The OLED screen market is experiencing a period of strong expansion, with a 13% increase in revenue in the first quarter of 2024 compared to the same period of the previous year: thus reaching $9.3 billion. This growth was supported by a 50% increase in panel shipments compared to Q1 2023.
But the trend looks like it will be positive for a while: For the full year 2024, revenue from OLED panels is expected to rise to $44 billion, an increase of 12% from the previous year. This growth is expected despite an increase in unit shipments of only 4%, thanks to a higher value product mix.
OLED tablets, in particular, are set to see exceptional growth, with units and revenues expected to increase at a triple-digit pace. This increase is mainly due to Apple’s introduction of its 11.1-inch and 13-inch OLED iPad Pro models.
But it is the entire OLED market that will grow over the course of the year. OLED smartphones are expected to see a 21% increase in units and 3% in revenue, with flexible OLEDs growing by 13% and foldable OLEDs by 26%. OLED TVs are expected to see a 24% increase in units and 17% increase in revenues. Meanwhile, OLED tablets are expected to increase by 202% in units and an impressive 632% in revenue, largely, as mentioned, thanks to Apple’s new iPad Pro models. OLED monitors are also expected to grow, with an 80% increase in units and 45% increase in revenue.
As for panel suppliers, SDC is expected to lose some market share, with gains expected for BOE, LGD, TCL CSOT, Tianma, and Visionox. What do you think about this explosive growth in the OLED market? Do you think OLED tablets will become the new standard? Let us know in the comments below, while we remind you that LG Display’s first Tandem OLED for laptops has arrived.
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