According to Omdia, Display panel manufacturers reported $2.4 billion in revenue from industrial panels in 2024, up 13.6% YoY. Shipments reached 167.9 million units in 2024, with 0.96-inch AMOLED panels for e-cigarettes and 8-inch LTPS gaming consoles driving growth. Truly led production in these segments.
Smart home and office products made up 46% of shipments, totaling 77 million units. Multi-function printers accounted for 22%, with 8.6 million units under 3-inches and 5 million units in the 3.1-7 inch range. AUO Display Plus dominated this sector.
Manufacturers including AUO Display Plus, BOE, Innolux, Tianma, and Truly saw revenue drop 3.5% to $2.1 billion in 2023 before the 2024 rebound. Panel makers increased set and open frame business to 4.8% of total panel revenue in 2024.
Companies moved production to Southeast Asia and India to address trade issues. Touch panel suppliers, panel module houses, ODMs, and industrial brands established mass production in these regions. MiniLED products for machines and medical displays entered production in 2024.
