DSCC

DSCC says that shipments of Apple's iPhone 16 series were 8% higher in the first month compared to the shipments of Apple''s iPhone 15 series last year. As Apple continues to target emerging markets, DSCC expects Apple to increase sales of entry level and older iPhones, including the iPhone 13, 14, and 15 series.

Interestingly, a couple of weeks ago we reported that according to Apple analyst Ming-Chi Kuo the first-week demand for Apple's new iPhones is lower than expected, with total demand of only 37 million units - lower by 13% compared to the demand for the iPhone 15 a year ago. It remains to be seen whether demand picked up later in September.

According to DSCC, OLED panel shipments increased 50% in the second quarter of 2024, compared to the second quarter of 2023. Compared to the previous quarter, shipments increased 13%. 

DSCC says that OLED tablet shipments increased 356% in the quarter compared to last year (led by Apple's adoption of AMOLEDs in its iPad Pro devices). OLED smartphone spanel shipments also 49%, while OLED TV panel shipments increased 30% from 2023.

DSCC says that shipments of foldable OLED panels reached a record high in the second quarter of 2024 at 9.8 million units - 126% higher than Q2 2023 (and 151% higher than the previous quarter). DSCC believes this will be the peak quarter in 2024, as the demand was fueled by the launch of Samsung's latest foldables, the Galaxy Z Flip 6 and Z Fold 6.

Samsung holds an almost 50% market share in foldable smartphone panels orders, followed by Huawei at 29%. Timing is relevant, as high demand follows new model shipping dates. DSCC estimates that clamshell devices have a 63% market share out of the total foldable smartphone market, with the rest taken up by in-folding devices.

According to DSCC, 4.1 million OLED tablet panels shipped in the second quarter of 2024, a new record high, as Apple launched its 2024 OLED iPad Pro tablets. Apple quickly became the largest buyer of OLED tab let panels - with a 72% market share in Q2 2024 (followed by Huawei at 13% and Samsung at 9%).

DSCC expects the OLED tablet panel market to fall 5% in the next quarter to 3.9 million panels (but up 169% over Q3 2023), as Apple reduces its orders dramatically after the launch, but this will be almost offset by new panels shipments to Microsoft and Honor. Growth will continue in Q4, and total panel shipments are expected to each over 14 million units in 2024, over 200% growth from 2023.

DSCC says that display makers are increasing their OLED CapEx investment as demand for OLED displays is on the rise. DSCC has raised its forecast for OLED spending by 14% compared to their previous update, while they retain their previous forecast for LCD, OLED microdisplay and microLED display equipment spending. 

Between 2020 and 2027, OLED display makers will invest $44 billion in new production equipment. The spending on OLED equipment will keep growing year after year from 2023 to 2027, reaching $6.5 billion in 2027, as OLED penetration in the smartphone, tablet and laptop market is increasing, and fab utilization is increasing too, encouraging display makers to add capacity.

DSCC says that the OLED materials market will reach $2.12 billion in 2024, rising 24% over 2023. The market will continue growing at a 6% CAGR until 2028, reaching about $2.7 billion. DSCC details the revenue split between single-stack, tandem and multi-stack panels, saying that materials used in tandem OLED panels will grow at a fast rate of 30% CAGR from 2024-2028. 

The leading materials makers by revenue in 2024 will be UDC, DuPont, LG Chemical and Samsung SDI, holding a market share of 51% together. DSCC says that Chinese materials makers will increase their market share in the future. 

DSCC says that the AMOLED industry (mainly smartphones and IT applications) is still in oversupply, and this will remain so until 2028 - but demand is expected to increase faster than capacity and so the oversupply will gradually decline to 2028.

Regarding OLED TVs, demand will increase and fab utilization will improve - but in this market DSCC also sees an oversupply situation to 2028 at least (a surplus of 22% in 2028).

DSCC says OLED revenues are expected to grow 12% in 2024 and reach $44 billion. OLED panel shipments will grow 18% in 2024. The fastest growing OLED market segments are tablets and monitors.

OLED tablet panel shipments will increase 202% in 2024, and this will result in a 632% increase in revenues, driven mostly by Appe's first adoption of OLED panels in its 13" and 11.1" iPad Pro tablets. OLED monitors will grow slower, but still impressively - 80% in shipments, and 45% in revenues.

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. 

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.