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LG Display dominates automotive OLED panel market: Report

According to the latest report, LG Display, which has obvious advantages in the large-size OLED panel market, is also vigorously developing the business of small and medium-sized OLED panels. The OLED panels they produce have also entered the Apple supply chain and are used in large quantities.

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Moreover, LG Display is also vigorously supporting the development of the automotive OLED panel business as the demand for OLED panels in automobiles increases. The Korean media mentioned in the report that the size of the automotive OLED panel market is expected to be US$160 million this year, and the compound annual growth rate in the next few years will be as high as 42%. The market size will increase to US$670 million in 2025. The speed will exceed the overall growth rate of the automotive panel market.

In terms of OLED panels required for automobiles, LG Display also has obvious advantages. Since the mass production of OLED panels for automobiles began in 2019, LG Display has dominated this market, with a market share of more than 90%.

In the automotive panel market, LG Display has a market share of 19.7% in the first quarter of this year, making it the No. 1 manufacturer, and its market share in the 10-inch and above automotive panel market is rapidly increasing. Their goal is to make automotive panels in the next three years. The market share has increased to 30%, and OLED panels will be an important part of their market share in this field.

The market research institute also predicts that the scale of the automotive OLED panel market is constantly expanding. It is expected to reach US$9.5 billion in 2023, higher than the previous forecast of US$8.8 billion, and will exceed US$10 billion for the first time in 2024, reaching US$10.5 billion.

Moreover, the sources mentioned in the report that as the shortage of automotive semiconductor parts begin to ease in the second half of this year, car sales will gradually normalize, and electronic component manufacturers and panel manufacturers will also benefit from it. The increase in demand for OLED panels from automobiles will also offset the decline in demand for LG Display’s large-size LCD and TV OLED panels to a certain extent, stabilizing their performance.

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