COVID-19 Impact on Display Panel Market worth $152.0 billion by 2025
According to the new market research report on the "COVID-19 Impact on Display Panel Market by Product (PC Monitors, Tablets, Smartphones, Wearables, Automotive Displays, TVs, and Large Screen), Industry, and Region - Global Forecast to 2025", Post-COVID-19, the global display panel market is projected to grow from USD 107.0 billion in 2020 to reach USD 152.0 billion by 2025, at a CAGR of 7.3%. The estimation for 2020 is down by ~26% compared to the pre-COVID-19 estimate.
Factors that drive the growth of the post-COVID-19 display panel market include the growing acceptance of the work-from-home norm, rising focus of regional financial institutions to design fiscal policies for keeping the display market floating during the COVID-19 crisis, shifting manufacturing units to less affected regions, increasing demand for 4K and 8K displays with the availability of UHD content, surging adoption of OLED displays in smartphones and rising demand for flexible display panels, increasing investments for the construction of new OLED and LCD panel manufacturing facilities. The booming automotive displays industry and increasing focus on the development of energy-efficient, attractive, and high-end-specification display products using advanced technologies such as OLED and AMOLED are the other key factors that foster the demand for display panels.
Browse 4 market data Tables and 52 Figures spread through 120 Pages and in-depth TOC on "COVID-19 Impact on Display Panel Market - Global Forecast to 2025"
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Demand for PC monitors and tablets would increase amidst pandemic crisis during forecast period
The display panel industry for PCs, monitors, and tablets is expected to grow at a high CAGR from 2020 to 2025. An increase in working from home and online activities meant a rise in demand for products such as monitors, laptops, and tablets. Also, several educational institutions have embraced e-learning as a way to bridge the gap between tutors and students/pupils while complying with the lockdown being enforced in most of the countries. Thus, the demand for display panels for laptops and tablets is high, which is boosting the revenue stream of display manufacturers. However, its growth rate is expected to be above the growth rate estimated for the pre-COVID-19 market.
Disruptions in supply chains due to COVID-19 outbreak has impacted demand for display panels in North America and Europe
North America and Europe are the markets where the demand for display panels is significantly higher due to the adoption of products based on innovative technologies, such as OLED. However, with the severity of cases reported in the US and Europe, the demand for display panels has fallen significantly. A large number of companies in the US procure parts and components from China. Limited supply and high demand have increased the costs of components, with domestic components being priced at 30% higher than Chinese components.
Healthcare is exhibited to have positive growth in display panel market, by end-user industry, during forecast period
The healthcare industry utilizes different types of display products, such as embedded display devices, in medical equipment for imaging, radiation therapy, and angiography. This industry also demands large-format displays and AR/VR HMDs. Large-format displays are used in the healthcare industry for displaying advertisements, appointments, and other medical information. This will increase the demand for medical displays and large screens.
In the healthcare industry, AR/VR devices play an important role in enabling doctors to train assistants in surgery. Additionally, medical students can use AR/VR headsets to receive personalized training; students can use AR headsets to practice medical procedures. This allows students to study and practice even from home. Thus, it would increase the demand for AR/VR devices, which would enable display manufacturers to encash this opportunity. Because of this, the post-COVID-19market for display panels is expected to register a larger market size in 2020 than that of in 2019.
Samsung Display, LG Display, BOE Technology Group Co. Ltd., AU Optronics Corp., Innolux Corp., Japan Display Inc., Sharp Corp., China Star Optoelectronics Technology, Tianma Microelectronics Co., Ltd., and Truly International Holdings Ltd. are a few of the dominating players in the global display panel market. Other companies involved in the development of display panels include Chunghwa Picture Tubes Ltd., HannStar Display Corporation, Chengdu Panda Display Technology Co., Ltd, BOE Varitronix Limited, eMagin Corporation, and Kopin Corporation, Apple Inc., Sony Corporation, E Ink Holdings Inc., Universal Display Corporation, and JOLED Inc.
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