Flexible Electronics Market is expected to reach US$ 57.69 billion by 2030

PRESS RELEASE BY The Insight Partners 15 Apr 2024

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Rising Demand for Flexible Devices in Healthcare Industry to Fuel Flexible Electronics Market Growth During 2022–2030 

According to our latest market study on "Flexible Electronics Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Components and Application," the flexible electronics market was valued at US$ 25.86 billion in 2022 and is anticipated to reach US$ 57.69 billion by 2030; it is estimated to record a CAGR of 10.6% from 2022 to 2030. The report includes growth prospects in light of current flexible electronics market trends and driving factors influencing the market growth.

The demand for flexible electronics in the healthcare industry is growing tremendously. Various consumers have already adopted wearable technology, as it provides various health information, thus helping monitor health. By wearing smart devices, users learn more about their heartbeat, steps for the day, sleep quality, exercise tracking, and other wellness-based information. Besides this, more specialized medical wearables are also witnessing significant growth as these devices can give crucial information to medical professionals and further help them provide superior care to patients. In addition to wearables, the healthcare industry has started using flex circuits because of their flexibility. Stretchable sensors, for example, enable users to make patients more comfortable while also providing specialists with valuable data. Further, professionals can get a lot of information regarding biomarkers present in a patient's breath with devices that use graphene, carbon nanotubes, and flex circuits. Moreover, patients can use wearable devices such as electronic skin patches, which can adhere to the skin, and can be extremely helpful for physicians; this can allow them to send patients home to resume their regular activities. The electronic skin patches can wirelessly transmit data to the physician, or this data can be collected at the end of the monitoring period. Thus, all the above factors are raising the demand for flexible devices, propelling the flexible electronics market growth.

Flexible Electronics Market Analysis – by Geography, 2022

Flexible Electronics Market Analysis – by Geography, 2022

Flexible Electronics Market Growth and Forecast | 2030

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Flexible Electronics Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Components (Display, Battery, Sensors, Memory, and Others) and Application (Consumer Electronics, Automotive, Healthcare, Industrial, and Others), and Geography

Source: The Insight Partners Analysis

North America held the largest flexible electronics market share in 2022, followed by Asia Pacific and Europe. One of the major factors driving the market in the region is the rising demand for wearables and smart devices that provide superior user experiences. Various manufacturers in North America are being encouraged to create flexible electronics that can adapt to the human body and offer pleasant, inconspicuous functionality. As a result, design companies, material suppliers, and electronics manufacturers are working together to push the limits of flexible electronics and promote innovation.

The region consists of various leading technology companies and startups, which are continuously working on innovation and development in flexible electronics. The US has a well-established healthcare sector, which extensively utilizes flexible electronics. Furthermore, the region has a strong automotive sector. According to the report by Cox Automotive, approximately 300,000 new full battery-electric vehicles were sold in the US in Q2 2023, which was an increase of 48.4% compared to Q2 2022. Tesla was the largest seller of EVs in the US, selling more than 175,000 EVs, which was an increase of 34.8% in Q2 2023 from Q1 2023. Also, as per NADA, fully electric vehicles accounted for approximately 7% of North America's total car production in December 2022, which increased from 4.7% in December 2021. Thus, the growing electronics, healthcare, and automotive industries are raising the demand for flexible devices, boosting the growth of the flexible electronics market in North America.

According to the flexible electronics market forecast, India is expected to register the highest CAGR during 2022–2030. During the COVID-19 pandemic, the world experienced the biggest supply chain disruptions from China; as a result, India has emerged as a strong alternative for manufacturers. Many market players are investing in the country to open their manufacturing units. For instance, Apple, Inc. moved a few of its production facilities to India. The iPhone 13 model was produced in India by Foxconn’s contract manufacturing partner. Thus, to attract more manufacturers, the Government of India is taking various steps to boost domestic electronics manufacturing, reduce import dependence, and increase exports. Various initiatives such as the Make in India program, the National Policy on Electronics, the Production Linked Incentive Scheme for the electronics sector, the Modified Special Incentives Scheme, and the Electronics Manufacturing Clusters (EMC) Scheme are providing incentives for domestic manufacturing, localization of electronics manufacturing, attracting foreign direct investment, and increasing exports. Thus, the growing consumer electronics sector is the major factor fueling the growth of the flexible electronics market in India.   

Samsung Electronics Co Ltd, LG Electronics, SRI International (PARC), Enfucell Flexible Electronics Ltd, Imprint Energy, Blue Spark Technologies Inc, E Ink Holdings Inc, GENERAL ELECTRIC, AUO Corporation, and MFLEX. a DSBJ Company is among the key players profiled in the flexible electronics market report. Several other major players were also studied and analyzed in the flexible electronics market report to get a holistic view of the market and its ecosystem. The market analysis provides detailed market insights, which help the key players strategize their growth.

In Europe, Germany held the largest flexible electronics market share in 2022. The rising demand for electric vehicles in Germany is boosting the need for flexible electronic devices such as flexible sensors and flexible memories. The leading German players in the automotive industry are making strategic decisions to boost their EV sales in the coming years. In 2021, Volkswagen, Mercedes, and BMW have set various goals for their electric car initiatives. According to Volkswagen, more than 70% of the brand's European sales will be EVs by 2030. Similarly, Mercedes is also planning to go all-electric by 2030. Also, in March 2022, Tesla Inc. announced that the company secured approvals to begin electric vehicle production in Germany. Thus, an increase in the production capabilities of EVs in Germany is anticipated to hold potential demand for flexible electronics, fueling the growth of the flexible electronics market in the country.

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