LED OLED Display Market Trends

Introduction

As we enter the year 2024, the LED and OLED display market is undergoing a significant transformation, driven by technological innovations, regulatory pressures and changes in consumer preferences. The rapid advances in display technology, with their higher resolution and energy efficiency, are reshaping the products and the expectations of the consumers. Also, the increased regulatory focus on energy and the environment is putting pressure on manufacturers to adopt greener production and materials. Moreover, the changing consumer behaviour, with its increasing demand for high-quality visual experiences in both private and professional settings, is forcing the industry to change. Keeping track of these trends is important for the industry players as they navigate the competition and seek to take advantage of the emerging opportunities.

Top Trends

1. Increased Adoption of OLED Technology
   The superiority of OLED in terms of color reproduction and energy efficiency is drawing attention. The OLED display is now the focus of the industry. Leading manufacturers such as LG Display are increasing their production, and the number of OLED TVs is expected to reach 30 million in 2024. The trend of OLED is accelerated by the high quality of the display of both mobile phones and TVs. The OLED industry is expected to challenge the traditional LCD industry in the future.
2. Sustainability Initiatives in Display Manufacturing
   And the industry has come to focus more on green practices, with companies like Samsung committing to eco-friendly materials and processes. In fact, a recent survey shows that 70% of consumers now prefer brands that place a premium on being eco-friendly. It’s a trend that’s pushing manufacturers to rethink their supply chains and production methods, and it’s a trend that’s expected to continue.
3. Integration of Smart Technologies
   The smart display is becoming ubiquitous, and it is connected to the Internet of Things and has an artificial intelligence function. Sony is leading the industry in this field, and the display has been embedded with a smart chip, which is expected to make the use of the display more convenient. Sales of smart displays are expected to grow by 25 percent in 2024, indicating that the interaction between consumers and the Internet of Things will be further improved, and the way of communication with consumers will change.
4. Advancements in MicroLED Technology
   It is a game changer, with a higher brightness and greater energy efficiency than OLED. The big players are investing heavily in R&D, and by 2025 it is estimated that the market share of micro-LEDs will be considerable. This innovation will encourage competition and force the other players to evolve, with a knock-on effect on the prices they can charge.
5. Enhanced Display Resolutions
   Higher-resolution displays are in demand as 8K technology becomes more widely available. Panasonic is now offering 8K monitors for both the consumer and professional markets. Sales of 8K monitors are expected to increase by 40 per cent in 2024, according to a study by a research institute. This is driving manufacturers to develop new 8K content.
6. Growth of Flexible and Bendable Displays
   In the field of mobile devices and wearables, flexible displays are gaining ground. At the forefront of the development are the OLED screens of Samsung and LG. They enable completely new designs for mobile devices. According to the current market research, the flexible display technology could grow by 30 percent. This would lead to a complete rethinking of the design and functionality of consumer devices.
7. Expansion of Display Applications in Automotive Sector
   The car industry is integrating more and more display technology in the instrument panel and in the information systems. The suppliers of high-resolution displays, such as the Finnish company Nokia, are collaborating with car manufacturers to develop and build a new, more comfortable and more safe driving experience. This development will probably lead to a significant increase in the growth of the car display industry, which will also affect the safety and appearance of cars.
8. Rise of Augmented and Virtual Reality Displays
   AR and VR are pushing the limits of display innovation, with companies like Raystar Optronics developing specialized displays for a wide variety of experiences. AR and VR display markets are expected to grow at a fast pace. By 2025, demand for these displays is projected to increase by 50%. This will push development of display technology forward and have an impact on the gaming, education, and entertainment industries.
9. Government Initiatives for Display Technology Development
   The government has a new digital agenda. In South Korea, for example, the aim is to increase the country's own manufacturing and innovation capabilities. With this support, the government is hoping to improve the country's competitiveness in the world market and to encourage collaboration between the public and private sectors to drive technological development.
10. Focus on Health and Safety in Display Usage
    The dangers of prolonged screen use are driving manufacturers to develop displays with reduced blue light emissions. Pioneer is one of the leading companies responding to consumers’ desire for healthier displays. This trend will have an impact on the design and marketing of products, as consumers with an eye to their health seek out new, safer display technology.

Conclusion: Navigating the LED and OLED Landscape

As we approach 2024, the LED and OLED display market is characterized by a fiercely competitive market and a notable fragmentation. Both the established and newcomers compete for market share. The demand for LED and OLED displays is growing in Asia-Pacific and North America, and the companies have to adapt to this trend. The established players have their brand and distribution network, while the newcomers focus on innovation and niche applications. The ability to integrate advanced capabilities such as AI, automation, and sustainability and flexibility will be decisive for market leadership. These companies that are able to put these things first will not only increase their efficiency but also align themselves with the changing needs of consumers, which is very advantageous in this changing market.