- The valuation stood at $23.64 billion in 2019
- Based on component, the flexible display segment accounted for the largest market share, accounting for more than half of the global flexible electronics market in 2019
The global flexible electronics industry is expected to reach $42.48 billion by 2027, witnessing a CAGR of 7.4 per cent from 2020 to 2027 as per a report by Allied Market Research. It added that the valuation stood at $23.64 billion in 2019.
Growth in sales of Internet of Things (IoT) devices, rise in concern of government for flexible electronics, and increase in demand for portable and smart electronics products drive the market growth of the global flexible electronics market. It added that the growth in printed electronics further boosts the market growth. The high cost restrains the growth to certain extent. Moreover, the technological advancements in flexible electronics are anticipated to create a number of opportunities in the near future.
Due To Covid-19, “Manufacturing activities have been halted during the lockdown. In addition, the disruption in supply chain has resulted into shortage of raw materials. The declined demand and shut down of end using industries have further declined the growth. However, the government bodies in various regions have lifted off the regulation in order to maintain economic benefits. This has allowed the industries to resume their processes.”
Flexible display segment to dominate
Based on component, the flexible display segment accounted for the largest market share, accounting for more than half of the global flexible electronics market in 2019. It will continue its dominant share in terms of revenue during the forecast period. It is expected to manifest the highest CAGR of 9.1 per cent from 2020 to 2027, owing to wide range applications of OLEDs, e-paper, and LCD.
Based on application, the consumer electronics segment contributed to the largest share in 2019, accounting for nearly three-fifths of the global flexible electronics market. It is estimated to maintain its highest contribution during the forecast period.Asia-Pacific, Followed By North America, to Maintain Its Lead Position By 2027
Based on region, Asia-Pacific, followed by North America, held the highest market share in 2019, contributing to nearly two-fifths of the total share of the global flexible electronics market, and will maintain its lead position by 2027.
The report added, “In addition, the region is projected to grow at the fastest CAGR of 9.2 per cent during the forecast period. The flexible electronics market finds huge opportunities in the emerging economies of Asia-Pacific, especially in India and other South Asian countries, owing to a large consumer base and extreme emphasis on the growth of manufacturing.”
