The flexible electronics market is expected to grow from USD 23.92 Billion in 2018 to USD 40.37 Billion by 2023, at a CAGR of 11.0% between 2018 and 2023.
The increasing adoption of displays, thin-film photovoltaics, and printed sensors have driven the market growth. Applications in IoT are also being targeted by flexible electronic devices, which would further push the market growth.
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Displays LCD and OLED are expected to hold the largest share of flexible electronics market during 2018–2023. The market for displays is led by industry leaders such as Samsung and LG who produce flexible OLED display panels that are largely being deployed in smartphones, smart wearables, and televisions.
Leading smartphone manufacturers, such as Samsung and Apple, have adopted flexible OLED displays in their flagship smartphones. Flexible displays are also increasingly being deployed for television and digital signage applications due to their aesthetic appeal. The demand for flexible displays is expected to increase for more applications across various verticals are adopting the technology.
The automotive vertical is increasingly adopting flexible electronic devices as they can be easily integrated with the vehicle design allowing compact assembly. Flexible displays, OLED lighting solutions, and printed sensors are actively adopted in the automotive vertical. Flexible OLED lighting solutions are expected to be rapidly adopted for automotive applications due to their enhanced luminescence, improved power efficiency, and attractive design.
APAC dominated the flexible electronics market, accounting for the largest market share in 2017. In addition, the region is likely to be the fastest-growing market for flexible electronics during the forecast period. APAC is the hub for manufacturers and customers of flexible OLED panels.
In the market, Samsung and LG have been the leading companies that deploy flexible displays in smartphones and televisions. In APAC, Flexible sensors are also increasingly being used for healthcare applications.
APAC has witnessed an increase in the installation of thin-film PVs in the recent years, and their deployment is expected to increase steadily in China. With Japan and India being prominent countries in the adoption of thin-film PVs, other countries in the region are also shifting toward renewable energy resources.
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