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Stretchable Devices Market Analysis by Technology; by Substrate Material (Glass, Plastic and Others); and by Application (Smartphone & Tablet, Smartwatches & Wearables, Television & Digital Signage Systems, PC Monitors & Laptops, Electronic Shelf Labels, Vehicles & Public Transports and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing power in the couPurchasing 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.                                                         Request Insights

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IN THE NEWS

  • December, 2021: LG Display Co., Ltd., the market leader and innovator in display technology, today 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.

  • November, 2019: 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.

Global Stretchable Devices Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Stretchable Devices Market Size Forecast

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.

Stretchable Devices Market Size Overview

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.

Global Stretchable Devices Market: Growth Drivers and Challenges

Growth Drivers

  • 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.

Challenges 

  • High cost of Research
  • Trained Workforce is Required for Development Operation
  • Less Awareness of the Benefits of Stretchable Devices in the Market

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.

Major Macro-Economic Indicators Impacting the Market Growth

stretchable devices market regional demand

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.

Global Stretchable Devices Market Regional Synopsis

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.

Stretchable Devices Market Share

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The global stretchable devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global stretchable devices 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
 

Top Featured Companies Dominating the Global Stretchable Devices Market

  • 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

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