Global OLED Market Report, published by Variant Market Research, forecast that the global market is expected to reach $28 billion by 2024 from $4 billion in 2016, growing at a CAGR of 28.2% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 33.8% and 27.1%, respectively, during the forecast period.
Increasing demand for energy efficient and eco-friendly products is the major factors driving the global OLED market. Moreover, rise in demand for OLED technology in the automobile industry have also propelled the growth of global OLED market. Technological advancement in automotive industry would provide significant growth opportunities for the market in coming years.
The global OLED market is bifurcated into technology, application, and materials. The segmentations by technology include PMOLED and AMOLED. The application segment is further sub-segmented into displays and lighting. Electrode materials, emissive layer materials (EML), hole transport layer materials (HTL), electron transport layer materials (ETL), and Substrates are the various classifications of OLED by materials. Displays dominated the application segment with the largest market share in 2016. AMOLED was the maximum revenue generating segment by technology. Substrates accounted for the largest market share in the overall OLED market by materials. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the world.
Asia-Pacific accounted for the largest market share of 42.9% in 2016; owing to the presence of prominent vendors such as Philips N.V. and Samsung Electronics. Emergence of various Chinese vendors has also resulted in the growth of Asia-Pacific OLED Market. Europe was the second largest market with a total market share of 23.4% in 2016. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 33.8% during the forecast period from 2016 to 2024.
Market players have used various strategies such as product launch and acquisition to increase their market share and global presence. The major players in the market include LG Electronics Inc., Philips N.V., OSRAM GmbH, Samsung Electronics Co. Ltd., Panasonic Corporation, and Universal Display Corporation, Konika Minolta, Osram, Toshiba, Pioneer, Ason, Lumiotec and others.