Flat Panel Displays like LCD and OLED Soar... "Record High Sales Expected This Year"

[Asia Economy Reporter Jeong Hyunjin] Due to the impact of COVID-19, demand for electronic devices such as TVs and laptops has surged, leading to record-high sales of flat panel displays (FPDs) including LCD and OLED this year. Global panel-related sales are expected to maintain around $160 billion (approximately 184.6 trillion KRW) for the time being, sustaining a level higher than before the COVID-19 pandemic.

On the 28th, display market research firm DSCC forecasted in its recent flat panel display outlook report that FPD sales will reach $168 billion this year, a 39% increase compared to the previous year. Related sales, which were around $121 billion last year, are expected to exceed $160 billion this year due to continued strong demand and unprecedented LCD panel price increases.

In particular, DSCC noted that while the mobile sector, including smartphones, has generated the highest sales in recent years, this year, due to the sharp rise in LCD TV panel prices, sales of both OLED TVs and LCD TVs have significantly increased. As a result, TV-related flat panel display sales are projected to reach $52.6 billion this year, surpassing mobile sales.

Monitors, laptops, and tablets have also seen increased demand due to COVID-19, with related sales expected to rise by 48%, 84%, and 35% respectively compared to the same period last year, totaling $43 billion overall, DSCC predicted.

In terms of shipment volume, DSCC forecasts flat panel display shipments to increase by 8% year-on-year to 3.54 billion units this year. Specifically, the mobile sector is expected to reach about 2 billion units, a 6% increase from the previous year, and is projected to continue growing at a rate of 2-3% from 2022 to 2024, reaching 3.9 billion units by 2025.

DSCC expects that continuous growth in automotive and mobile displays will offset the gradual decline in TV and IT panel sales after this year, maintaining flat panel display sales close to $160 billion. This level surpasses the $113 billion recorded in 2019, before the COVID-19 pandemic.

Specifically, OLED panels are expected to show growth, while LCD panels are projected to decline. DSCC anticipates LCD panel sales to increase by 45% year-on-year to $126 billion this year but decrease to around $100 billion in 2023. Meanwhile, OLED panel sales are expected to grow by 26% year-on-year to $43 billion this year and expand to $61 billion by 2025.