According to RUNTO’s report on the global LCD TV panel market, the total shipment volume of large-sized LCD TV panels reached 118.4 million units, reflecting a 1.5% year-on-year growth. Moreover, the shipment area saw an even more substantial rise of 8.6%, amounting to 87.2 million square meters. While in which, China’s global market share is 66%.
Market Dynamics
Despite sluggish global demand for TV products in the first half of the year, including in key markets like China, certain bright spots emerged. The overall market growth is notable considering the backdrop of economic uncertainty, the impact of the Chinese New Year holiday on production, and other challenges. The market was bolstered by strategic price adjustments and stable production rates among major manufacturers, particularly in China. The anticipation of the closure and sale of panel factories by Sharp and LG Display also played a role in maintaining market stability, as manufacturers opted to stabilize and even increase prices in response to clear market expectations.
Key Market Trends
1. Increased Average Panel Size:
- The trend toward larger TV screens continued, contributing to the growth in shipment areas. The average size of LCD TV panels rose to 49.6 inches, up by 1.6 inches compared to the same period in 2023. In China, the average size of TVs sold both online and offline increased to 66.3 and 66.9 inches, respectively. The demand for larger sizes, such as 75 inches, also surged, becoming the top-selling size in the market.
2. Regional Market Share Shifts:
- China: Chinese manufacturers maintained a dominant presence in the global market, although their market share slightly contracted to 66.0%, down by 4.0 percentage points from the previous year. The reduction in production capacity by major Chinese players contributed to this temporary decline.
- Japan and South Korea: Japanese and Korean manufacturers, particularly Sharp and LG Display, capitalized on this shift, with their combined shipments increasing by 38.9% year-on-year. This aggressive production strategy allowed them to gain a larger share of the market, with LG Display’s Guangzhou plant returning to full capacity after a previous production cut.
3. Manufacturer Performance:
- BOE: BOE remained the top manufacturer globally, despite a slight decrease in its shipment volume, which fell by 3.9% to 28.1 million units, accounting for 23.8% of the global market share.
- LGD and Sharp: Both LGD and Sharp saw significant growth in their shipment volumes, with year-on-year increases of 58.8% and 26.2%, respectively. These manufacturers were the top performers in terms of shipment growth in the first half of 2024.
Size Segmentation
The market saw a clear divergence between smaller and larger panel sizes. While shipments of panels below 55 inches generally declined, larger sizes saw substantial growth:
- 32-inch Panels: Although still the most shipped size, the 32-inch segment experienced a 6.6% decline in shipments.
- 55-inch and 65-inch Panels: These sizes saw impressive growth, with 55-inch panels increasing by 20.2% year-on-year, driven by strong demand and strategic control by leading manufacturers.
- 75-inch Panels and Above: The 75-inch segment grew by 21.8%, while panels larger than 75 inches surged by 48.8%, highlighting the industry’s shift toward ultra-large screen sizes.
Outlook for the Second Half of 2024
The second half of 2024 is expected to be characterized by continued production control and strategic adjustments by manufacturers. Panel prices are likely to remain volatile, with potential declines anticipated in the coming months. Despite these challenges, the overall market is expected to see a slight increase in annual shipment volume, reaching approximately 227 million units by the end of 2024, with a total shipment area of 174 million square meters—representing year-on-year growth of 0.7% and 7.6%, respectively.
Conclusion
The first half of 2024 demonstrated the resilience and strategic adaptability of the global LCD TV panel market. Despite external challenges and regional market shifts, the industry managed to sustain growth through a combination of larger panel sizes and targeted production strategies. As we move into the latter half of the year, the focus will likely remain on maintaining market stability and optimizing profitability amidst fluctuating demand and pricing pressures.
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