Organic Light Emitting Diode (OLED) Market Is Expected Exhibit High Growth, Driven By Amplified Dema

Global Organic Light Emitting Diode (OLED) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $28 billion by 2024 from $4 billion in 2016, growing at a CAGR of 28.2% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 33.8% and 27.1%, respectively, during the forecast period.
The major drivers of the Global OLED Market are, augmented demand for OLED technology in automobile industry and rise in popularity of eco-friendly products. However, high cost is acting as a restraint for the market. Technological advancement in automobile industry would provide growth opportunities for the competitors in the coming years.
The segmentations of the global OLED market are materials, technology, and application. Materials type segment include, Electrode materials, hole transport layer materials (HTL), emissive layer materials (EML), electron transport layer materials (ETL), and substrates. PMOLED and AMOLED are the segmentations done by technology. By application, the market is further classified into displays and lighting. Displays accounted for the largest market share in the overall application segment in 2016. The technology segment was dominated by AMOLED.
The geographical segments of the market comprise, North America, Europe, Asia-Pacific, and Rest of the world. In 2016, the largest market share of 42.9% was accounted by Asia-Pacific, driven by presence of prominent players such as, Philips N.V. and Samsung Electronics. Existence of various Chinese players have also boosted the OLED market in the Asia-Pacific. Europe accounted the second largest share with 23.4% in 2016. Asia-Pacific is projected to grow at the fastest CAGR of 33.8% during the forecast period 2016 to 2024.
Major market players include, LG Electronics Inc., Toshiba, Panasonic Corporation, Universal Display Corporation, Konika Minolta, Philips N.V., Samsung Electronics Co. Ltd., Osram, Pioneer, OSRAM GmbH, and Ason, Lumiotec, among others.
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