Stretchable Electronics Market - Forecasts from 2023 to 2028

Stretchable Electronics Market - Forecasts from 2023 to 2028
The stretchable electronics market is projected to witness a compound annual growth rate (CAGR) of 23.10% over the forecasted period of 2021 to 2028. The stretchable electronics market is witnessing significant growth owing to rapid technological innovations across various industries. Regular government initiatives are boosting the growth of the electronics sector/industry in numerous countries across the globe, thereby boosting the demand for stretchable electronics as well. For instance, in order to reach its goal of achieving a $1 trillion digital economy by 2025, India has set a plan to produce $300 billion worth of devices by FY26. According to Economic Survey 2022–23, the domestic electronics industry was valued at $118 billion as of FY20 and is still expanding, with mobile phones, consumer electronics, and industrial electronics serving as its growth catalysts.

Stretchable electronics are widely used across various industries including consumer electronics, automotive, and healthcare among others.

In the consumer electronics industry, the miniaturization of electronics is being witnessed. The miniaturization of electronic products leads to faster operational speed. Such devices are installed inside the supporting structure of the material and constructed of flexible and stretchable materials. They are capable of performing simple observations and wireless communication. The miniaturized devices using stretchable electronics such as self-assessment electronic devices and wearable devices are generally low-cost, lightweight, and high performing. Therefore, the market players are constantly looking for innovative applications for stretchable devices so they can become a part of a wider audience that is accessible to the targeted audience.

Technological advancements are expected to support the increasing production of stretchable electronics.

In November 2022, Voltera, a Canadian business that specializes in the development of hardware and software tools for prototyping and fabricating electronic devices and stretchable electronics, including polymers launched a printer. Stretchable electrical devices, including wearable sensors and medical patches, can be quickly prototyped and produced using that printer. Voltera claims that the printer will enable designers and engineers to rapidly test and iterate new designs for stretchable electronic devices, cutting down on costs and development time by OEMs making it appealing for them to enter the market.

Key Developments:

September 2021: Gentherm became a new investor of Forciot as both businesses will work closely together for the creation of automotive sensors for car interiors. The product from Forciot is an original stretchable electronic and algorithm solution that can be used as a touch sensor solution, for instance, in car interiors.
June 2021: Using their stretchable sensor technology, Forciot entered a collaboration with Hyundai Motor and Kia. Companies have decided to work together on a project to improve battery status monitoring utilizing sensor technology.
January 2021: Liquid Wire Inc. partnered with the NextFlex community, whose goal is to support technology research and commercialization. The current NextFlex project to find dependable stretchable conductor systems makes use of Liquid Wire's patented elastic Metal Gel circuit and conductor technologies.

By end-user, the automotive segment is expected to dominate the stretchable electronics market.

By end user, the stretchable electronics market is segmented into consumer electronics, healthcare, aerospace and defense, communication and technology, automotive, and others. With increased demand from in the automotive industry, the stretchable electronics market is likely to grow rapidly during the forecast period. For instance, Innolux Corporation forecasts a surge in demand for 20-inch and larger all-in-one car displays over the next five years. In addition, electric vehicles and smart cars are transforming vehicle architecture, production practices, and the ecosystem of suppliers. In response to these trends, AUO announced in January 2022 to invest in the research and development of high-quality automotive displays.

Europe and North America are projected to constitute significant market shares.

The market, based on geography, is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is projected to constitute a significant market share owing to start-ups operating in the flexible and stretchable electronics market like CelLink and Frore Systems, among others. Moreover, major players are collaborating and launching products in the market by lowering weight and enhancing battery performance, flexible battery processes primarily seek to enhance the overall efficiency of the battery and finished goods. For instance, Stellantis N.V. and Samsung SDI announced in May 2022 that they would form a joint venture to construct an electric car battery plant in the United States to fulfill Stellantis' goals for electrification in North America.

By Component

Circuit
Polymer
Battery
Others

By End-User Industry

Consumer Electronics
Healthcare
Military, Aerospace, and Defense
Energy and Power
Automotive
Others

By Geography

North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
UK
France
Spain
Italy
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
India
Indonesia
South Korea
Taiwan
Others