Rising Demand for Smart TVs in Line with Increasing Purchasing Power Propels Curved Display Devices Market
A curved screen monitor is a relatively recent innovation that has many variations in specifications such as resolution, response times, refresh rate, and even curvature along with 4K, and HDR technologies. The key benefits of curved display such as a more immersive experience, greater field of view, more eye comfort, decreased distortion and glare, superior aesthetics, and improved gaming experience are likely to account for the growth of curved display devices market. On the flip side, it is more expensive, wall mounting problems, limited viewing angles, space-constrained, and suitable for a limited range of work. Curved display devices have become more popular due to the development of advanced digital technologies. Rising digital advertising is one of the factors propelling the curved display devices market share. These displays are portable, lightweight, ultra-thin, shatterproof, flexible, unbreakable, and unbreakable, all supporting market expansion. The curved display devices market is anticipated to rise due to rising pixel densities, and demand for high-quality, user-friendly display devices. This accelerates the expansion of curved display devices market, especially in for of demand coming from key end-use areas like electronic goods, including smartphones, wearable technology, and TVs.
Over the forecast period, prominent factors include increased demand for advanced technology in smart TVs is anticipated to propel market expansion globally. Several other factors, such as rising disposable income and expanding purchasing power, have raised the desire for intelligent TVs with high pixel rates and user-friendly features, which is anticipated to further support market expansion over the projection period. One of the main drivers propelling the growth of the smart TV is the increasing internet penetration, quick technological advancements, falling product prices, and the digital transformation of the broadcasting industry. By the end of 2020, there will be more than 665 million smart TVs in use worldwide (34% of all households), and that percentage is expected to increase to 51% by 2026 when there are 1.1 billion Smart TVs in use. The continual increase in intelligent TVs will increase the demand for curved displays in the coming years.
Another factor that is increasing the demand for smart TVs is the gradually rising video-on-demand service. A growing number of viewers are choosing tailored content to their tastes due to the rising demand for VoD services. Recent technological developments and faster network speeds enable providers of video-on-demand services to stream high-definition content more quickly. Shortly, these elements are anticipated to propel video-on-demand (VOD) services. In 2021, there were 1.2 billion video-on-demand service subscriptions worldwide. Over the next six years, that number is expected to increase by over 400 million. The rising number of video-on-demand service subscribers will increase the need for smart TVs, which will positively impact the curved display devices market.
OLED Technology Will Dominate Market due to Improved Picture Quality
The OLED category is predicted to experience significant revenue growth over the projection period due to rising demand for OLED screen technology from innovative television applications. The quick adoption of OLED displays primarily drives the OLED market in smartphones, significant investments in the construction of new facilities to manufacture OLED panels, the high demand for better viewing experiences, particularly from consumers of smartphones and televisions, and the rapid advancements in OLED technology, the rising demand for AMOLED displays in AR/VR headset applications, and financial support from governments around the world for OLED lighting research. High demand for affordable and energy-efficient OLED lighting, increased government initiatives to promote OLED adoption, and growth in the display and large screen backlight markets are some of the critical factors influencing the development of the worldwide organic LED market forecast.
Asia Pacific will Acquire Major Market Share due to the Increase Usage of Consumer Electronics.
The Asia Pacific market is anticipated to maintain its dominance in the global market throughout the forecast period. This is explained by rising disposable income, rising consumer electronics consumption, and the presence of big manufacturers operating in these emerging markets. Another factor anticipated to assist curved display devices market expansion in this region is the development of government initiatives to enable investment and establish best-in-class industrial infrastructure in the nation. The increased demand for portable and lightweight electronic gadgets drives the growth of curved display devices market in the region. The presence of many consumer electronics producers and a sizable client base further boosts demand for curved displays in the area. It is anticipated that the widespread use of smartphones and cutting-edge technology like 3D displays and augmented reality will positively affect regional market expansion. More than 1.66 billion mobile phone subscriptions were recorded in China as of March 2022. The continual increase in smartphones in the nation will propel the region’s curved display devices market.
North America will contribute a significant share of the total revenue in the forecast period. As the demand for energy-efficient technology grows, the local market is expanding healthily. With the widespread use of smart TVs and the rapid development of electronic displays, North America currently maintains the most significant market share for curved displays. In the US, by 2022, there will be 119 million people using smart TVs, or around 58.3 percent of all connected TV users. Another factor anticipated to assist market expansion in this region is the development of government initiatives to enable investment and establish best-in-class industrial infrastructure in the nation. The main factors driving the market expansion in the area are the high disposable income of US customers and their preference for Japanese and Korean consumer electronics brands.
Global Curved Display Devices Market: Competitive Landscape
Market participants are launching new products and establishing partnerships, alliances, and collaborations. In June 2022, TCL Huaxing, a Chinese manufacturer, announced the release of two new curved screen technologies: waterfall screen hyperbolic technology and equal-gauss four-curved surface technology. The OLED panel primarily realises the screen bending in the Waterfall Screen Hyperbolic Technology's curved screen with a specific curvature. In September 2020, BOE declared its intention to purchase the Gen 8.5 fab in Nanjing and the Gen 8.6+ fab in Chengdu from CEC Panda. This will significantly increase the company's portfolio of display technologies. BOE will purchase a 51 percent stake in the Gen 8.6 fab and 80.8% of the Gen 8.5 fab. This acquisition will strengthen BOE's position as the market leader globally and expand its influence.
A few of the players in the curved display devices market include LG Display Co., Ltd, Samsung Electronics Co., Ltd, Royole Corporation, Motorola Inc., BOE Technology Group Co., Ltd, Acer Inc., Sony Corporation, TP Vision, Dell, Changhong, TCL Corporation, HP, Toshiba Corporation, and Panasonic Corporation.
Global Curved Display Devices Market is Segmented as Below:
By Substrate Material
Key Elements Included In The Study: Global Curved Display Devices Market:
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