Human brain is a visual data appreciator. We process visual data incredibly faster than textual data. According to a 2014 study of 57 people conducted by Cornell University, textual data presented with a visual graph interested 97% of the people as compared to plain text which intrigued only 68%. According to Massachusetts Institute of Technology, our brains process an image in 13 milliseconds which is much faster than processing unembellished textual information. The consumer electronics industry has not failed to capitalize on these findings. The display market is thriving, and globally valued between $132 billion to $135 billion in 2018. A multitude of products including mobile phones, laptops, smartwatches, and tablets rely completely on the products offered in the display marketplace. If not for an efficient display, we wouldn’t be enjoying any of these gadgets.
Owing to consistently advancing technology, the display market is experiencing innovation and popularity. Varying gadgets utilize electronic displays of different kinds, which in turn leads to robust market growth. The global display market is expected to grow with a potential CAGR of 4%-4.5% during the forecast period of 2019-2025. Asia Pacific region owns the largest revenue share of the global display market, between 35%-40% as of 2018, because of China’s established hardware base and India’s advancing electronics industry.
Display Market Outlook:
Display is undoubtedly one of the most important aspects of any electronic device. In simple terms, it is any output surface or a flat panel that projects images and texts for a viewer to absorb through his/her vision. Display market has undergone unprecedented technological growth in the past few years. From
Organic Light Emitting Diode (OLED) with their lightweight characteristic to quantum dot technology’s accentuated brightness, the display market has traversed a long and arduous journey. Display technology is not just limited to our mobile phones and laptops. Nearly all consumer electronics like microwaves, televisions and refrigerators are known for the use of display for ease of accessibility. This is the reason why display market has found its widest application amongst consumer electronics. According to IndustryARC analyst, this application segment is set to grow with a standard CAGR of 5%-6% during the forecast period of 2019-2025.
Display Market Growth Drivers:
- Increased Sales Of Consumer Electronics
With expanding urbanization, in most households, consumer electronics have become a necessity to have. Our lives revolve around gadgets and it is virtually impossible to imagine our lives without mobile phones, laptops and similar devices. Samsung Electronics Co. Ltd. earned a massive $211 billion market revenue in the year 2017 simply on its sales of consumer electronics. This number is reflective of the outstanding growth rate that the display market will experience in the upcoming few years.
- Rising Innovation In The Display Market
Display market’s consistent innovation is also driving the market growth. Key players are competing in the market and upping one another in the innovation game. Apple, Huawei, Samsung, and LG Electronics provide impetus to the display market by maintaining consumer interest and keeping the market trends interesting.
Display Market Challenges:
Given that consumers now demand a higher quality of display, reputed companies have now started investing in better options like OLED. But, these come with a high investment cost which is a challenge faced by the display market. One of the ways key companies can combat this challenge is to invest in products that are mid-range and have cheaper displays panels. The customers are more likely to be inclined towards products that cost lesser than their expensive counterparts.
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