South Korea OLED Market: Industry Analysis and Forecast (2024-2030)

South Korea OLED Market Overview:

OLED (Organic Light Emitting Diodes) technology creates flat light by layering organic thin films between two conductors. A bright light is emitted when an electrical current is applied. OLEDs are self-emitting screens that do not need a backlight, making them slimmer and more efficient than LCDs (which rely on a white backlight). Advancements in manufacturing methods and materials, like the creation of OLEDs that are both flexible and transparent, are expanding their use across different industries. The rise of new OLED technologies like Micro-OLED and QD-OLED is expected to transform the display sector, boosting the growth of the South Korea OLED Market.

 

Korean display companies are concentrating on providing flexible OLED panels and other high-value-added items like IT OLED panels for laptops and tablet PCs. South Korean display makers need to maintain their dominance in the smaller OLED panel sector to keep their leadership in the overall OLED industry.  Multiple companies, including Samsung Display, LG Display, BOE, and others, are manufacturing OLED panels. 1 billion OLED panels are manufactured every year (with increasing capacity), mainly for use in smartphones, TVs, wearables, IT devices, and other products. Flexible OLEDs have been available in the market for several years, being incorporated into smartphones, wearables, and other devices.

 

• In 2019, Samsung introduced the first foldable phone, the Samsung Galaxy Fold, and since then foldable devices have increased in popularity.

 

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South Korea Market Dynamics:

Investments in Next-Gen Technologies and Increasing Applications to boost South Korea OLED Market growth

The OLED market in South Korea is experiencing substantial growth owing to increasing demand in different sectors like smartphones, TVs, and digital signs. OLED technology is widely utilized in various electronic devices in the market because of its superior image quality, flexibility, and energy efficiency. South Korea is proactively responding to new demand markets such as virtual reality, automotive, aircraft, architecture, and medical.  Interior by developing not only variable displays with no design restrictions such as foldable, rollable, and stretchable displays, but also transparent OLEDs and 3D displays such as holograms.

 

After successfully mass-producing the world's first quantum dot (QD) display product in 2021.  Korea is striving to develop next-generation technologies such as micro-LEDs and micro displays for AR and VR while refining OLED technologies. Korea plans to invest KRW 65 trillion by 2027 (2023-2027) to increase the production of QD-OLED TVs and enlarge OLED markets for mobile, IT, and automotive applications. Korea is expected to lead the trends of next-generation technology by producing OLEDs for IT products such as laptops and tablets as well as for mobile phones and TVs.

Major industries powering the South Korea OLED market are consumer electronics, where OLED displays are becoming more popular for their vivid colours and slim designs, and the automotive sector. OLED lighting is used for creative aesthetics and energy efficiency. Businesses in the industry are concentrating on utilizing technological innovations and eco-friendly strategies to fulfil changing customer needs and compliance requirements. Samsung Display, the frontrunner in the sector, is building the world’s first 8.6-generation IT OLED line in South Korea slated to start mass production in 2026 to maintain the leadership. The 8.6-generation manufacturing line specialized in monitors and tablets is expected to ramp up its price competitiveness by doubling its production capacity compared to the existing sixth-generation line.

 

• In April 2023, Samsung Display revealed during an investment agreement event at Asan Park in South Korea its plans to invest 4.1 trillion won (approximately 21.5 billion yuan) in constructing an 8th. 6-generation OLED panel production line. The facility is expected to be the first of its kind in the world for IT purposes.

 

Government Initiatives Propel Growth in South Korea's OLED Market Through Innovation and Sustainability

Several government initiatives in South Korea are expected to drive growth in the OLED market by promoting technological innovation and sustainable practices. Government policies have been put in place to promote the growth and acceptance of advanced display technologies, such as OLEDs. These regulations are leading to a need for creative OLED solutions that meet eco-friendly requirements. Additionally, government-run initiatives have informed businesses and consumers about the advantages of OLED technology and its uses.

 

South Korea OLED Market Segment Analysis:

By Technology, Active-Matrix OLED (AMOLED) held the largest share in 2023 for the South Korean OLED Market. The term AMOLED means Active-Matrix OLED. The active-matrix part refers to the driving electronics or the TFT layer. AMOLED displays are used in many applications and are most common in smartphones. Most smartphones use AMOLED displays (over 50% of smartphones use AMOLEDs rather than LCDs), including the latest Samsung phones, and all of Apple's latest iPhone models. The high adoption of OLED display over LCD and usage of AMOLED display technology in various electronic devices like mobile phones, tablets, smartwatches, laptops, digital cameras, and television are boosting the growth of the South Korean OLED market.

 

Xiaomi announced four new AMOLED devices, including two new foldable smartphones.

• Xiaomi announced four new devices, all with high-end AMOLED displays. They have the Mix Fold 4, a foldable smartphone that has a 7.98" 120Hz 3000 nits 2224x2488 foldable LTPO AMOLED display, and a second 6.56" 120Hz 3000 nits 1080x2520 LTPO external AMOLED display.

 

Samsung announces the Z Flip6 and Z Fold6 foldable smartphones and two new OLED wearables.

• Samsung announced four new devices - two foldable smartphones, and two smartwatches, all with AMOLED displays. All of these devices were shipped on July 24.

South Korea OLED Market Competitive Landscape:

The South Korea OLED market advancements are being driven by constant innovation, substantial financial investments, and government support. The growing competition in the OLED market is highlighted by the differing strategies of Korean panel manufacturers. Korean companies are expected to uphold their leadership in OLED sales revenue, concentrating on the premium segment of the market with pricier OLED panels.

 

Samsung Display continues to show strong dedication to the OLED industry through significant investments in mass production capabilities at its 8.6-generation IT OLED production line (A6). The investment shows that the company expects a high demand for OLED panels, with mass production starting in 2026. The company's current stance on QD-OLED technology seems to be declining, as shown by the sale of equipment from its Asan Park L8 facility intended for the next phase of QD-OLED investment, suggesting a possible shift away from additional investments in QD-OLED technology in the forecast period.

 

In June 2024, LG Display, the world’s leading innovator of display technologies, announced that it had started mass production of the industry’s first 13-inch Tandem OLED panel for laptops. The company is targeting the OLED market with the higher performance and lower power consumption of Tandem OLED technology. First commercialized by LG Display in 2019, Tandem OLED’s advantages are achieved by combining two stacks of red, green, and blue (RGB) organic light-emitting layers.

 

South Korea OLED Market Scope:

South Korea OLED Market
Market Size in 2023	USD 14.87 billion.
Market Size in 2030	USD 27.01 billion.
CAGR (2024-2030)	8.9%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segments	By Type Display Lighting
	By Technology Passive-Matrix OLED (PMOLED) Active-Matrix OLED (AMOLED) Transparent OLED Top-Emitting OLED Foldable OLED White OLED
	By End Use Consumer Electronics Automotive Retail Aerospace & Defence Healthcare Others

 

South Korea OLED Market Key Players:

1. Samsung Display Co., Ltd
2. BOE Technology Group Co.
3. LG Display Co., Ltd
4. Xiaomi
5. Others

 

For Global Scenario:

OLED Market: Global Industry Analysis by Market Share, Trend, Size, Competitive Landscape, Regional Outlook and Forecast (2024-2030)