The global flexible electronics market size was valued at USD 24.94 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.5% from 2023 to 2030. A noticeable increase in the adoption of laptops and smartphone products by consumers and the wide applicability of flexible electronics such as flexible batteries and displays in the consumer electronic industry is a major factor expected to drive the global flexible electronic market growth. Consumer electronics manufacturers are focused on developing advanced products that are small and have better functionality. Integrating flexible displays and batteries aids in developing lightweight, rugged, bendable, and durable products.
The healthcare sector across the globe is witnessing rapid advancements in medical devices, surgical procedures, and diagnostic tools. Also, consumers’ demand for minimal surgical/diagnostic procedures is gaining traction, which calls for medical devices/equipment with excellent electrical properties, flexibility, and stretchability. This high demand for advanced medical devices/equipment is expected to increase demand for flexible batteries and sensors, which is another factor expected to support the growth of the global flexible electronic market. For instance, in May 2022, Vivalink, a global digital healthcare solution provider, launched the multi-vital blood pressure patch for commercial and R&D purposes. This patch aids in monitoring and capturing ECG traces, heart rates, respiratory rates, and others, through electrical signal-based technology.
The sales of commercial and passenger vehicles in countries such as the U.S., China, and India are witnessing rapid growth due to increasing consumer spending. The vehicle manufacturers are focused on introducing vehicles with advanced features and better interiors, such as thin-film heaters, flexible backlighting, and capacitive touch surfaces, to differentiate between other models and attract more customers. Thus, the wide applicability of printed sensors and batteries in the automotive sector is expected to support the growth of the market.
The entertainment and gaming industry constantly strives to provide consumers with more immersive experiences. From virtual reality (VR) headsets to curved OLED displays, flexible electronics enable the creation of devices that offer a more immersive and realistic user experience. For instance, curved screens wrap around the user's field of vision, enhancing the feeling of presence in virtual environments. As a result, manufacturers are increasingly investing in flexible display technologies to cater to this demand for immersive content consumption. The gaming industry substantially impacts the development of flexible electronics, particularly by designing gaming consoles and portable gaming devices.
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.
The batteries segment is anticipated to grow at a considerable CAGR over the forecast period. The segment growth can be attributed to its easy implementation/integration into any products, such as flexible or wearable electronics. Also, these products are flame retardants, waterproof, and are able to withstand bending, folding, and stretching, increasing their demand in electric vehicles. Moreover, the demand for seamless electronics integration into everyday items such as clothing, medical devices, and even the human body has fuelled the need for flexible batteries.
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.
The automotive segment is anticipated to grow at a considerable CAGR over the forecast period. Auto manufacturers’ focus on introducing smart electric vehicles is anticipated to increase demand for flexible batteries and displays that enhance the consumer driving experience. Flexible electronics have excellent electrical conductivity and high mechanical strength, increasing their applicability in the automotive sector, which is expected to support the target segment growth.
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.
Asia Pacific is expected to register the highest CAGR over the forecast period. This growth can be attributed to the increasing demand for smart electric vehicles and the wide applicability of consumer electronics in the automotive sector. Also, rising consumer demand for innovative and portable devices is expected to support the growth of flexible electronics in the Asia Pacific. Consumers in the region increasingly seek lightweight and versatile gadgets that offer enhanced functionality without compromising aesthetics. This demand is pushing manufacturers to develop flexible displays, foldable smartphones, and wearable devices that align with the evolving preferences of tech-savvy consumers.
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:
E INK HOLDINGS INC
ITN Energy Systems Inc.
Palo Alto Research Center LLC
SOLAR FRONTIER K.K.
Market size value in 2023
USD 26.94 billion
Revenue forecast in 2030
USD 54.07 billion
CAGR of 10.5% from 2023 to 2030
Base year for estimation
2018 - 2021
2023 - 2030
Revenue in USD million/billion and CAGR from 2023 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Component, application, region
North America; Europe; Asia Pacific; Latin America; MEA
U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; UAE; Saudi Arabia; South Africa
Key companies profiled
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.
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The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global flexible electronics market report based on component, application, and region:
Component Outlook (Revenue, USD Million, 2018 - 2030)
Application Outlook (Revenue, USD Million, 2018 - 2030)
Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East & Africa (MEA)
b. The global flexible electronics market size was estimated at USD 24.94 billion in 2022 and is expected to reach USD 26.94 billion in 2023.
b. The global flexible electronics market is expected to grow at a compound annual growth rate of 10.5% from 2023 to 2030 to reach USD 54.07 billion by 2030.
b. Consumer electronics dominated the flexible electronics market with a share of 61.0% in 2022. This is attributable to widespread implementation of flexible electronics in smart watches, tablets, e-papers, e-books, etc.
b. Some key players operating in the 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; and SOLAR FRONTIER K.K.
b. Key factors that are driving the flexible electronics market growth include rising demand from the entertainment and gaming industry and increasing adoption in smartwatches, e-readers, laptops, smartphones, and other electronics.
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