OLED Revenue Surge Predicted for 2024 Driven by Tablet Growth

OLED revenues are projected to see significant growth in 2024, with an expected 12% year-over-year (YoY) increase. This boost is largely attributed to the anticipated triple-digit growth in OLED tablets. According to DSCC, OLED panel revenues rose 13% YoY in the first quarter of 2024, reaching $9.3 billion. This growth was supported by a 50% YoY increase in unit shipments.

AMOLED panel revenue and YoY growth. (Source: DSCC)

For the entirety of 2024, OLED panel revenues are forecasted to climb to $44 billion, marking a 12% YoY rise. This increase is expected despite only a 4% growth in unit shipments, driven by a higher value mix of products. OLED tablets, in particular, are poised to see remarkable growth, with units and revenues expected to rise at triple-digit rates. This surge is primarily due to Apple’s introduction of its 11.1-inch and 13-inch OLED iPad Pro models.

Various OLED applications are set to experience growth in both units and revenues. OLED smartphones are projected to see a 4% increase in units and a 3% rise in revenues, with flexible OLEDs growing by 13% and foldable OLEDs by 26%. OLED TVs are expected to see a 24% increase in units and a 17% rise in revenues. Meanwhile, OLED tablets are forecasted to surge by 202% in units and an impressive 632% in revenues, largely driven by Apple’s new iPad Pro models. OLED monitors are also expected to grow, with an 80% increase in units and a 45% rise in revenues.

In terms of panel suppliers, SDC is anticipated to lose some revenue share, with gains expected for BOE, LGD, TCL CSOT, Tianma, and Visionox across various applications.