As we approach the end of March, the latest survey of supply chain data from DSCC indicates that panel shipments for the iPhone 14 Series are tracking 2% higher than the iPhone 13 Series during the same time period of April YoY. The iPhone 14 Pro and iPhone 14 Pro Max are selling better than the iPhone 13 Pro and iPhone 13 Pro Max, with a cumulative share of 63% compared to 53% for the iPhone 13 Pro models. This higher demand has led to 9% higher total panel revenues and 3% higher blended ASPs for the iPhone 14 Series.
In Q1’23, iPhone 14 panel shipments reached 37 million units, compared to 40 million units for the iPhone 13 series in Q1’22. Over an 11-month period, the iPhone 14 Pro Max remained the top-selling model with a 36% share, followed by the iPhone 14 Pro with 28%, the iPhone 14 with 25%, and the iPhone 14 Plus with 11%.
However, as a result of broader industry inventory corrections, continued macroeconomic headwinds, inflationary pressures, and softening demand, iPhone 14 Series panel shipments are expected to fall by 39% in April compared to the iPhone 13 Series in the preceding year. Additionally, panel shipments are projected to be 23% lower in March, and iPhone 14 shipments are expected to be at the lowest level since July 2022. The demand outlook remains weak, as Apple’s guidance predicts that the March quarter will be similar to the December quarter.
| OLED Panel Supplier | April Share | Cumulative Share Through April |
|---|---|---|
| Samsung Display (SDC) | 43% | 68% |
| LG Display (LGD) | 33% | 19% |
| BOE | 24% | 13% |
I used the word anemic guardedly, but in relative terms, for Apple, that’s what we are seeing here. We may be in the middle of a 12–18 month transitionary period where macroeconomics, supply chain issues, and a switch to next-generation devices and displays, may stall growth for all other product lines. The iPhone 14 has great specs, is very competitive on price compared to its predecessor, and would have been an easy upgrade for the superstitious. Doesn’t turn out like that is what is happening on the ground. On the bright side, at least for SDC, the company is doing as well as it could be on OLED display supplies to Apple, which positions it in an enviable position once this transitionary period is over.
