 million square meters in 2022, up from 10 million square meters in 2021. Such factor is therefore estimated to fuel the segment growth in the coming years.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global stretchable devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. This can be accredited to the rising growth of 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, Indian consumers’ electronics and appliances industry is estimated to become fifth largest in the world. Apart from this, in order to set up various display fabs in India, 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 growth of stretchable devices market in the region. As per data by 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.
Further, the market in the Europe is estimated to gain the significant growth during the forecast period, owing to the increasing adoption of smart watches and wearables. For instance, in 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, Italy is estimated to boost the market growth in the region.
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The global stretchable devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global stretchable devices market includes the following segments:
By Substrate Material
FREQUENTLY ASKED QUESTIONS
Increasing adoption of smart watches & wearables along with rising trend of IoT devices are estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~28% over the forecast period, i.e., 2022 – 2031.
High cost of research and development for stretchable devices is estimated to challenge the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 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 2031 and display significant growth opportunities.
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