August 02, 2022 17:00 ET | Source: Precedence Research Precedence Research
Tokyo, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The global flexible display market size was valued at USD 22.02 billion in 2022. The use of flexible display has been extensively seen in the automobile industry where do they use of touch screen has been observed with the rapid advancement in technology. The increasing demand for smart phones and smart watches has also boosted the demand for flexible displays. The recent trend of curved display edges has boosted the market for flexible displays to a great extent.
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With a view to provide better flexibility and durability to the device the use of flexible display has increased to a considerable extent. The rapidly increasing number of people belonging to the geriatric population has also boosted the demand for flexible and durable display material.
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A rapid technological advancement has been experienced by the flexible display market in the recent years. The quality and weight of the display devices Underwent rapid transition with the development in technology. The space consuming and bulky nature of the displays have been transformed to slim formats which provide a better response to the touch of the consumer. The huge number of people belonging to the geriatric population proves to be a driving force for the flexible display market as these people cannot take care of the delicate features provided by the electronic devices. With the increasing competition among the key market players, advanced technologies have been launched into the market which attracts potential customers. The rapid advancements which have been observed in the field of education with the introduction of smart displays has proved to be a major driving force for the growth of the market during the forecast period.
The entire process involved in manufacturing of flexible display it's very complex as compared to the manufacturing process of rigid displays. This imposes an additional cost on the manufacturing process which increases the cost of the electronic devices. The designing process of the rigid displays is much simpler which makes it superior as compared to the flexible displays. The response to stimuli offered by the rigid display this is very satisfying as compared to the flexible display. The extreme climatic conditions hamper the quality and resolution of the flexible displays very easily which proves to be a major restraining factor for the growth of the market. The level of protection which is provided for the internal circuit and motherboard of the electronic device is quite less which reduces the life of the gadget. These multiple reasons prove to be the restraining factors for the growth of the market during the forecast period.
The facility of insurance coverage which has been introduced for the electronic devices in order to provide a better aftermarket service to the consumers has proved to be a major opportunity for the growth of the market. The increasing use of flexible displays by the manufacturers of smart band it's proved to be a great opportunity for the growth of the market of flexible display. The high demand of watches and smart phones experienced as a result of rapid digitalization in the field of education has proved to be a great opportunity for the growth of the flexible display market during the forecast period. The introduction of smart education system into the society has increased the demand for better display quality and resolution. These multiple reasons proved to be great opportunities for the growth of the flexible display market during the forecast period.
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The revenue return of the flexible display mainly depends on the bulk order which is received by the manufacturer. Flexible displays cannot bear extreme climatic conditions which hampers the functioning and response provided by the device. The cost of the raw material of flexible displays proves to be a great challenge for the growth of the market. These multiple reasons prove to be the challenges during the growth phase of the flexible display market.
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