OLED Market to Grow by USD 65.78 Billion from 2024-2028

The global organic light-emitting diode market size is estimated to grow by USD 65.78 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  18.52%  during the forecast period. Increasing number of patent-related activities by market vendors is driving market growth, with a trend towards increasing adoption of oled displays in automotive sector.

The automotive industry is experiencing a shift towards advanced visual technologies, with organic light-emitting diode (OLED) displays gaining significant traction. OLED technology offers vibrant colors, high contrast ratios, and exceptional color reproduction, making it an ideal choice for various in-vehicle applications. The market for OLED displays in the automotive sector is projected to grow at a CAGR of over 14% between 2019 and 2023. This growth is driven by the increasing demand for reality-based technologies and autonomous vehicles.

OLED displays are revolutionizing in-vehicle infotainment systems, providing advanced features such as navigation, multimedia systems, driver assistance, connected vehicle functions, and improved communication between drivers and vehicles. Luxury car manufacturers and original equipment manufacturers (OEMs) are incorporating OLED panels into their vehicles due to the technology's high design flexibility and energy efficiency. Renowned car companies such as Volkswagen, Jaguar Land Rover, Toyota, GM, Mercedes-Benz, and Audi are already using OLED displays in their vehicles. Automotive display manufacturers are actively exploring the potential applications of OLED displays in the automotive sector, with commercial availability of such displays expected to grow. OLED displays offer enhanced brightness, vibrant colors, and interactive functionalities, making them ideal for GPS navigation, driver assistance displays, entertainment systems, and digital dashboards. The increasing adoption of OLED displays in the automotive sector is driving a transformation in in-vehicle visual displays, offering new standards for automotive display technology. In-vehicle information systems are becoming more prevalent in automobiles, and the demand for OLED displays is expected to rise during the forecast period, supporting the growth of the global organic light-emitting diode market.