Though LED is the most widely used technology at present, the emerging trend of innovative display technologies such as OLED and 4K portable monitor display is catalyzing demand for portable monitors across countries. OLED display technology offers high image quality, low power consumption, and low response times, among other features. Also, 4K portable monitors are designed with innovative features such as touch and stylus support for Windows, Android, and others, 60Hz refresh rate, 1 to 2ms response time, and USB hub for power and expansion. Portable monitors offer various benefits such as easy setup and assembly, sleek design, and durability, as well as improved user performance, efficiency, and workflow.
As per the revised report by Persistence Market Research, the global portable monitors market is expected to expand at an impressive CAGR of close to 16% over the forecast period (2021-2031).
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Key Takeaways from Market Study
- The South Asia & Pacific region is expected to create lucrative growth opportunities for players in the market, due to rise in digital IT infrastructure and changing manufacturing landscape in the region.
- Growing trend of cost-effective portable monitors along with technological advancements is creating new growth opportunities for end users.
- Key players in the market are focusing on acquisitions to complement their product portfolio, so as to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
- The market in the U.S. is projected to expand at a CAGR of over 11% through 2031, while that in Germany at around 6%.
- Market growth in China, Japan, and India is expected to be much higher, at around 17%, 20%, and 26%, respectively.
- 14 inch – 20 inch portable monitors enjoy the most demand and are expected to hold a market share of over three-fourth in 2031.
- Sales of LED portable monitors will be the highest throughout the forecast period, with a market share of around 70% in 2031.
- Online sales of portable monitors to lend high impetus to market expansion over next ten years.
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Impact of COVID-19
The COVID-19 pandemic outbreak has disrupted many industries, including the portable monitors industry. The spread of COVID-19 majorly affected sales in Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America. Several facilities were affected due to the stoppage of production and supply chain-related challenges.
The market faced a slowdown as a result of COVID-19, including effects triggered by self-isolation guidelines, manufacturers moving supply chains away from China, and modifying the material used for production. During the pandemic, production of monitors in China and the U.S. fell by up to 50% – 60% as compared to normal volumes, but recovered as the infection curve fell, and is now back to last year’s levels. According to estimates, the market declined during Q3-Q4 of 2020, and is now estimated to recover and return to growth by Q4 of 2021.
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