Rise in health awareness among the consumers, advent of large number of players in the smartwatch industry, and increased demand for flexible display technology have boosted the growth of the global smartwatch display panel market
PORTLAND, Ore., Nov. 10, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smartwatch Display Panel Market by Panel Type (Rigid Display and Flexible Display), Display Technology (LED-backlit LCD and OLED), Display Type (Monochrome and Colored), and Application (Personal Assistance, Medical & Health, Fitness, and Personal Safety): Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global smartwatch display panel industry was accounted for $1.21 billion in 2030, and is expected to garner $4.06 billion by 2030, registering at a CAGR of 14.1% from 2021 to 2030.
Drivers, Restraints, And Opportunities
Rise in health awareness among the consumers, advent of large number of players in the smartwatch industry, and increased demand for flexible display technology have boosted the growth of the global smartwatch display panel market. However, high consumption of energy hinders the market growth. On the contrary, surge in pixel density is expected to open new opportunities for the market players in the future.
The Covid-19 outbreak forced electronics manufacturing hubs to halt or work at a low efficiency to curb the spread of the virus. This negatively affected the supply chain of the semiconductor market by creating shortage of materials, finished goods, and components.
Lack of business continuity negatively affected the revenue and shareholder returns.
However, the market is expected to get back on track due to rapid technological advancements and rise in new launch and partnerships.
The Flexible Display Segment to Manifest The Highest Through 2030
By panel type, the flexible display segment is expected to manifest thehighest CAGR of 20.2% during the forecast period, owing to the flexible nature and fewer risk of breakage of display. However, the rigid display segment dominated the market in 2020, accounting for more than four-fifths of the market, due to their simple infrastructure that enables ease in manufacturing.
By display technology, the LED-backlit LCD segment held the lion's share in 2020, contributing to more than three-fifths of the market, as it offers a wider color gamut. However, the OLED segment is anticipated to register the highest CAGR of 15.9% from 2021 to 2030, as it is light in weight and flexible.
North America Held The Lion's Share
By region, North America dominated the market in 2020, contributing to more than one-third of the market, due to availability of advanced technology and presence of major market players operating in the region. However, Asia-Pacific is expected to portray the highest CAGR of 16.5% during the forecast period, owing to presence of key manufacturers in the region.
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