Foldable Display Market Expected to Surpass $13.2 Billion by 2029, Driven by 23.6% CAGR

(IT-NEWSWIRE.COM, August 29, 2024 ) The foldable display market is estimated to be worth USD 4.6 billion in 2024 and is projected to reach USD 13.2 billion by 2029, at a CAGR of 23.6% during the forecast period. The global foldable display market is experiencing significant growth, propelled by the rising integration of foldable displays in the smartphone application. Furthermore, increasing consumer interest in innovations and multifunctional devices, compact designs, and technological advancements are also important factors driving market expansion.

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The emergence of technological advancements in foldable displays such as OLED and micro-LED technologies. Advancements in flexible electronics, advanced materials, and improved manufacturing techniques led to the enhancing performance and durability of foldable displays and reduces costs for consumers. As a result, in recent years, market players are also focusing on delivering advanced technologies to provide growth opportunities for the foldable display market.

The OLED technology market held the largest market share in the foldable display market during the forecast period. OLED based foldable displays are more popular than Direct-view and Micro-LED type foldable displays. OLED technology has AMOLED and pOLED as its variants. Increased consumer demand for such innovative mobile technologies that can bridge the gap between portability and expansive screen real estate drives the expanding market of OLED-based foldable displays. Huge investments in R&D for the advancement of display materials, manufacturing process, and device design are driving force to OLED-based foldable displays.

Laptops and Tablets expected to grow at the second highest CAGR of the foldable display market during the forecast period. The foldable laptop and tablet industry will only keep on growing as trends in remote working, multi-tasking without any compromise on portability, compact designs that are light and easy to carry, and improve durability in displays. Several factors drive the adoption of foldable technology in large format displays, especially their ability to create immersive and interactive experiences. One of the very innovative designs of foldable smartphones is the ability to enjoy the advantages of a tablet-sized display folded into a pocket-sized device, therefore increasing the convenience and functionality of these devices. Besides that, foldable display applications are also in growing demand in highly competitive commercial and public spaces. Expanding application areas of foldable displays serve as a key growth driver in the market.

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Key Market Players:

Key players in the foldable display market with a strong geographical presence 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), AUO Corporation (Taiwan), Tianma (China), Huawei Technologies Co. Ltd. (China), Motorola Mobility LLC (US), and Honor Device Co., Ltd. (China). These players focus on organic and inorganic growth strategies to strengthen their position in the foldable display market.

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Foldable Display Market Expected to Surpass $13.2 Billion by 2029, Driven by 23.6% CAGR