Foldable Display Market

Foldable Display Market Size

The global Foldable Display Market size was valued at USD 15.28 billion in 2023 and is projected to grow from USD 21.05 billion in 2024 to USD 261.93 billion by 2031, exhibiting a CAGR of 43.36% during the forecast period. Growing investment in R&D and rising consumer demand for innovative gadgets are driving market expansion. In the scope of work, the report includes services offered by companies such as Corning Incorporated, LG Electronics, Royole Corporation, Visionox Company, BOE Technology Group Co., Ltd., Tianma Europe GmbH, DuPont, Huawei, SCHOTT AG and others.

Technological advancements in display materials, particularly in flexible OLED (Organic Light Emitting Diode) and AMOLED (Active Matrix Organic Light Emitting Diode) technologies, have revolutionized the market. OLED and AMOLED displays offer key advantages such as flexibility, thinness, and energy efficiency, making them ideal for foldable devices. These materials enable manufacturers to create displays that can bend and fold without compromising image quality or durability.

The continuous evolution of display materials presents a significant opportunity for the foldable display market. As research and development efforts progress, there is potential to enhance the durability, flexibility, and resolution of foldable displays. This could lead to broader adoption across various consumer electronics beyond smartphones, including tablets, laptops, and wearable devices.

Moreover, advancements in materials could lower production costs over time, making foldable displays more accessible to a wider consumer base. Manufacturers investing in improving display materials stand to gain a competitive edge by delivering superior products that meet the growing demand for innovative and versatile electronic devices.

A foldable display refers to a flexible screen technology that allows electronic devices to bend or fold without compromising functionality or display quality. These displays primarily utilize OLED or AMOLED technologies due to their flexibility and ability to maintain high-quality visuals even when folded. The materials used in foldable displays are typically composed of thin layers of plastic or glass that are capable of bending repeatedly without breaking.

Foldable displays can be categorized into two main types: inward folding and outward folding. Inward folding displays fold inward, protecting the screen when the device is closed. Outward folding displays fold outward, allowing for a larger screen size when fully opened. Foldable displays are now expanding into other product categories such as tablets, laptops, and even smartwatches. These displays enable devices to combine the portability of smaller gadgets with the larger screen experience of traditional devices, offering enhanced versatility to users across various scenarios, from entertainment to productivity.

Analyst’s Review

In the competitive foldable display market, key players are leveraging strategic initiatives to capitalize on the growing demand for innovative consumer electronics. Companies are focusing on enhancing product portfolios by integrating advanced display technologies and improving durability to meet consumer expectations for reliable foldable devices. Market leaders are experiencing significant growth driven by the introduction of new foldable models and expanding their market reach globally.

• For instance, in July 2023, HONOR unveiled its new-generation lightweight and ultra-thin flagship foldable smartphone, the Magic V2, weighing only 231g. Featuring advanced flexible AMOLED displays, the Magic V2 delivers significant improvements in screen thickness, power consumption, and optical performance, setting a new benchmark in the foldable phone market.

The growth of foldable display market is bolstered by strategic partnerships with technology providers and ecosystem players to ensure seamless integration of foldable displays into broader product offerings. The imperatives for key players in the market include investing in research and development to address technical challenges, particularly related to display durability and manufacturing costs.

Additionally, companies are prioritizing consumer education and engagement to increase adoption rates and market penetration. Effective pricing strategies and marketing campaigns are also crucial imperatives to differentiate products and capture larger market share in a rapidly evolving landscape.

Foldable Display Market Growth Factors

The increasing adoption of foldable smartphones marks a significant shift in consumer preferences toward devices that offer both portability and larger screens. These smartphones utilize foldable display technologies like OLED or AMOLED, which enable them to fold without compromising display quality. One of the key drivers behind this trend is the need among consumers for enhanced multimedia experiences and productivity on-the-go.

Foldable smartphones cater to this demand by providing a compact form factor for easy carrying, while also expanding into a larger screen when needed for tasks like gaming, watching videos, or multitasking. Manufacturers are driving the adoption of foldable smartphones through continuous innovation and improvement in display technology, making these devices more durable and user-friendly. Moreover, as competition intensifies in the smartphone market, companies are investing heavily in marketing and promotional efforts to educate consumers about the benefits of foldable displays.

Despite the benefits of R&D investment, the challenge lies in managing the high costs associated with developing and commercializing foldable displays. From initial concept to mass production, R&D requires significant financial resources and time, posing financial risks for companies, especially in a competitive market environment.

Moreover, technological breakthroughs are essential but unpredictable, requiring continuous adaptation of R&D strategies to stay ahead of competitors and meet evolving consumer expectations. Balancing R&D investment with market demands and profitability remains a critical challenge for stakeholders aiming to establish long-term leadership in the foldable display market.

Foldable Display Market Trends

Rising consumer demand for innovative gadgets, including foldable displays, reflects a broader shift toward technology that enhances lifestyle and productivity. Consumers today are seeking devices that offer more than basic functionalities, preferring gadgets that innovate and adapt to their diverse needs. Foldable displays cater to this demand by combining the convenience of compact devices with the immersive experience of larger screens, appealing to users who value versatility and cutting-edge technology. This trend is driven by a cultural shift toward digital integration in everyday life, where gadgets serve as tools for expressions of personal style and preferences.

Manufacturers, responding to this trend, are focusing on developing sleek designs, intuitive interfaces, and seamless user experiences to captivate tech-savvy consumers. As the foldable display market matures, opportunities are arising for companies to differentiate themselves through bold design choices, robust feature sets, and strategic partnerships that enhance product appeal and solidify brand loyalty in a competitive marketplace.

Segmentation Analysis

The global market is segmented based on type, display type, material, application, and geography.

By Type

Based on type, the market is categorized into flexible, curved, and rollable. The curved segment captured the largest foldable display market share of 44.36% in 2023. Curved foldable displays offer a unique combination of aesthetics and functionality, appealing to consumers looking for sleek and modern device designs. These displays are often featured in premium smartphones and other high-end electronic gadgets, where the curved edges enhance the visual appeal and ergonomics of the device.

Moreover, curved foldable displays provide manufacturers with opportunities to innovate in display technology, such as integrating flexible OLED or AMOLED panels that can bend smoothly along the edges without compromising on image quality. This technological advancement not only improves the user experience by providing a larger viewing area but also supports features like edge notifications and gestures, further enhancing usability.

Additionally, the marketing strategies employed by leading companies to promote curved foldable displays have contributed to their popularity. Through effective branding and promotional campaigns, manufacturers have successfully positioned curved displays as symbols of luxury and cutting-edge technology, driving consumer interest and adoption.

By Material

Based on material, the foldable display market is divided into glass, metal, and plastic. The glass segment is poised to record a staggering CAGR of 44.98% through the forecast period due to advancements in display technology and material sciences. recent innovations have led to the development of ultra-thin and flexible glass materials that bend and fold without breaking, offering enhanced durability and scratch resistance over traditional polymer-based materials.

The adoption of glass in foldable displays is particularly appealing to consumers and manufacturers alike for its premium feel and optical clarity. It allows for brighter and more vibrant displays while maintaining robustness, making it suitable for high-end smartphones, tablets, and potentially other consumer electronics in the future.

By Application

Based on application, the market is classified into automotive, consumer electronics, aerospace & defense, commercial, and industrial. The consumer electronics segment garnered the highest revenue of USD 4.88 billion in 2023. The proliferation of smartphones and tablets equipped with foldable displays is significantly contributing to the segment's revenue growth. These devices offer consumers enhanced portability, coupled with larger screen sizes, catering to the growing demand for multifunctional gadgets that blend entertainment and productivity features.

Furthermore, advancements in display technologies, such as OLED and AMOLED, have enabled manufacturers to integrate foldable displays into a wider range of consumer electronics beyond smartphones, including foldable laptops, smartwatches, and foldable TVs, expanding the market potential and driving revenue in the consumer electronics segment.

Foldable Display Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

North America foldable display market share accounted for 34.32% and valued at USD 5.24 billion in 2023. The presence of major companies and innovative hubs in the region is fostering a conducive environment for early adoption of advanced electronics, including foldable smartphones and tablets.

Moreover, strong consumer spending power and a penchant for cutting-edge gadgets are contributing to the robust demand for foldable displays in North America. Consumers in this region value devices that offer both functionality and innovative design, aligning well with the benefits provided by foldable displays in terms of enhanced usability and screen size versatility. Furthermore, strategic partnerships between North American tech giants and display manufacturers have accelerated the commercialization of foldable display technologies, thereby boosting market growth.

Asia-Pacific foldable display market is projected to grow at the highest CAGR of 44.77% over 2024-2031. The region's rapid economic growth, along with increasing urbanization and disposable incomes, is fueling substantial consumer demand for cutting-edge electronic devices.

• For instance, in January 2024, according to IBEF, India is projected to become the world's fastest-growing premium market, driven mainly by the ultra-premium segment. Smartphones priced at USD 1,000 and above accounted for over one-third of total premium market sales in 2023.

This demand extends to foldable displays, which offer unique advantages such as enhanced portability and larger screen sizes without sacrificing mobility. Furthermore, Asia-Pacific boasts a robust manufacturing ecosystem and supply chain infrastructure that supports the production and export of consumer electronics.

Countries like China, South Korea, and Japan are at the forefront of technological innovation in display technologies, including OLED and flexible display materials, positioning them as key players in the region. Moreover, the proliferation of 5G technology across Asia-Pacific countries is expected to further catalyze the adoption of foldable displays. 5G networks facilitate faster data speeds and lower latency, enhancing the performance capabilities of foldable devices and expanding their applications in sectors such as telecommunication, gaming, and multimedia entertainment.

Competitive Landscape

The foldable display market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

List of Key Companies in Foldable Display Market

• SAMSUNG
• Corning Incorporated
• LG Electronics
• Royole Corporation
• Visionox Company
• BOE Technology Group Co., Ltd.
• Tianma Europe GmbH
• DuPont
• Huawei
• SCHOTT AG

Key Industry Developments

• May 2024 (Launch): Tianma showcased a diverse array of advanced display technologies for smartphones. Highlighted products include two 7.92" foldable displays: the inward-folding OLED HTD (Magic V2) with LTPO design and 1.5mm folding radius, and the outward-folding LTPO OLED with 402 PPI and 91% BT2020 YIR at Display Week 2024.
• February 2024 (Launch): Samsung Display achieved certification for its foldable panels, confirming compliance with four critical MIL-STD 810G standards established by the U.S. Department of Defense, including criteria for temperature shock and transit shock. This milestone positioned Samsung Display as the inaugural player within the display industry to meet these rigorous military standards with a foldable panel.
• January 2024 (Launch): ASUS introduced its latest technological innovations, including the Zenbook Duo, the world's first 14" dual-screen OLED laptop, and the ZenScreen Fold OLED at the virtual CES event.

The global foldable display market is segmented as:

By Type

• Flexible
• Curved
• Rollable

By Display Type

• LED
• OLED
• AMOLED

By Material

• Glass
• Metal
• Plastic

By Application

• Automotive
• Consumer Electronics
• Aerospace & Defense
• Commercial
• Industrial

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• France
• UK
• Spain
• Germany
• Italy
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia Pacific
• Middle East & Africa
• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America