Ranked No. 1 for Four Consecutive Years, According to Omdia
Large Display Demand Grows with the Rise of SDVs
Will LG Return to Profit After Three Years of Losses?
LG Display has maintained its number one position for four consecutive years in the large vehicle display market. As software-defined vehicles (SDV) become more widespread, the size and performance of in-vehicle screens have become increasingly important, drawing attention to LG Display's high-spec displays.
According to global market research firm Omdia on the 16th, LG Display recorded a 26.5% market share in sales last year in the high-spec large vehicle display market, including OLED (organic light-emitting diode) and LTPS LCD (low-temperature polycrystalline silicon liquid crystal display).
This figure is nearly twice as high as the second-place Japanese company Sharp (13.3%), and LG Display has held the top spot for four consecutive years since 2021. In 2020, it ranked second behind Japan Display (40.9%), but rose to first place with a 30.7% market share in 2021, maintaining the lead in 2022 (25.8%) and 2023 (29.6%) as well.
Vehicle displays are broadly divided into three technologies: general LCD, and the premium product groups OLED and LTPS LCD. OLED offers excellent image quality, is thin and flexible, making it suitable for curved surfaces inside vehicles, and is mainly adopted by premium car brands. LTPS LCD features fast electron mobility, advantageous for high resolution and large sizes, and consumes less power, classifying it as a high-end technology.
Recently, in the vehicle display market, the trend of "the bigger, the better" has strengthened due to the spread of SDVs. As the number of functions that visually display and operate various information inside vehicles increases, demand for large displays is rapidly growing.
In fact, Omdia forecasts that the market size for large high-spec vehicle displays over 10 inches will grow from 9.988 trillion KRW (approximately 6.9 billion USD) this year at an average annual growth rate of 9%, nearly doubling to 18.6034 trillion KRW (approximately 12.9 billion USD) by 2031.
To enhance competitiveness in this market, LG Display is supplying OLEDs to premium brands such as Mercedes-Benz and Genesis. In particular, it has succeeded in commercializing the industry's first 40-inch ultra-large display product called "Pillar-to-Pillar."
Jung Chul-dong, President of LG Display, stated at last month’s shareholders meeting, "Based on the strengthened customer structure for OLED, we will expand product sales and transition to a profitable structure through cost innovation."
A company representative said, "Based on proprietary technology and stable supply capabilities, we will continue to introduce innovative solutions that provide differentiated customer value in the SDV era."
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