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OLED stands for organic light-emitting diode; it is the technology that is used by LEDs in which organic molecules produce light. OLED displays are made by placing organic thin films between two conductors. OLED provides great image quality, fast motion, bright controls, and high contrast. These displays are very flexible and transparent.
The adoption of these displays in smartphones and investment made to build new facilities to manufacture OLED display panels. Further, the adoption of retina display technology and increasing demand for better viewing from television and smartphones, rapid advancement in OLED technology, increasing demand for AMOLED displays are among the major factor driving the OLED market growth.
Furthermore, due to COVID 19 lower number of workers returning to work and less workforce available for completion of tasks also plays a vital role in restricting the market growth
The outbreak of the COVID 19 pandemic is likely to hinder the market growth as many OLED manufacturing companies face difficulty in manufacturing OLED displays due to the nationwide lockdown implemented. Further, due to COVID 19, fewer workers returning to work, which results in less workforce available for completion of tasks, also plays a vital role in restricting the market growth.
Key Market Driver -
• Increasing demand for AMOLED panel to boost the growth of the market. • High use of retina display technology is expected to expand the market size • Low power consumptions of OLED display are expected to fuel the market growth
Key Market Restraint -
• Similar products offered by competitors at low cost such as micro-LED and direct view LED to impede the adoption of OLEDs
Key vendor in OLED market is LG Display Corporation Ltd, BOE Technology, Universal Display Corporation, AU Optronics, Samsung Electronics, Tianma Microelectronics, Japan Display Inc., Innolux Corporation, E Ink Holdings Inc, Sharp Corporation, Corning Incorporated, and Visionox Corporation, among others.
Major market players are using various strategies such as acquisition, launch, partnership, etc. For instance, in November 2020, OLEDWorls and Lumenique LLC partnered to integrate the latest OLED lighting panels into artistic portable lighting.
North America is anticipated to hold the highest market share in the OLED market due to the increasing demand in the TV display panel, implementation of OLED displays in smartphones, digital signage, and automotive industries that helps in boosting the growth of the market.
Asia Pacific is anticipated to see significant growth in the OLED market as many key vendors such as LG and Samsung have their manufacturing facilities in the region. Further, signage displays manufacturing, TV manufacturing, and other vendors having their headquarters in the region—for example, the major manufacturer of OLED display “Samsung Electronics” headquartered in South Korea. Furthermore, China is the hub for OLED manufacturing, and it is the fastest-growing market for consumer goods which is expected to create demand for OLED displays and helps in driving the market growth.
Whereas Europe is also expected to see sustainable growth in the OLED market as the region is considered a leading luxury car manufacturer, most luxury car manufacturers install high-quality OLED displays such as HUDs, instrument clusters, and central stack displays. This would eventually create demand for OLED displays and helps in market growth. The region is witnessing high demand for consumer electronics devices that would further help in market growth.
The Middle East and Africa are also expected to grow rapidly due to urbanization. The demand for LED-based lightning and OLED displays for efficient cost and energy saving in the region is expected to increase the market growth.
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