Global Backlit Displays Market Growth Rate Forecast 2024 - 2033
22 Jul, 2024
The backlit displays market has seen robust growth, climbing from $32.79 billion in 2023 to $35.92 billion in 2024, with a CAGR of 9.5%. This growth is attributed to the transition to LED backlighting, proliferation of high-resolution displays, smartphone-driven demand, expansion of consumer electronics, and deployment of digital signage solutions. Projected to reach $49.23 billion by 2028 with an 8.2% CAGR, fueled by innovations in automotive display technologies, augmented reality, energy-efficient solutions, remote work, and advancements in flexible display technologies. Foreseen trends include quantum dot technology, micro LED displays, smart home integration, and grid modernization initiatives.
Major Driver In The Backlit Displays Market
The rise of e-commerce is set to fuel the expansion of the backlit displays market in the foreseeable future. E-commerce's exponential growth, fueled by its convenience and accessibility, has reshaped retail dynamics worldwide. This transformation extends to enhanced visual experiences on online platforms, where backlit displays play a crucial role in engaging consumers and driving sales. Notably, statistics from the United States Census Bureau highlight the substantial increase in e-commerce sales, underlining the pivotal role of backlit displays in facilitating immersive shopping experiences. Consequently, the backlit displays market is poised for continuous growth, with projections extending into 2028.
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Samsung Electronics Co. Ltd., NEC Corporation, BOE Technology Group Co. Ltd., LG Display Co. Ltd., Sharp Corporation, Epson America Inc., Acer Inc., Innolux Corporation, AU Optronics Corporation, Tianma Microelectronics Co. Ltd., Japan Display Inc., Barco NV, Visionox Technology Co. Ltd., BenQ Corporation, HannStar Display Corporation, ViewSonic Corporation, Abex Exhibits LLC, Nomadic Display, Featherlite Exhibits Corporation, The Godfrey Group Inc., TPV Technology Ltd, Poster Garden LLC, Megaprint Inc., ABL Imaging Group Inc., Creative Displays Inc., ELO Touch Solutions Inc., Power Graphics Digital Imaging Inc., Redcliffe Imaging Limited, Skyline Exhibits Inc., Camelback Displays Inc.
Key Backlit Displays Market Trend
Major companies in the backlit display market are focusing on technologies like META technology to meet evolving customer preferences. LG Display launched META technology in January 2023, incorporating a Micro Lens Array and META Booster to enhance OLED panel performance. These components maximize light emission and brightness, improving image quality and the overall visual experience.
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Backlit Displays Market Segmentation
The backlit displays market covered in this report is segmented –
1) By Type: Trade Show Displays, Fabric Display, Vector Frame, Silicone-Edge Graphics (SEG) Popup Display, Other Types
2) By Technology: Light Emitting Diode (LED), Liquid Crystal Display (LCD), Cold Cathode Fluorescent Lamps (CCFL), Other Technologies
3) By Application: Trade Shows, Events, Shopping Malls, Theatres, Airports, Retail Outlets, Other Applications
By Geography:The regions covered in the backlit displays market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the backlit display market in 2023.
The Backlit Displays Global Market Report 2024 furnishes information about the global backlit displays market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.