Omdia estimates that in 2024, OLED technology has finally overtaken LCD and now holds a market share of 53% in the smartphone display market. OLED penetration is expected to increase to 56% in Q3 2024.
Omdia further says that smartphone shipments have increased 5% in 2023 to reach 1.45 billion units, and the market will continue rising in 2024.
DSCC says that shipments of OLED for tablets in Q1 2024 rose 131% from last year, to reach 1.72 million units, as Apple started to adopt OLEDs in its iPad tablets. In fact, shipments to Apple represented 47% of all OLED shipments in the quarter (following by Huawei at 25% and Samsung at 17%).
DSCC sees the growth continuing to accelerate - and in Q2 2024 shipments will rise to 3.9 million units, or up 333% from Q2 2023, as Apple, Microsoft, Huawei and Samsung will all enjoy an increase in OLED tablet sales.
Omdia estimates that growth will return to the OLED materials market after two years of slow OLED TV sales. Material sales will increase to over $2 billion in 2024, for the first time, and will continue growing to reach $2.6 billion by 2028.
Omdia sees an improvement in the utilization of LG's WOLED fabs in 2024. LGD's E4 line in Paju, for example, have rebounded to over 60% in Q1 2024, up from only 33% at the end of 2023. The company's WOLED line in Guangzhou also increased its utilization to over 50%.
Omdia says that it expects the global smartwatch display market to reach 359 million units in 2024 (up from 259 million units in 2022). OLEDs hold a 37% market share (132 million units).
Omdia says that the leading smartwatch OLED producers, in the first half of 2024, are LG Display (Apple's main supplier), Everdisplay and Tianma - which together hold a 53% market share. China-based wearable OLED production accounts to 64% of the total market.
DSCC says that foldable OLED shipments increased 46% in the first quarter of 2024 compared to last year, to reach almost 4 million units.
BOE was leading the market in Q1 2024, with a market share of 48% (up from 43% in Q1 2023). The two leading foldable smartphone models were Huawei's Mate X5 and Pocket 2, using panels supplied by BOE. In fact Huawei had a market share of 55% in the foldable smartphone market.
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Omdia says that China's OLED makers have been making rapid progress with their foldable OLED capabilities, to the point that in the first half of 2024, China's production of foldable OLED panels will surpass Korea's.
Omdia predicts that in the first half of 2024, Samsung Display will produce 5.7 million panels, while China's producers will produce 6.4 million panels. The market is set to grow quickly, from 10.7 million units in 2021 to 30 million panels in 2024. The market leader remains Samsung (47% in 2024H1), followed by BOE (40%), Visionox (9%) and TCL CSoT (4%).
Samsung Display announced that it shipped over a million QD-OLED monitor panels. SDC started producing these panels in 2022, and is currently offering a wide range of panels, from 27-inch to 49-inch, mostly targeting gaming monitors. SDC is working with 10 monitor producers, that have released over 90 QD-OLED monitor models.
Samsung says that it plans to expand its QD-OLED market, by targeting professional monitors and content creation monitors.
Omdia estimates that OLED display shipments for laptops and tablets will grow from around 8 million units in 2023 to around 99 million units in 2031, a CAGR of 37%. We have already seen major laptop and tablet brands starting to adopt OLEDs in their latest devices, including Apple and Microsoft just recently.
Omdia says that in 2022 and 2023, the demand for laptops and tablets actually slowed, but new laptops with AI capabilities are now being introduced, and Omdia expects a recovery in demand for mobile PCs following the discontinuation of Windows 10 support in the second half of 2025.
Omdia says that shipments of OLED displays in tablets are set to grow in the future, rising from around 3.8 million in 2023 to 35 million in 2031. 2024 will see a 315% jump in shipments as Apple starts to adopt OLEDs in its tablets.
Interestingly, Omdia sees an increase in adoption of a 'hybrid OLED' structure (reaching a market share of 85.1% in 2031), which the company defines as a glass-based OLED with a thin-film encapsulation. This hybrid design is lower in cost compared to a flexible OLEDs, while still achieving high performance and a thin design.
