The global flexible electronics market size is expected to reach USD 54.07 billion by 2030, growing at a CAGR of 10.5% from 2023 to 2030, according to a recent report by Grand View Research, Inc. Increasing government spending on the healthcare industry to improve patient care, coupled with medical device manufacturer’s approach towards the introduction of smart products/implants that aid in real-time monitoring of patients, is anticipated to increase demand for flexible batteries and sensors, which is a major factor expected to drive the market growth.
The popularity of wearable devices such as smartwatches, fitness trackers, and smart clothing has significantly boosted the market. This growth is driven by the unique capabilities of flexible electronics, which allow for the development of lightweight and comfortable wearables that can seamlessly adapt to the contours of the human body, all while retaining their functional features. This trend has led to substantial advancements in various aspects of wearable technology, including sensors, displays, and power sources, ultimately shaping how we interact with and integrate technology into our daily lives.
Gather more insights about the market drivers, restrains and growth of the Flexible Electronics Market
Detailed Segmentation:
Component Insights
Based on component, the displays segment accounted for the largest revenue share of over 53.0% in 2022 and is expected to register the highest CAGR over the forecast period. A major factor expected to drive the growth of the flexible display market is the high demand from consumers for advanced displays that are able to bend, roll, or offer a level of flexibility. Also, flexible displays are more energy efficient than conventional displays as they consume less power.
Application Insights
Based on application, the consumer electronics segment accounted for the largest market share of over 61.0% in 2022 and is expected to register the highest CAGR over the forecast period. Demand for products such as laptops, smartphones, and smartwatches that are lightweight and have extended battery life is increasing. Also, manufacturers’ approach toward integrating flexible batteries, displays, and sensors to introduce more products with better quality. Thus, the adoption of smart components is anticipated to support the growth of the target segment.
Regional Insights
North America dominated the flexible electronics market with a revenue share of nearly 33.0% in 2022. The increasing demand for wearables and smart devices that offer enhanced user experiences is one of the significant drivers for the growth of the market. Consumers seek products that seamlessly integrate into their daily lives, driving manufacturers to produce flexible electronics that can conform to the human body and provide comfortable, unobtrusive functionality. This trend has led to collaborations between electronics manufacturers, material suppliers, and design firms, fostering innovation and pushing the boundaries of what's possible with flexible electronics.
Browse through Grand View Research's Electronic Devices Industry Research Reports.
• The global LED modular display market was valued at USD 7.53 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2030.
• The global passport reader market size was valued at USD 318.2 million in 2023 and is projected to grow at a CAGR of 14.1% from 2024 to 2030.
Key Companies & Market Share Insights
The key players engage in several growth strategies, including partnerships, mergers & acquisitions, and geographical expansion, to stay afloat in the competitive market scenario. For instance, in June 2023, Forsee Power, a battery manufacturer, launched FLEX PLUS, a flexible battery system. The battery system is developed for electric heavy vehicles such as trucks, buses, and off-highway vehicles. The battery system will allow electric vehicles to use or charge with thermal hybrid applications.
Some prominent players in the global flexible electronics market include:
• 3M
• E INK HOLDINGS INC
• First Solar
• General Electric
• ITN Energy Systems Inc.
• LG Electronics
• MFLEX
• Palo Alto Research Center LLC
• SAMSUNG
• SOLAR FRONTIER K.K.
Flexible Electronics Market Segmentation
Grand View Research has segmented the global flexible electronics market based on component, application, and region:
Flexible Electronics Component Outlook (Revenue, USD Million, 2018 - 2030)
• Displays
• Batteries
• Sensors
• Memory Devices
• Others
Flexible Electronics Application Outlook (Revenue, USD Million, 2018 - 2030)
• Consumer Electronics
o Television
o Wearable Devices
o Smartphone
o Others
• Automotive
• Healthcare
• Industrial
• Others
Flexible Electronics Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o China
o India
o Japan
o Australia
o South Korea
• Latin America
o Brazil
o Mexico
o Argentina
• MEA
o U.A.E.
o Saudi Arabia
o South Africa
Order a free sample PDF of the Flexible Electronics Market Intelligence Study, published by Grand View Research.
