Robust OLED Growth in 2H’23 Signals a Strong 2024 Recovery Fueled by Smartphones, TVs and IT Applications

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  • 2H’23 OLED revenues saw a 50% improvement vs. 1H’23.
  • In 2024, OLED revenues are expected to increase 11% Y/Y in units and 4% Y/Y in revenues.
  • In 2024, OLED smartphones, TVs and IT applications fuel double-digit growth.

As revealed in DSCC’s latest release of the OLED Shipment Report, OLED panel revenues declined 4% Y/Y in 2023 versus our prior estimate of a 9% Y/Y decline. The improvement to panel revenues is the 9% Y/Y increase for units as a result of the 2H’23 inventory and demand improvement for several applications.

The second half of 2023 saw a recovery in many segments as excess inventories continued to improve and a strong back-to-school and holiday selling period. China’s GDP grew 5.2% in 2023, despite a pessimistic estimate of 4.6%. In the US, GDP grew 3.3% in 2023, offering a good indicator that the US Federal Reserve had managed to bring down inflation and secure a “soft landing” without major repercussions for workers or the economy.

“As a result of macroeconomic and inventory corrections, combined with double-digit ASP declines, we expect 2024 to recover from the post-pandemic downturn,” notes David Naranjo, Senior Director. In 2024, unit and revenue growth for flagship smartphones and OLED TVs is expected on lower panel ASPs, For IT applications, OLED tablets are expected to have triple digit Y/Y growth as a result of Apple entering the OLED tablet category in addition to double-digit Y/Y growth for monitors and notebook PCs.

AMOLED Panel Revenue and Y/Y Growth, 2020 – 2024

Source: DSCC OLED Shipment Report
Source: DSCC OLED Shipment Report

The latest OLED Shipment Report includes updates to market forecasts as well as updates for panel supplier and brand roadmaps.

About DSCC

DSCC, a Counterpoint Research Company, is the leader in advanced display market research with offices across all the key manufacturing centers and markets of East Asia as well as the US and UK. It was formed by experienced display market analysts from across the display supply chain and delivers valuable insights, data and supply chain analyses on the display industry through consulting, syndicated reports and events. Its accurate and timely analyses help businesses navigate the complexities of the display supply chain.