Global Liquid Crystal Display (LCD) Market Expected To Witness The Highest Growth In Asia-Pacific

14-Jun-2023 | Zion Market Research

The global liquid crystal display (LCD) market size was worth around USD 142.36 billion in 2022 and is predicted to grow to around USD 231.75 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.28% between 2023 and 2030.

Global Liquid Crystal Display (LCD) Market Size

The liquid crystal display market revolves around the production and distribution of LCDs. They are flat-panel displays that make use of liquid crystals to create images on the screen. LCDs have a wide range of applications in modern-age systems such as televisions, computer monitors, smartphones, tablets, digital signage, and automotive displays. Increasing advancements in LCD technology have helped the market generate high revenue in the last decade mainly influenced by the growing segment of the population that demanded products with high-resolution displays. This trend was further strengthened by the increasing sale of electronic devices. When compared to the more traditional technologies such as cathode ray tube (CRT) displays, LCDs provided consumers with compact size, energy efficiency, and superior image quality which led to the industry registering surging revenues in the last few years. During the forecast year, market players can expect tough competition from alternate display technologies.

This review is based on a report by Zion Market Research, titled "Liquid Crystal Display (LCD) Market By Application (Small Appliances, Industrial, Automotive, Medical, Consumer Goods, And Others), By Product (LCD Graphic Drivers, LCD Character Drivers, And LCD Segment Drivers), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/liquid-crystal-display-lcd--market

The global liquid crystal display (LCD) market is expected to grow owing to the increasing number of dual-income families across emerging nations. This means that they are more financially equipped, which allows them to purchase more advanced electronic devices such as laptops, smart televisions, smartphones, digital watches, and others. In addition to this, the industry is expected to benefit from the increasing investment in improving LCD technology which includes innovations in backlighting technologies, such as the transition from cold cathode fluorescent lamps (CCFL) to light-emitting diodes (LED). Such factors allow improved energy efficiency and display quality thus attracting more customers.

LCDs, in recent times, have been widely used in several industrial applications and it is one of the growing segments which could be in the favor of the liquid crystal display industry. Some of these applications include automotive displays, medical devices, and instrumentation panels. The automotive industry is equally important to the market where LCD technology is being applied for tools such as dashboard displays, infotainment systems, and rear-seat entertainment. With the growing demand for advanced driver assistance systems (ADAS), LCDs may register a higher influx of new consumers.

However, the global liquid crystal display market is also surrounded by several growth restraints. The primary is the intensive competition from emerging display technologies that offer better viewing experiences and are now as power-dependent as LCDs. Other constraints such as limited flexibility and limitations around viewing angles could cause more consumers to shift to other options available in the commercial market. LCDs tend to have a slower response time which can cause motion blur in fast-moving images or videos.

Rising investment in interactive technology could provide growth opportunities while the high power consumption concern could challenge market growth.

Global Liquid Crystal Display (LCD) Market Size

The global liquid crystal display (LCD) market is segmented based on application, product, and region.

Based on application, the global market segments are small appliances, industrial, automotive, medical, consumer goods, and others. The liquid crystal display industry witnessed the highest growth in the small appliances segment and consumer goods. LCD technology is one of the most commonly used tools in the production of devices such as smartphones and tablets along with similar systems including digital watches and cameras.

With the increased revenue in the consumer goods sector, the segment is projected to emerge as the largest application of LDC. In the industrial sector, LCDs are employed in control panels, human-machine interfaces (HMIs), industrial automation systems, and equipment displays. They are also integrated with automotive dashboard displays, infotainment systems, instrument clusters, and rear-seat entertainment systems. Typically, consumer goods with LCD technology have a maximum resolution of 1920x1080 pixels.

Based on the product, the global liquid crystal display market segments are LCD graphic drives, LCD character drivers, and LCD segment drivers. The highest revenue was generated in the LCD character drivers in 2022. These systems are generally designed for controlling character-based displays which are found in devices such as digital watches, calculators, and some industrial equipment. They consist of a limited set of predefined characters or symbols that are arranged in rows and columns. On the other hand, LCD graphic drivers are used for controlling more complex graphic displays and they can display custom images, icons, and fonts. Their application mainly consists of smartphones, tablets, computer monitors, and graphic user interfaces (GUIs). LCD segment drivers are mostly used in digital clocks, microwave ovens, and automotive dashboard displays. In 2022, India witnessed a 22% year-on-year growth in its smart TV segment.

Asia-Pacific is projected to witness the highest growth in the global liquid crystal display (LCD) market driven by the presence of LCD manufacturing giants who have undertaken several innovative strategies to ensure their dominance over the international display market. China, Japan, Taiwan, and South Korea are home to some of the largest LCD production sites. However, companies such as Apple Inc. have initiated collaborations with the Indian government to install production facilities for Apple devices in India which could assist as another strengthening factor for the regional economy.

North America is also a crucial market driven by the increasing use of consumer goods such as TV sets and other smart gadgets. LCDs are widely used in sectors like consumer electronics, automotive, medical devices, and industrial applications.

Recent Developments:

  • In February 2023, Realme announced the launch of its first Coca-Cola edition smartphone called Realme 10 Pro Coca-Cola which comes with a 6.7-inch LCD display
  • In April 2020, BOE and Qualcomm announced a collaboration in a bid to develop new and innovative display products that may feature Qualcomm 3D Sonic Sensors
  • In May 2022, Samsung Display announced its intention to shut its LCD business by June 2022

Liquid Crystal Display (LCD) Market: Competitive Analysis

The global liquid crystal display (LCD) market is led by players like:

  • Samsung Display Co. Ltd.
  • LG Display Co. Ltd.
  • AU Optronics Corporation
  • Innolux Corporation
  • BOE Technology Group Co. Ltd.
  • Japan Display Inc.
  • Sharp Corporation
  • Tianma Microelectronics Co. Ltd.
  • Visionox Technology Inc.
  • CSOT (TCL China Star Optoelectronics Technology)
  • EverDisplay Optronics Ltd.
  • Truly International Holdings Limited
  • HannStar Display Corporation
  • Chunghwa Picture Tubes Ltd.
  • CPT Technology (Group) Co. Ltd.
  • Himax Technologies Inc.
  • IVO (InnoVision Optoelectronics) Group
  • E Ink Holdings Inc.
  • Shenzhen China Star Optoelectronics Technology Co. Ltd.
  • Japan OLED
  • RiTdisplay Corporation
  • Sharp NEC Display Solutions Ltd.
  • Mitsubishi Electric Corporation
  • Panasonic Corporation
  • Toshiba Corporation.

The global liquid crystal display (LCD) market is segmented as follows:

By Application

  • Small Appliances
  • Industrial
  • Automotive
  • Medical
  • Consumer Goods
  • Others

By Product

  • LCD Graphic Drivers
  • LCD Character Drivers
  • LCD Segment Drivers

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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