The global display market is set to witness significant growth in 2024, with expectations of over a 5 percent growth due to the increased utilization of premium OLED panels and a resurgence in demand across various product segments, as per a report released by the Korea Display Industry Association.
Projections indicate that worldwide sales of OLED and related display products could hit $122.8 billion in the upcoming year, marking a 5.4 percent surge from the current year’s figures.
This upswing is primarily fueled by the amplified incorporation of OLED displays in IT devices and a resurgence in the requirement for LCD panels, the report specifies.
Specifically, the global OLED market is anticipated to escalate by 8 percent to $43.4 billion in the coming year, driven by amplified demand from TV, smartphone, other IT device, and automotive manufacturers, according to reports from Yonhap news agency. Notably, this market has seen a remarkable annual average growth rate of 26.5 percent since 2007.
Contrarily, the global market for LCD panels is forecasted to grow by 4 percent to $78.1 billion in 2024, maintaining an annualized growth rate averaging 0.3 percent since 2007.
Anticipated major global events like the 2024 UEFA European Football Championship in Germany and the Paris Summer Olympics are expected to escalate the demand for display products. However, potential headwinds such as geopolitical tensions including the war in Ukraine and the Hamas-Israel conflict could pose challenges to the market.
Moreover, potential policy shifts stemming from the outcome of the U.S. presidential election in November of the upcoming year might also influence the trajectory of the world display market, the association added.