According to this report the global display device market attained a value of USD 131.78 billion in 2021. Aided by the growing use of consumer electronic products, the market is projected to further grow at a CAGR of 5.2% between 2022 and 2027.
A display device is an output device or screen that presents information in a visual form, such as images, videos, or texts. The display devices use technologies like LCD, LED, OLED, and others. They are used in multiple applications, which include television, smartphones, projectors, smartwatches, video walls, and medical monitors, among others.
The characteristics of a display device are size, resolution, bandwidth, refresh rate, and dot pitch. The flat panel, flexible panel, and transparent panel are the major types of display devices. Among these, flat panel displays are widely used for several advantages like thin, lightweight, better linearity, and higher resolution. Electronic display devices, that is, display devices with electric signals, are widely used in various sectors like residential, retail shops, transport systems, entertainment, and enterprises.
The increasing demand for electronic goods, including television, smartphones, laptops, tablets, as well as smartwatches, due to improved living standards is driving the growth of the display devices market. The COVID-19 pandemic has further accelerated the demand for display devices due to their increased adoption in remote learning and working solutions. The wide adoption of flexible displays in smartphones, the rapid development of automobiles, and the increasing need for diagnostic devices in the healthcare sector are further contributing to the market expansion.
The rising inclination of millennials towards gaming and entertainment is leading to the increased utilisation of high-quality display devices. Over the forecast period, the key market players are expected to launch new products to meet the evolving customer expectations. Moreover, the government initiatives towards boosting the production of consumer electronics, emergence of e-commerce platforms to buy these products, and the growing technological advancements in display technology such as OLED and e-paper are expected to further augment the market in the coming years.