Global Smartwatch Display Panel Market By Panel Type (Rigid and Flexible), By Display Technology (LED-backlit LCD and OLED), By Display Type (Monochrome and Colored), By Application (Personal Assistance, Fitness, Medical & Health, and Personal Safety), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
The Global Smartwatch Display Panel Market size is expected to reach $2,924.2 million by 2027, rising at a market growth of 13.4% CAGR during the forecast period.
Smartwatch refers to the wearable combination of various advanced devices like smartphones or computers. These smartwatches offer a local touchscreen interface for daily usage, along with the related smartphone app that helps in management and telemetry. In the initial years, smartwatch models have performed basic tasks like translations, digital time telling, calculations, and game-playing. However, with the advancement in technologies, smartwatches are now integrated with some latest functionalities that are similar to smartphones like a mobile operating system, mobile apps, and WiFi/Bluetooth connectivity.
There are certain smartwatches that operate as portable media players, with playback of audio, FM radio, and video files through a Bluetooth headset. Certain smartwatches models, known as watch phones, have mobile cellular functions such as calling. These watches have different internal hardware components including electronic visual display, backlit LCD, or OLED. Several manufacturers are using transflective or electronic paper in order to reduce the consumption of power. In addition, these devices are mostly powered by a rechargeable lithium-ion battery.
COVID-19 Impact Analysis
With the outbreak of the COVID-19 pandemic, operations and businesses of various industries have been hampered across the world. The electronics manufacturing sector was facing a temporary ban that decreased their production as well as the efficiency of the manufacturing units. The imposition of lockdown in various nations of the region has negatively impacted the sales and revenue of various products. However, the smartwatch display panel market would get back on track with the rising technological advancement during the recovery phase.
The demand for smartwatches has witnessed a slowdown during the pandemic, which has also negatively impacted the demand for a smartwatch display panel in the market. However, various market players are adopting different strategies for ensuring business continuity.
Market Growth Factors:
Increasing demand for smartwatches
There is a rise in demand for smartwatches across the world due to the increasing inclination of the consumers on smart technologies and growing health awareness among consumers. With the increasing demand for smartwatches, the demand for smartwatch display panels would also surge in the market. In addition, the rising advancements in smartwatch technologies and the integration of various latest technologies in smartwatch are estimated to fuel the growth of the smartwatch display panel market over the forecast period.
Increasing investment on making connected ecosystem
Factors like the growing data dependency among the customers, rise in investment of the companies on making connected ecosystem of their devices and high demand for connected & smart system are estimated to augment the demand for the smart wearables. Consumers are highly inclined towards the adoption of connected devices to minimize their time and efforts on different activities. In addition, these connected devices make it easy for consumers to carry out different tasks from one device.
Market Restraining Factor:
Absence of knowledge about the usage of smartwatches
With the lack of awareness among consumers regarding the utilities of the smartwatch, the demand and growth of the smartwatch display panel would also be restricted across the world. Also, the complications faced by the users in optimum utilization of these devices are also estimated to hinder the growth of the smartwatch display panel market. Several technological advancements have increased the efficiency and functionalities of smartwatches, be it measuring the heart rate or carrying out any digital payment, these smartwatches are useful in many ways.
Panel Type Outlook
On the basis of panel type, the smartwatch display panel market is segmented into rigid display and Flexible display. In 2020, the rigid display segment acquired the highest revenue share in the market owing to its simple infrastructure, which facilitates the manufacturing process.
Display Technology Outlook
Based on display technology, the smartwatch display panel market is segmented into LED-backlit LCD and OLED. Among all, the LED-backlit LCD segment dominated the market by acquiring the highest revenue share, since it provides a broad range of color gamut.
By application, the smartwatch display panel market is divided into medical & health, personal assistance, fitness, and personal safety. The personal assistance segment procured the largest share in the market in 2020.
Base on region, the smartwatch display panel market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2020, North America emerged as the prominent region with a substantial revenue share in the smartwatch display panel market in 2020. It is due to the high demand for consumer electronics in this region. Moreover, the growing health-consciousness among consumers and rising disposable income of consumers are fueling the growth of the regional smartwatch display panel market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LG Electronics, Inc. (LG Corporation), Samsung Electronics Co., Ltd. (Samsung Group), AU Optronics Corporation, Sharp Corporation, BOE Technology Group Co., Ltd., Japan Display, Inc., Truly International Holdings Limited, Futaba Corporation, Everdisplay Optronics (Shanghai) Co., Ltd., and Visionox Technology, Inc.
Strategies Deployed in Smartwatch Display Panel Market
Jul-2021: Futaba introduced a new high-brightness, high-definition 2-inch consumer-use color OLED display. This product aimed to expand the company's standard lineup and contribute to its customers' product development in all ways of price, design, and delivery.
Apr-2021: Visionox Technology extended its long-term OLED material supply and license agreements with Universal Display Corporation. This agreement aimed to help Visionox to reach its goal of offering top-class, energy-efficient, OLED displays in this growing industry.
Jun-2020: BOE Technology Group entered into an agreement with Fuyao Glass Industry Group, a manufacturing company. This agreement aimed to leverage both the companies' respective resources in the industry and technological strength to carry out strategic cooperation in dimmable glass, head-up display (HUD), and other fields as well as expand their market presence for mutual benefit together.
Apr-2020: AUO joined hands with PlayNitride, an electronic company that manufactures and provides Micro LED technology. This collaboration aimed to develop High-Resolution Flexible Micro-LED Display Technology.
Apr-2020: BOE Technology Group collaborated with Qualcomm Technologies, an American multinational corporation. This collaboration aimed to develop advanced display products featuring Qualcomm 3D Sonic ultrasonic fingerprint sensors. In addition, the collaboration would also extend from mobile and related 5G technologies to XR and IoT.
Aug-2018: Japan Display formed a partnership with Panasonic, a worldwide leader in the development of diverse electronics technologies and solutions. This partnership aimed to license out a low-cost organic light-emitting diode (OLED) panel-making process.
Aug-2017: Everdisplay Optronics came into a partnership with Universal Display Corporation, a leader in the research, development, and commercialization of organic light-emitting diode. This partnership aimed to supply them with phosphorescent OLED materials to be utilized in their products.
Jul-2017: Truly Semiconductors signed a technology transfer and license agreement with FlexEnable, the leader in the development and industrialization of organic electronics. This agreement aimed to bring FlexEnable’s flexible organic liquid crystal display (OLCD) technology into mass production on Truly’s lines.
Apr-2017: Visionox introduced its innovation, an 0.2mm ultra-thin AMOLED display. The product signifies the start of an ultra-thin era for rigid AMOLED displays.
Scope of the Study
Market Segments covered in the Report:
By Panel Type
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