SEOUL, Jan. 31 (Korea Bizwire) — OLED panels are steadily increasing their market share in the global display industry, potentially boosting LG Display’s performance as the company shifts its focus toward OLED technology.
According to market research firm Omdia, OLED panels are projected to capture 43% of the global display market by revenue by 2031, while LCD panel share is expected to decline to 51%. This represents a significant narrowing of the gap between the two technologies from 30 percentage points in 2022 (when OLED held 35% and LCD 65%) to just 8 percentage points by 2031.
The growing adoption of OLED technology is attributed to its superior features compared to LCD, including perfect black levels, rich color reproduction, and faster response times. OLED panels are also thinner, lighter, and can be curved or bent, enabling innovative design possibilities. These advantages have led to increased adoption in premium segments across televisions, tablet PCs, laptops, smartphones, and automotive displays.
“While LCD technology has long dominated the display market, technical limitations and intensifying competition are driving its declining market share,” Omdia reported. “The improving price competitiveness of OLED technology is further weakening the position of LCD panels.”
LG Display reported a significant reduction in operating losses for 2024, with a preliminary loss of 560.6 billion won, down from 2.51 trillion won the previous year. The company returned to profitability in the fourth quarter with an operating profit of 83.1 billion won, its first quarterly profit in a year.
The company’s OLED products accounted for 55% of total sales in 2024, up 7 percentage points from the previous year. LG Display plans to strengthen its market leadership across its full portfolio, from large-screen TV panels to IT, automotive, and small displays.
The company is preparing to mass-produce its fourth-generation OLED TV panels this year and diversify its gaming monitor lineup. In the small and medium-sized OLED segment, LG Display is focusing on expanding its supply share to North American strategic customers, including panels for Apple’s new iPad Pro models (11-inch and 13-inch) and iPhones.
Meanwhile, Omdia noted that Chinese manufacturers are rapidly expanding its IT OLED panel production capacity through aggressive investment in 8.6-generation fabs. While competitors have invested trillions of won in 8.6-generation OLED production lines, LG Display currently operates only 6th-generation lines. The 8.6-generation panels offer more than double the substrate area of 6th-generation panels, enabling higher production volumes.
LG Display CFO Kim Sung-hyun addressed this during a quarterly earnings call, stating that while there is uncertainty in the 8th-generation IT OLED market, the company is prepared to enter when market signals become clearer.
Kevin Lee (kevinlee@koreabizwire.com)