The display industry is set for a turnaround in 2024, with total demand expected to grow by 8% in area, according to Omdia’s latest report. This recovery is driven by rising demand for large-size displays, offsetting slowdown in unit demand caused by global economic factors and rising prices.
Despite the economic uncertainties, the demand for large-size displays is expected to increase steadily in 2024, thanks to improved productivity and technological innovations. Let’s take a closer look at what analysts expect to happen.
A market recovering after two years of decline
In the past two years, the display market has seen a decline in demand in terms of area for the first time. This decline is mainly attributed to the post-pandemic demand “cliff” effect and the decline in consumer confidence due to the energy crisis, global inflation, supply chain disruptions, and rising raw material prices.
The 115-inch TCL X955 TV
However, the display market is now preparing for a growth phase, driven by the demand for large-size displays. Despite global economic challenges, technological innovation and improved productivity are opening up new opportunities for the industry. The increased demand for large-size displays could lead to improved production capacity utilization rates and further market growth in the coming years.
In particular, the 80-inch and larger TV market is moving toward significant consumer demand expansion, thanks to more affordable prices due to improvements in panel productivity and yield. Omdia forecasts indicate that panel manufacturers aim to ship 7.8 million 80-inch or larger TV panels in 2024, up 35% from the previous year. The large-size display market share is expected to reach 7% in 2024 and 11% by 2030.
These forecasts offer an interesting look at the future of the display sector, confirming the importance of monitoring the evolution of demand and the impact of new technologies on production and prices, given that in recent weeks we have already noticed how MiniLEDs are cannibalizing OLEDs in the Advanced TV market. And you, what do you think? Are you considering purchasing a new TV? Let us know in the comments below.
