The Smartphone Display Market will expand from USD 55.676 billion in 2025 to USD 72.484 billion by 2030, driven by a 5.42% compound annual growth rate (CAGR).
The market is expected to surge in the coming years because of the advancement in technologies, the growth of the urban population, and rising incomes globally. According to the United Nations, by 2050, 68% of the global population is expected to reside in urban areas, from 55% in the year 2018. The global smartphone display market is expected to surge in countries like India and China during the forecast period.
With the large population, rising disposable income, and advanced manufacturing industry, the market is expected to accelerate at a significant rate. In October 2020, the Indian Government approved ten mobile manufacturing firms for its major Production Linked Incentive Scheme, intending to boost manufacturing and production of large-scale electronics in the country, as part of the government’s Make in India initiative.
The novel scheme extends and provides incentives of around 4% to 6% on incremental sales and revenue of goods under specific target segments, which are to be produced in India by eligible and qualified companies, for a maximum period of five years. In December 2020, the State Government of India’s largest state, Uttar Pradesh, announced that Samsung would invest around US$664.8 million to relocate the company’s IT and mobile production unit from China to Uttar Pradesh, India. In January 2020, Samsung announced that it would invest US$500 million to set up a novel smartphone display manufacturing plant in New Delhi, India.
Other companies are also making significant developments in the market in recent years. In February 2021, Apple announced that it would be partnering with Taiwan Semiconductor Manufacturing Co. to develop and produce ultra-advanced display technology at a secretive facility in the country of Taiwan. Apple had been planning to develop micro-OLED displays to use the novel technology in its next generation and augmented reality devices. In November 2020, Foxconn, one of the major manufacturers of smartphones and other gadgets, announced that it had opened a factory in Northern Vietnam to produce mobile phones and other displays. The total cost of the construction of the factory was around US$26 million. The country’s government stated that it had produced 20,000 display screens in the year 2020.
The worldwide smartphone shipments are expected to surge in the coming years, because of the rollout of 5G networks, rising disposable income in developing countries, and a surge in population globally. According to the International Data Corporation, the global smartphone market continued to enhance its performance in the last quarter of the year 2020. The market registered a slowdown in 2020 because of the COVID-19 Pandemic. But the corporation’s report stated that the market grew by around 4.3% during the fourth quarter of 2020. Smartphone manufacturers and vendors shipped a total of 385.9 million devices during the fourth quarter. The market is also expected to grow because of the popularity of low to medium-priced range smartphones, especially in developing nations.
According to the data given by the International Data Corporation, Samsung had a market share of approximately. 20.6%, with shipments of 266.7 million units of smartphones, in the year 2020. Apple had a market share of 15.9%, with shipments of 206.1 million units in the same year. Huawei was in the third position and had a market share of 14.6%, with total shipments of 189 million units. Other companies, such as Xiaomi, Vivo, and Others, had a market share of 11.4%, 8.6%, AND 28.7%, respectively, with total shipments of 147.8 million units, 111.7 million units, and 371 million units, in the year 2020. The smartphone market is expected to grow at a rate of 1.7% in the next five years.
The market is expected to grow at an exponential rate in the coming years, because of the rise in demand for OLED Screens globally. The major advantage of OLED displays over LCDs is that OLED enhances image quality and provides higher brightness, better contrast, much faster refresh rates, a wider color range, and a fuller viewing angle. The design enables flexible, ultra-thin, transparent, and foldable displays. Major companies have been introducing and launching gadgets and products, with novel and advanced OLED Displays, globally.
For Instance, In February 2021, Lenovo announced the launch of the Lenovo Tab P11 in India, with the latest 11.5-inch WQXGA OLED Display and Snapdragon 730G processor. The OLED Display has 2,560*1,600 pixels resolution, Dolby Vision, HDR10, 100% sRGB, and 500 nits brightness. Other companies are also making significant developments in the market. In February 2021, LG Display announced its plans to expand manufacturing and production facilities of organic light-emitting diode (OLED) displays in Vietnam.
The company would invest US$750 million in its production and operations in the country’s port city of Hai Phong, North Vietnam. Apple, one of the major smartphone companies globally, has been investing a significant sum of capital into OLED Technology. In February 2021, it had been reported that Apple’s supplier TSMC had been developing and producing advanced micro-OLED display technology for Apple’s rumored Apple Glass AR Headset. In January 2021, Samsung stated that its Galaxy S21 Ultra smartphone uses an OLED Display, which reduces the mobile phone’s power consumption by up to 16%.
Segmentation