Flexible electronics make use of flexible and roll-able electronic devices and components instead of the conventional silicon-based electronics. It incorporates thin, lightweight, and bendable electronic devices and integrated circuits that can conform to various surfaces. Flexible electronics are used across various applications such as wearable devices, medical devices, consumer electronics, military & defense, automotive & transportation, and various industrial applications. The global flexible electronics market is dominated by wearable devices owing to their growing popularity and advancements. Wearable devices such as smartwatches, fitness bands, head-mounted displays (HMDs) implement flexible displays, sensors, and batteries. Rising consumer demand for light, thin, and bendable electronic gadgets is fueling the adoption of flexible electronics in wearable devices.
The global flexible electronics Market is estimated to be valued at US$ 30.71 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The flexible electronics market is expected to be flourished by growing adoption of wearable devices. Development of lightweight, flexible, and compact electronic components is enabling the design of futuristic wearable devices. Flexible displays, sensors, and batteries are replacing rigid silicon-based components in wearables. For instance, flexibleAMOLED displays and thin-film sensor technology allow embedding electronics in clothes, jewelry, and accessories. This makes wearables much more attractive and commercially viable for applications in consumer electronics, healthcare, and industrial sectors. Furthermore, advancements in material science, such as flexible printed circuits, is facilitating the seamless integration of electronics on non-planar surfaces. Flexible hybrid electronics (FHE) technology helps manufacturing electronic circuits directly on fabric, bandages, and soft implants using printable functional inks. FHE based wearables can accurately monitor health vitals, deliver drugs, and enhance human capabilities without compromising on comfort. Rising demand for such novel applications of flexible electronics in the wearables industry is a major growth driver for the overall flexible electronics market.
Segment Analysis
The flexible electronics market can be segmented into multi-touch sensing, flexible batteries, OLED lighting, flexible dislay substrate, flexible printed circuit boards and thin-film photovoltaics. The flexible display sub-segment dominates the market currently due to high demand for flexible phones and tablets with foldable and rollable display. This sub-segment accounts for over 35% of the total flexible electronics market share.
PEST Analysis
Political: Governments across regions are promoting flexible electronics production to boost local manufacturing and job creation. They provide subsidies and tax benefits to companies investing in R&D.
Economic: Growth in end-use industries like consumer electronics, healthcare and automotive is driving demand for flexible electronics which can make products lighter, thinner and more durable. The falling prices of components is increasing applicability.
Social: Consumers prefer wearable devices, smartphones with flexible displays and modern technologies integrated into fabrics like e-textiles. This accelerates social acceptance of flexible form factors.
Technological: Advancements in materials science, thin-film deposition techniques and printed electronics are making production cheaper and scalable. The flexible batteries and multi-touch solutions developed recently are likely to gain traction.
Key Takeaways
Global Flexible Electronics Market Size is expected to witness high growth.
Regional Analysis: Asia Pacific currently dominates the market due to presence of flexible electronics manufacturers in countries like China, Taiwan, Japan and South Korea. Flexible display panel production is concentrated in this region.
Key players operating in the flexible electronics market are Ceva Logistics Ag, Kuehne + Nagel International Ag, Dhl International Gmbh (Deutsche Post Ag), Ryder System, Inc., United Parcel Service, Inc., Db Schenker (Deutsche Bahn Ag), Xpo Logistics, Inc., Dsv A/S, Nippon Express Co., Ltd. and Geodis. Ceva Logistics AG leads the market with its expertise in transportation and supply chain management services for flexible electronics industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it