Touch Panel Market Size, Trends and Growth Analysis by 2027

The global touch panel market was valued at approximately US$ 59.06 billion in 2019 and is anticipated to grow to US$ 137.19 billion by 2027, reflecting a compound annual growth rate (CAGR) of 12.0% throughout the forecast period.

Several factors are contributing to the expansion of the touch panel market, including the increasing demand for consumer electronics and the widespread adoption of touchscreen technology in commercial applications and kiosks around the globe. However, the high costs associated with raw materials may hinder the uptake of these technologies in developing and underdeveloped regions. Despite these challenges, the rising integration of touch panels in the educational sector is expected to significantly boost the market's growth in the coming years.

While the outlook for growth remains optimistic, the ongoing COVID-19 pandemic is projected to have a detrimental impact on the global economy, which in turn could affect business operations and revenue generation within the touch panel industry. The implementation of business lockdowns, travel restrictions, event cancellations, and disruptions in supply chains across various nations are likely to impede the future growth of the global touch panel market, particularly during 2020 and 2021.

The touch panel market can be categorized based on technology, product type, application, and geographical region. In terms of technology, the market is divided into resistive, capacitive, and infrared touch panels. When considering product types, the market is segmented into consumer, commercial, and industrial categories. The applications of touch panels are classified into consumer, medical, retail, industrial, and others. Geographically, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Key players in the touch panel market include well-established companies such as 3M, Advantech Co. Ltd., Chimei Innolux Corporation, Fujitsu Limited, Hitachi Ltd., LG Displays, Planar, Renesas Electronics Corporation, SAMSUNG, and Xenarc Technologies Corporation.

Impact of the COVID-19 Pandemic on the Touch Panel Market

The COVID-19 outbreak, which originated in Wuhan, China, in December 2019, has rapidly spread across the globe. According to the latest figures from the World Health Organization (WHO) as of May 29, 2020, there were approximately 5.70 million confirmed cases of COVID-19 worldwide, resulting in around 357,688 deaths, with numbers continuing to rise at varying rates in different countries. The pandemic has significantly disrupted industries globally, and the global economy is expected to suffer severely in 2020 and likely into 2021.

The crisis has led to considerable interruptions in key sectors such as electronics, semiconductors, and consumer electronics. A notable decline in the manufacturing of smartphones and tablets is adversely affecting the growth trajectory of the global touch panel market. Factory closures, travel restrictions, trade limitations, and border lockdowns aimed at controlling the outbreak have all contributed to challenges in consumer electronics production. Furthermore, international travel bans imposed by various countries across Europe, Asia Pacific, North America, and beyond are hindering business collaborations and partnership opportunities across industries. These factors are expected to negatively influence the growth of the global touch panel market, particularly during 2020 and 2021, depending on the duration of the pandemic.

The overall size of the touch panel market is determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the touch panel market. This research also includes an overview and forecast for the global touch panel market based on the various segments across five primary regions: North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Additionally, primary interviews are conducted with industry participants and experts to validate and analyze the data. Participants in this process include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the touch panel market.