TV Panel Market Expected to See Significant Growth in 2024
According to the latest industry insights from TrendForce, the LCD TV panel market is heading towards profitability and increased production in 2024. Despite the global economic uncertainty, the shipment of LCD panels is projected to reach approximately 242 million units, marking a growth rate of around 3.4%. This growth is driven by a rising trend in larger product sizes, leading to an 8.6% annual increase in shipment area .
Panel manufacturers are optimistic about 2024, setting a target to ship about 251 million units. This positive outlook is supported by the enhanced performance of LCD TV panels and competitive pressures in the IT panel market, which are pushing manufacturers to rely more heavily on TV panels to maximize production capacity.
Key Industry Players and Strategies
BOE
BOE is expanding its product lineup to include new 40” and 60” models, targeting a shipment volume of 61.3 million units. This expansion is aimed at capitalizing on the growing demand for larger screens, which has been a significant driver of market growth .
CSOT
CSOT is ramping up its production capacity for larger panels, including a new 115” model, aiming for a conservative shipment target of 48 million units. CSOT's strategic focus on ultra-large panels reflects the market's shift towards premium, large-screen televisions.
HKC
HKC plans to reduce its production of 32” panels in favor of new 40” and 85” models. The company is also preparing to reapply for stock market listing in the first quarter of 2024, with a shipment target of 38 million units. This strategic shift is part of HKC's broader efforts to optimize capacity usage and enhance its competitive edge in the market.
CHOT
CHOT, traditionally focused on medium and small-sized products, has entered the ultra-large-size supply segment. With a shipment target of 15 million units, CHOT is positioning itself to cater to the increasing demand for larger panels.
Innolux
Innolux is expanding its 55” product line to attract more customers while maintaining its main product lines. The company has set a shipment target of 37.3 million units, highlighting its commitment to growth and market adaptation.
AUO
AUO is reinstating cooperation with South Korea’s second-largest TV brand in 2024 and has set its shipment target at 16.4 million units. This move aims to strengthen AUO's market presence and leverage key customer relationships.
Sharp
Sharp’s 43” factory in Guangzhou is benefiting from order transfers, and international clients are showing increased demand. The company’s Gen10 Sakai factory is introducing 32” and 65” mixed-cut products in 2024 to improve competitiveness, setting an ambitious shipment target of about 20.3 million units.
Market Trends and Future Outlook
The industry is also witnessing a rebound in TV panel prices, driven by holiday promotions and anticipatory pricing strategies. This has led to profitability for some panel sizes since June 2023. Despite a dip in prices in the fourth quarter of 2023, attributed to lower-than-anticipated brand sales, the decline was mitigated by rapid production adjustments by panel makers .
Furthermore, the industry is abuzz with rumors of potential new mergers and acquisitions in the panel sector. These developments are being closely watched for their potential impact on the overall market.
For more detailed insights, visit TrendForce.
Post time: Jul-23-2024