The South Korean industry ministry has announced its ambitious goal of capturing 50 percent of the global display market by 2027.
To achieve this target, the country plans to attract private sector investments, provide government tax benefits and subsidies, and support the development of advanced display technologies. Currently, South Korea holds a 37 percent share of the global display market, as reported by the ministry.
As part of the plan, the private sector intends to invest over 65 trillion won ($49.21 billion) in expanding the production of cutting-edge organic light-emitting diode (OLED) display panels and conducting display research within South Korea until 2027. The government, in turn, has committed to providing approximately 900 billion won in financing to support these efforts.
The global displays market size was valued at $168.43 billion in 2022. The displays market is projected to hit around $297.1 billion by 2030, expanding growth at a CAGR of 7.35% from 2022 to 2030, according to Precedence Research.
Samsung Display, one of South Korea’s prominent display panel manufacturers, announced in April its own investment of 4.1 trillion won until 2026. This investment will be focused on producing OLED display panels specifically for tablets and computers within South Korea.
South Korea aims to strengthen its position in the global display market and further solidify its status as a leading player in the display technology industry by fostering private sector involvement, offering financial support, and promoting research and development.