China's OLED Capacity Poised to Surpass South Korea by 2028, BOE to Become World's Largest Supplier

China's OLED Capacity Poised to Surpass South Korea by 2028, BOE to Become World's Largest SupplierAccording to a recent report by market research firm Counterpoint Research, China's OLED production capacity is projected to overtake South Korea by 2028, making it the global leader in the segment. The report forecasts that China's share of global display panel capacity will rise from 68% to 74% between 2023 and 2028, achieving a CAGR of 8%

China's OLED Capacity Poised to Surpass South Korea by 2028, BOE to Become World's Largest Supplier

According to a recent report by market research firm Counterpoint Research, China's OLED production capacity is projected to overtake South Korea by 2028, making it the global leader in the segment. The report forecasts that China's share of global display panel capacity will rise from 68% to 74% between 2023 and 2028, achieving a CAGR of 8%.

The report specifically highlights the rapid growth of BOE in the OLED sector, predicting that it will surpass Samsung Display to become the world's largest OLED panel supplier in 2028 with a market share of 26%. BOE has invested heavily in OLED technology R&D and capacity expansion in recent years, achieving significant progress in high-end smartphones, tablets, laptops, and other sectors.

Beyond BOE, other Chinese panel manufacturers are also rapidly developing in the OLED space. Statistics from market research firm CINNOResearch indicate that BOE captured 16.1% of the global OLED smartphone panel market share in the first half of 2023, followed closely by fellow Chinese firms Visionox and Huaxing Optoelectronics. These three Chinese companies, leveraging their advantages in OLED technology and production scale, are progressively eroding Samsung Display's market share.

This trend is further supported by TrendForce's projections. The research firm expects OLED smartphone panel shipments to grow by 3.2% in 2024, reaching 870 million units. Meanwhile, the market share of Chinese panel manufacturers is projected to rise from 47.9% in 2023 to 50.2% in 2024, surpassing Korean companies' OLED shipments for the first time.

The rise of Chinese panel manufacturers in the OLED sector is driven by several key factors:

• Government Policy Support: The Chinese government places great emphasis on the development of the display industry and has introduced a series of policy measures to support the R&D and production of domestic panel manufacturers.

• Technological Advancements: Chinese panel manufacturers have made significant strides in OLED technology in recent years, with their products exhibiting competitive advantages in aspects like performance and cost.

• Capacity Expansion: Chinese panel manufacturers are continuously expanding their production capacity to meet the growing market demand.

China's ascendancy in the OLED field will have a significant impact on the global display industry landscape. Chinese panel manufacturers are poised to take a dominant position in the OLED market, driving the continued development and application of OLED technology.