The chip-on-flex market size is set to grow by USD 270.9 million accelerating at a CAGR of over 3%, during the period spanning over 2020-2024. One of the key factors driving growth is the growing demand for wearable devices. Wearable devices assist users in tracking things such as distance traveled, calories burnt, and heart rate, which is driving their adoption. An increase in the number of application segments for chip-on-flex is a significant trend that will further stimulate market growth. After the successful adoption of flexible displays in smartphones and other mobile devices, vendors are now introducing flexible displays for other applications such as TVs.
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Technavio has announced its latest market research report titled Global Chip-On-Flex (COF) Market 2020-2024 (Graphic: Business Wire)
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Parent Market Analysis
Technavio categorizes the global chip-on-flex (COF) market as a part of the global electrical components and equipment market within the global electrical equipment market. The parent market, global electrical components and equipment market covers companies engaged in the manufacture of electric cables and wires, electrical components, and electrical equipment.
Growth in the global electrical components and equipment market will be driven by the growing adoption of automation in the manufacturing process.
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Chip-on-flex Market: Geographic Segmentation
The report segments the market by geography: APAC, Europe, MEA, North America, and South America. About 72% of the market’s growth will originate from APAC during the forecast period. This is due to the rising disposable incomes and the increasing trend of adoption of the latest technologies in the region. Taiwan, South Korea (Republic of Korea), Japan, and China are the key markets for chip-on-flex in APAC.
Chip-on-flex Market: Segmentation by Type
The single-sided COF segment was leading the market in 2019. Single-sided COF technology reduces wiring errors, has higher circuit density, stronger signal quality, immense design flexibility, and a more robust temperature range. These properties have increased its use in applications such as bar code equipment, satellite GPS systems, cameras, avionics, pacemakers and heart monitors, hearing aids, fuel pumps, and cell phones, which is driving the segment growth. This report provides an accurate prediction of the contribution of all the segments to the growth of the chip-on-flex market size.
Chip-on-flex Market: Growth Drivers
The market is driven by the growing demand for wearable devices. Wearable technology is increasingly becoming popular among consumers with major vendors such as Apple, Samsung, Xiaomi, and ZTE launching innovative products such as activity trackers, fitness bands, and smartwatches. These devices use printed batteries made of bendable components, that are flexible in shape and size. This is increasing the use of COF technology to develop flexible electronics that go into these wearable devices. Therefore, the rising adoption of wearable devices will influence the growth of the market during the forecast period.
Chip-on-flex Market: Challenges to Overcome
The highly competitive nature of the market is driving vendors to constantly roll out new products with the latest features. This is impacting the adoption of older products as consumers prefer to buy the newest products in the market. This is one of the major concerns challenging the growth of market vendors.
Chip-on-flex Market: Vendor Landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading chip-on-flex companies, including:
- Compass Technology Co. Ltd.
- Compunetics Inc.
- Finetech GmbH & Co. KG
- Flex Ltd.
- FLEXCEED Co. Ltd.
- Guangdong Xinbang Information Technology Co. Ltd.
- LG Innotek
- Promex Industries Inc.
- Shenzhen Danbond Technology Co. Ltd.
- Stars Microelectronics (Thailand) PCL
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Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of drivers and Challenges
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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