Foldable Display Market Size, Share, Industry and Industry Trends

Updated on : October 22, 2024

Foldable Display Market Size & Growth

The foldable display market size is estimated to be worth USD 4.6 billion in 2024 and is projected to reach USD 13.2 billion by 2029, growing at a CAGR of 23.6% between 2024 to 2029.

The surging adoption of OLED foldable displays, including AMOLED and POLED, in a number of applications, along with an increasing demand for foldable displays in consumer electronics, is expected to strongly support regional market growth. Durable, reliable, and portable, with highly efficient foldable displays endorsed by advanced technologies, further propelled the market by introducing innovative foldable devices to meet modern consumer needs. Another key factor is the presence of major companies that play a crucial role in the Asian Pacific foldable display market include the following: Samsung Electronics Co., Ltd. (South Korea), BOE Technology Group Co., Ltd. (China), Visionox Company (China), Royole Corporation (China), and TCL China Star Optoelectronics Co., Ltd. (China). Factors such as the improving economic backdrop, rising disposable incomes, and demand for high-end electronics devices in the region, are expected to drive the market for foldable display panels. Consumers in China, India, and Japan drives interest, while innovations in flexible OLED technology improve durability and performance, raising appeal to both consumers and businesses.

Foldable Display Market Trends:

Imapct of AI/Gen AI on Foldable Display Market

Artificial intelligence (AI) is expected to significantly transform the foldable display ecosystem. The integration of AI with displays and related software offers a wide range of capabilities ranging from the enhancement of videos and images in real-time to facilitating personalized content being displayed in commercial and retail settings. Furthermore, the integration of AI also facilitates the enhancement of smart display features, integration of displays with other smart home devices such as intelligent voice assistants, and development of advanced features tailor-made for augmented and virtual reality (AR and VR) solutions and wearable devices. Furthermore, in the industrial setting, the integration of AI enables predictive maintenance of display hardware, thereby significantly reducing downtime and maintenance costs.

Attractive Opportunities in Foldable Display Market Size

Foldable Display Market Forecast to 2029

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Foldable Display Market Dynamics

Driver: Expansion of  application areas

Foldable displays take a lot of industries to a whole new level, which started with just smartphones, but now includes laptops, wearables, and the automotive industry. Laptops bring together the mobility of tablets and the productivity of classic laptops into a compact design with larger screens. Wearables, such as smartwatches, have foldable displays that make them sleeker with enhanced informational visibility. They improve user interfaces in in-car entertainment, dashboards, and infotainment systems. This growth in new applications that fuels the market and satisfies the consumer's demand for flexible, high-performance display solutions.

Restraint: High production costs of foldable displays

High costs are inherent in the manufacturing process of foldable displays, largely due to advanced manufacturing techniques and specialized materials. The most important among them are complicated technology, low yield rates, and high R&D expenses. Advanced technology used in foldable substrates, cutting-edge OLED and Micro-LED panels, and robust hinge mechanisms provide the foundation for the lowering of production costs and increasing defect rates, thereby generating more wastage. It is also the investments in R&D, continuous and necessary for improving technologies and overcoming challenges, that have to a large extent increased these costs, which have been passed down to consumers. In this regard, high production costs would limit market growth due to the lower accessibility and adoption, while continuous innovation and process optimization could result in cost reduction and wider market acceptance.

Opportunity: Advancements in technology

An abundance of applications accompanied by enhanced performance and durability makes foldable display markets resonate due to technological advancement. Some important developments in OLED technology and micro-LED have come with flexibility, brightness, and energy efficiency enhancements, while flexible electronics and advanced materials like graphene will continue to ensure more durable and thinner screens. Manufacturing techniques like precision laser cutting and advanced lamination, are innovating, raising production efficiency, and cutting down on costs. Improvements of this sort should provide a significant impetus to market expansion and consumer adoption, keeping foldable displays at the very frontier of technology.

Challenge:  Limited use of foldable displays

Due to the narrow range of applications and the high costs involved, testing foldable displays has remained narrow in scope. Furthermore, there is skepticism by consumers about durability and practicality. Foldable display technology's main application area remains in high-end smartphones and some niche areas. Perceived problems of screen longevity, hinge durability, and overall robustness are some of the perceptions coupled with the higher cost compared to traditional displays that restrict their broader use. It requires advanced technology to bring in durability aspects and cost reductions for wider acceptance and use in laptops, tablets, and automotive displays, besides wearables.

Foldable Display Ecosystem

The prominent players in the foldable display market are Samsung Electronics Co., Ltd. (South Korea), BOE Technology Group Co., Ltd. (China), Visionox Company (China), Royole Corporation (China), and TCL China Star Optoelectronics Co., Ltd. (China). These companies perform organic and inorganic growth strategies to expand themselves globally by providing advanced foldable display solutions.

Foldable Display Market Segmentation

Large Format Displays and Digital Signage segment is projected at the highest CAGR in the foldable display market during the forecast period.

Foldable display technology is set to make a major impact in large format displays and digital signage by providing more dynamic and flexible installation options. Of all the major reasons for foldable technology adoption in large-format displays is the potential for delivery of immersive, very interactive experiences. Moreover, there is an increasing market demand for modern display solutions within commercial and public spaces. Large format displays and digital signage in foldable displays bring in an important development aiming to elevate adaptability and impact of visual communications in various settings. Growth drivers for foldable large format displays and digital signage include technological improvements in the materials and manufacturing processes of displays.

Micro-LED and Direct-view LED based foldable displays accounts for the highest CAGR of the foldable market during the forecast period.

Micro-LED technology is surging in the foldable display market. Micro-LEDs offer several distinct advantages over traditional OLEDs such as higher brightness levels, superior energy efficiency, longer lifespan, excellent color accuracy, and contrast ratios. The market for Micro-LED technology in foldable displays is driven by several key factors such as advancements in technology, demand for high-end consumer electronics and professional applications. The direct-view LED technology is primarily used in larger formats, such as digital signage, outdoor displays, and large-format screens. The increasing demand from several industries in the future for high-performance and large-format displays will further drive innovation and investment in this technology. Companies are heavily investing in R&D to develop flexible LED solutions that might find niche applications in the foldable display industry in the future. As market dynamics change and the dissolving of technological barriers, Micro-LED and Direct-view LED displays will change what consumers come to expect from foldable and high-performance display solutions.

Foldable Display Industry Regional Analysis

Asia Pacific is expected to account for the largest market share during the forecast period

The surging adoption of OLED foldable displays, including AMOLED and POLED, in a number of applications, along with an increasing demand for foldable displays in consumer electronics, is expected to strongly support regional market growth. Durable, reliable, and portable, with highly efficient foldable displays endorsed by advanced technologies, further propelled the market by introducing innovative foldable devices to meet modern consumer needs.

Foldable Display Market by Region

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Top Foldable Display Companies - Key Market Players

The major players in the foldable display companies are

• Samsung Electronics Co., Ltd. (South Korea), 
• BOE Technology Group Co., Ltd. (China), 
• Visionox Company (China), 
• Royole Corporation (China),
• TCL China Star Optoelectronics Co., Ltd. (China).

These companies have used both organic and inorganic growth strategies such as product launches, partnerships, collaborations, and expansions to strengthen their position in the market.

Foldable Display Market Report Scope

Foldable Display Market Highlights

The study segments the foldable display market share based on technology, panel size, application, material, resolution, type, and region at the regional and global level.

Recent Developments in Foldable Display Industry

• In January 2023, the Samsung Electronics Co., Ltd. (South Korea) launched the Flex Hybrid model, with a foldable and slidable display for foldable smartphones in order to bring the small tablet experience that expands.
• In August 2021, the BOE Technology Group Co., Ltd. (China) partnered with Honor Device Co., Ltd. (China) to supply flexible full-screens for the newly launched Honor Magic 3 series of smartphones.
• In July 2023, Visionox Company (China) partnered with Honor Device Co., Ltd. of China to provide it with screens for foldable smartphones—Honor Magic V2 and Honor V Purse.
• In March 2020, Royole Corporation (China) launched a foldable smartphone with 5G network access, FlexPai 2.
• In May 2023, TCL China Star Optoelectronics Technology Co., Ltd. (China) unveiled  a 65-inch 8K inkjet printing flexible OLED display. It realizes an excellent picture quality, flexibility, and durability, based on inkjet printing and IGZO TFT backplane technology.

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