LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive OLED market to grow to 10.9 million units by 2021, at a CAGR of close to 17% during the forecast period, according to their latest report.
The research study by Technavio on the global automotive organic light-emitting diode (OLED) market for 2017-2021 provides a detailed industry analysis based on application (exterior lighting and interior lighting) and geography (EMEA, the Americas, and APAC).
The interior lighting segment leads the global market, generating over 82% of the overall revenue. The homogenous light output, unconventional appearance, and low heat emission of OLEDs make them extremely suitable for interior lighting applications in the automotive sector.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive OLED market:
- Design flexibility
- Inherent advantages
- Structural advantage
“The design flexibility, low power consumption, bright light, and thin size of OLED lighting panels provide complete freedom to manufacturers while designing the lighting aspects of the automotive. The ambiance that these panels provide is expected to drive innovations in the interior lighting segment of the market,” says Siddharth Jaiswal, a lead analyst at Technavio for lighting research.
The demand for flexible OLEDs is expected to rise steadily over the forecast period, resulting in an increase in the sales of automotive OLED panels. The lighting and aesthetics provided by OLEDs is becoming an important factor in closing sales of the product, resulting in more manufacturers adopting these lighting panels.
OLEDs have several advantages that are helping them increase their market penetration. The OLEDs are made of organic components, do not require thermal management systems, and are very affordable, which is driving several countries to provide incentives and lay down regulations encouraging the use of these energy efficient lights in vehicles. Since OLED panels produce soft and natural light, are available in a broad range of colors, transparent, and easy to implement, their scope of use is constantly increasing in the industry. Such inherent advantages that come with the use of OLEDs is driving the growth of the global market.
“The production of an OLED includes the use of organic layers and metallic diodes, which makes them easier to produce per any shape or size specifications. The flexible nature of OLEDs makes it easy for manufacturers to design and structure them with ease,” says Siddharth.
This structural flexibility of OLEDs makes them suitable for use in varied application areas. Additionally, with the emergence of encapsulation methods of manufacturing automotive OLEDs, BMW has revealed plans regarding the use of OLED lighting in its luxury sedan. These factors are resulting in significant revenue generated for this market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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