Omdia forecasts strong recovery in large-area display market for 2024, driven by sporting events and innovative production strategies

by Theleaders-Online | April 25, 2024 1:00 am

LONDON, April 25, 2024 /PRNewswire/ — Research from Omdia[1]‘s newly released Large Area Display Market Tracker 4Q23 has found shipments of[2] large-area displays (all displays above 9inches), including both LCD and OLED, are forecasted to increase by 7.4% year-over-year (YoY) in units and 11.1% YoY in area in 2024.

“In 2023, demand for IT display products such as mobile PCs and monitors was weaker despite fewer price increases. Demand for TV displays also decreased , but LCD TV display prices increased according to display makers’ production-to-order policies, especially for LCDs in 2023,” said Peter Su, Senior Principal Analyst at Omdia[4].

Omdia expects supply and demand for large area displays to balance in 2024, particularly in the second half of the year. “After a period where demand for IT and TV display was pulled forward during the pandemic in 2020 and 2021 and then frozen in 2022 and 2023, display makers are now anticipating a recovery demand in 2024. Mid-2024 sporting events will serve as another catalyst for economic recovery,” Su added.

It is expected that TV displays will lead large-area display area shipment in 2024, accounting for 77.1% of its total thanks to LCD TV display size migration. Shipments of 98-inch and above LCDs are expected to reach 1.17 million, up from 0.65 million in 2023, marking an 81.6% YoY increase in 2024.

Large area display revenue was US$ 61.1billion in 2023, a 7.2% YoY decline, due to slower demand and IT display price recovery. Only TV display revenue increased by 12.3% YoY, driven by price hikes till 3Q23. Revenue for large-area displays is forecasted to reach US$74.2billion in 2024, a 21.4% increase YoY, buoyed by shipment and price recovery.

BOE led the market in large-area display unit shipments with a 33% share in 2023, followed by Innolux at 14.1% and AUO at 11.2%. In 2024, BOE is expected to maintain this lead at 31.1% market share, followed by Innolux at 12.5% and China Star at 12.2% respectively.

ABOUT OMDIA

Omdia[5], part of Informa Tech, is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Fasiha Khan Fasiha.khan@omdia.com[6]

Source URL: https://theleaders-online.com/omdia-forecasts-strong-recovery-in-large-area-display-market-for-2024-driven-by-sporting-events-and-innovative-production-strategies/

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