PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1389230
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1389230
Global Organic LED Market is valued approximately at USD 58514.98 million in 2022 and is anticipated to grow with a healthy growth rate of more than 21.7% over the forecast period 2023-2030. Organic Light-Emitting Diode is a display technology that utilizes organic compounds to emit light when an electric current is applied. It is a type of light-emitting diode that offers several advantages over traditional display technologies like LCD. The Organic LED market is expanding because of factors such as increasing demand of Consumer electronics and rising implementation of LED lights OLED displays have fast response times, which means they can quickly switch pixels on and off. This feature makes them well-suited for applications that require fast motion rendering, such as gaming or multimedia playback. Its importance has progressively increased during the forecast period 2023-2030.
According to Statista, the global consumer electronics market is expected to expand by USD 125.5 billion in between 2023 and 2028 and expected to reach a total USD 1.2 trillion by 2028. Furthermore, Consumer electronics retail sales in the United States will reach USD 485 billion in 2023 and OLED TVs are expected to generate USD 2.3 billion in revenue in 2023. Another important factor driving the Organic LED market is rising implementation of LED lights. LED lights have raised awareness and demand for energy-saving lighting solutions due to their energy efficiency and long lifespan. This has influenced the development of OLED technology, which also offers energy-efficient lighting options. The success and acceptance of LED lights have paved the way for OLED lights as an alternative and complementary lighting technology. In addition, as per Statista, LED lights should be installed in 93% of outdoor lighting and become the most common light source in all sectors by 2025. Moreover, growing demand for energy-saving lighting solutions and rising government initiatives towards adoption of OLED lights is anticipated to create a lucrative growth opportunity for the market over the forecast period. However, the high cost associated to Organic LED and availability of counterfeit products stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Organic LED Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing demand in the TV display panel, implementation of OLED displays in smartphones. Furthermore, Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as rising number of display manufacturing facilities such as China having fastest-growing market for consumer goods as well.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable