Global Display Markets to Reach $187.8B by 2028: MarketsandMarkets

MarketsandMarkets’ report, “Display Market by Display Technology (LCD, OLED, Micro-LED, Direct-view LED), Panel Size (Microdisplays, Small & Medium-sized Panels, Large Panels), Product Type (Smartphones, Television Sets, Wearables), Vertical, and Region – Global Forecast to 2028,” reports that the display market is expected to reach $187.8 billion by 2028 from $157.8 billion in 2023, at a CAGR of 3.5% from 2023 to 2028.

The major factors driving the market growth for displays include surging adoption of OLED displays in various applications, increasing use of LED displays for video walls, TVs, and digital signage applications, increasing applications of displays in automotive and healthcare industries, and growing popularity of interactive displays.

LCD displays have been extensively used in display devices over the last few decades. Currently LCDs are mainly used in retail, corporate offices, industries, and banks. The LCD segment accounted for the largest market share in 2022 and was a relatively mature segment. However, the LCD market is expected to witness a decline during the forecast period.

High competition from newer and advanced technologies such as OLED and micro-LED, disruption in the demand and supply ratio of LCD displays, and gradual decline in average selling prices (ASPs) of LCD panels globally are some of the major factors contributing to the decline of the LCD market globally. In recent years, technologies such as OLED and micro-LEDs are expected to witness significant growth and increased adoption in smart wearables, smartphones, and television sets.

Microdisplays will register the highest CAGR in the display market during forecast period.  Microdisplays are microminiaturized displays with a diagonal size of less than 1 inch. They are manufactured using display technologies such as liquid crystal display (LCD), liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), and digital light processing (DLP). The growing demand for augmented reality (AR) and virtual reality (VR) head-mounted displays (HMDs) is a major factor driving the market growth for microdisplays globally.