The OLED panel market is anticipated to make a significant recovery in 2024 following a challenging year in 2023, according to industry analysts. While there was a 4% decline in OLED panel revenues in 2023, the market showed promising signs of improvement in the second half of the year, with revenues increasing by 50% compared to the first half.
The positive momentum observed in the second half of 2023 can be attributed to several factors. Excess inventories continued to decrease, leading to improved conditions in various segments. Additionally, strong back-to-school and holiday selling periods bolstered demand for OLED panels. The growth in China’s GDP, which exceeded the pessimistic estimate, and the successful management of inflation by the Federal Reserve in the US also played a role in supporting the market’s recovery.
Looking ahead to 2024, industry forecasts indicate an 11% year-on-year increase in OLED unit shipments and a 4% year-on-year growth in revenues. The resurgence is expected to be driven by flagship smartphones and OLED TVs, benefitting from lower average selling prices of panels. In the IT applications segment, OLED tablets are poised to experience triple-digit year-on-year growth, primarily due to Apple’s entry into the OLED tablet market. Monitors and notebook PCs are also projected to see double-digit year-on-year growth.
This positive outlook for the OLED panel market in 2024 suggests a new wave of demand and growth. Lower prices, coupled with technological advancements and increased consumer adoption, are expected to fuel the expansion of OLED displays across various industry sectors. As the market rebounds, manufacturers and consumers alike can look forward to an exciting year ahead for OLED technology.
The OLED panel industry is set to make a comeback in 2024 after facing challenges in the previous year. Despite experiencing a 4% decline in revenues in 2023, the market showed signs of improvement in the second half, with a significant 50% increase in revenues compared to the first half. This positive momentum can be attributed to various factors.
One key factor contributing to the market’s recovery was the decrease in excess inventories. As inventories decreased, conditions improved across different segments, resulting in increased demand for OLED panels. Another contributing factor was the strong back-to-school and holiday selling periods, which further bolstered demand.
In addition, the growth of China’s GDP, surpassing pessimistic estimates, and the successful management of inflation by the Federal Reserve in the US also played a role in supporting the market’s recovery. With these positive developments, industry analysts are now looking ahead to 2024 with optimism.
According to industry forecasts, OLED unit shipments are expected to increase by 11% year-on-year in 2024, while revenues are projected to grow by 4% year-on-year. The resurgence in the OLED panel market is expected to be driven by flagship smartphones and OLED TVs, as lower average selling prices of panels make them more affordable for consumers. Additionally, the entry of Apple into the OLED tablet market is expected to drive triple-digit year-on-year growth in OLED tablet shipments. Monitors and notebook PCs are also expected to see double-digit year-on-year growth.
This optimistic outlook for the OLED panel market in 2024 suggests a new wave of demand and growth. Lower prices, coupled with technological advancements and increased consumer adoption, are expected to drive the expansion of OLED displays across various industry sectors. As the market rebounds, manufacturers and consumers can anticipate an exciting year ahead for OLED technology.
For more information on the OLED panel industry and market forecasts, you can visit the following trusted sources:
– OLED-info
– OLED Association
– IHS Markit