Global shipments of small- to medium-size TFT LCD panels are expected to total 1.8 billion units in 2024, representing a CAGR of minus 4.4% from the levels seen in 2019, Digitimes Research estimates.
Shipments of handset panels (including LCD and OLED) - the largest segment for small- to medium-sized applications - will grow at CAGR of 0.07% during a 5-year forecast period from 2019-2014, according to Digitimes Research.
But LCD handset panel shipments alone during the forecast period will show a CAGR of minus 7.2%, as shipments of AMOLED applications will continue to grow and account for 50% of global handset panel shipments in 2024.
More AMOLED panel production lines at major display makers, particularly those in China, will gradually come online during 2021-2022, which in turn will result in a 10% on-year reduction in output of LCD handset panels during these two years.
Digitimes Research believes that the rise of industrial control, automotive and other IoT applications in the fields including smart speakers and white household appliances will become the growth driver for small- to medium-size panel shipments at a time when the markets of a number of portable consumer electronics such as handsets, tablets, digital cameras, handheld games and portable navigation devices (PNDs) have become mature or even begun declining.