The foldable display market is anticipated to grow from US $65 million in 2018 to US $18 billion by 2025 when the global industry shipments are predicted to witness a whopping growth rate of 85%, according to a 2019 Global Market Insights report.
The size of the foldable display market is expected to grow at an exponential rate owing to the increasing interest of smartphone manufacturers to integrate this innovation into their products. Companies are foreseeing the technology as the next big thing for key differentiation in their products. Many companies have filed patents for their devices that will enable them to stabilize the falling smartphone market and captivate the attention of tech-savvy consumers creating growth opportunities for the market, said a press release.
The key driver for the foldable display market is the growing support to this new technology from the industry players.
There are enormous growth prospects for the market due to the commercialization of smartphones set by two major players this year. Companies are competing fiercely to launch their devices early. The smartphones are the initial step for the foldable display technology; which is further expected to explore its potential in other markets such as notebooks, wearables, TVs, etc. The market will be fueled by the technical capabilities of companies to incorporate them in their products with different designs, confirming their practicality and usefulness, said the report.
The U.S. smartphone industry is one of the biggest industries in the world. The presence of major companies, which are at the forefront of integrating these displays, is contributing to the foldable display market regional growth.
The Asia Pacific foldable display market is expected to grow at a modest rate owing to the high associated cost. It will limit the adoption in low-income countries. As most of the consumers in these regions fall under the middle class, there will be a slow adoption for such devices.