Organic Light Emitting Diode OLED Market Size, Share, Growth Analysis, By Product type(display, lighting), By Technology(PMOLED, AMOLED, Transparent OLED, Top emitting OLED), By End use(consumer electronics, automotive, retail, industrial), By Region - Industry Forecast 2024-2031

Organic Light Emitting Diode OLED Market size was valued at USD 38750.85 million in 2019 and is poised to grow from USD 43873.48 million in 2023 to USD 171826.55 million by 2031, growing at a CAGR of 13.2% in the forecast period (2024-2031).

The organic light emitting diode market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective. 'LG Display Co., Ltd.', 'Samsung Electronics Co., Ltd.', 'BOE Technology Group Co., Ltd.', 'Sony Corporation', 'Tianma Microelectronics Co., Ltd.', 'Osram GmbH', 'AU Optronics Corp.', 'Koninklijke Philips N.V.', 'OLEDWorks LLC', 'Acuity Brands Lighting, Inc.', 'Novaled GmbH', 'Universal Display Corporation', 'Sumitomo Chemical Co., Ltd.', 'BASF SE', 'DuPont de Nemours, Inc.', 'Panasonic Corporation', 'JOLED Inc.', 'Kaneka Corporation', 'Wisechip Semiconductor Inc.', 'ELDIM SAS'

LED and OLED display market expansion is required to provide market participants with beneficial development opportunities. OLEDs provide adaptability, simplicity, and a surface light source. LED and OLED products are offered by central members on the lookout and new businesses, which are expected to provide excellent development opportunities for them. Furthermore, the growth of LED lighting items is increasing; however, its overall industry is not as large as the fuel-based lighting framework. This gives LED lighting manufacturers a lot of leeway.

Flexible OLED displays have an unbreakable surface and a plastic overlay window attached, making them lighter and stronger than standard glass. Furthermore, the growing demand for displays that can withstand external pressure and are more difficult to break than glass is expected to drive demand for flexible OLED displays. Furthermore, the increasing need to eliminate distortion and increase device flexibility is driving market revenue growth during the forecast period. Furthermore, the growing demand for ultra-thin, foldable, and transparent displays to provide higher image quality is expected to drive market revenue growth during the forecast period.

Based on region, organic light emitting diode market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. North America is expected to have the largest market share in the OLED market due to rising demand for TV display panels, as well as the incorporation of OLED displays in smartphones, digital signage, and automotive industries, all of which contribute to the market's growth. Because many key vendors, such as LG and Samsung, have manufacturing facilities in the region, Asia Pacific is expected to see significant growth in the OLED market. Furthermore, signage display manufacturing, TV manufacturing, and other vendors with regional headquarters—for example, the major manufacturer of OLED displays "Samsung Electronics" with its headquarters in South Korea. Furthermore, China is the OLED manufacturing hub, and it is the fastest-growing consumer goods market, which is expected to drive demand for OLED displays and drive market growth. Whereas Europe, as a leading luxury car manufacturer, is expected to see sustained growth in the OLED market, most luxury car manufacturers install high-quality OLED displays such as HUDs, instrument clusters, and central stack displays. This eventually generates demand for OLED displays and contributes to market growth.