According to South Korean media, UBIResearch predicted in a report on Oct. 28 that shipments of foldable OLED panels will reach 8.9 million units in 2021. Shipments of foldable OLED panels are expected to reach 49 million units by 2025, with an average annual growth rate of 53 percent.
Omdia, a market research firm, is even more optimistic. The company believes foldable OLED panel shipments will grow from 10 million units in 2021 to 66.61 million units in 2025, implying an annual growth rate of 61%.
Foldable OLED panel sales are also expected to jump from $1.61 billion in 2021 to $8.26 billion in 2025, with an average annual growth rate of 50 percent. Shipments will exceed 100 million units in 2028, with one in 10 OLED smartphones expected to have a foldable panel.
Samsung Display currently controls the majority of the foldable OLED panel market. In 2021, Samsung Display sold 8.1 million foldable OLED panels, accounting for more than 90% of the foldable OLED panel market. The company expects to ship 18 million foldable OLED panels in 2022.
At the same time, domestic manufacturers are trying to catch up. Boe is developing a 6.8-inch embedded foldable OLED panel and an 8-inch embedded foldable OLED panel. Boe is also developing foldable OLED panels for Hornor.
In addition, Vincino is also developing foldable OLED panels as the second supplier to Honor, which is expected to reach mass production by the end of 2021.