Growth Forecasted for Global Display Market in 2024

Seoul – The global display market is poised for a significant expansion in 2024, with an anticipated growth of over 5 percent. This increase is attributed to the rising use of premium organic light-emitting diode (OLED) panels and a resurgence in demand for certain products.

According to a report by the Korea Display Industry Association, global sales of OLED and other display products are expected to reach US$122.8 billion in the coming year, marking a 5.4 percent increase from this year's figures. The growth is likely to be fueled by the enhanced adoption of OLED displays in various IT products and a recovery in the market for liquid crystal display (LCD) panels.

The OLED sector, in particular, is projected to see an 8 percent year-on-year rise to $43.4 billion in 2024. This growth is driven by increasing demand from manufacturers of televisions, smartphones, other IT products, and vehicles. The OLED market has experienced a significant surge, growing at an annual average rate of 26.5 percent since 2007.

Concurrently, the global market for LCD panels is also forecasted to grow by 4 percent on-year to $78.1 billion in 2024. This sector has seen an average annual growth rate of 0.3 percent since 2007.

The report also notes that global events such as the 2024 UEFA European Football Championship in Germany and the Paris Summer Olympics are likely to boost demand for display products next year. However, it cautions that the market could face challenges due to ongoing geopolitical issues, such as the war in Ukraine. Additionally, potential policy changes resulting from the U.S. presidential election in November next year may also impact the display market.

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