Omdia: e-cigarettes, game consoles and two-wheeled vehicles drive industrial display panel revenue to USD 2.4 billion, up 13.6% year on year in 2025

Rhea-AI Summary

Industrial display panel shipments are projected to reach 167.9 million units in 2024, showing a 10.9% YoY growth, according to Omdia's analysis. Smart home and office applications lead with 46% shipment share, with multi-function printers accounting for significant volumes. E-cigarettes, gaming consoles, and two-wheeled vehicles are driving growth in the sector.

While 2024 revenue is expected to decline by 3.5% YoY to USD 2.1 billion, a strong rebound to USD 2.4 billion (13.6% YoY growth) is forecasted for 2025. Major players like AUO Display Plus, BOE, and Truly are diversifying their portfolios, with set and open frame business expected to account for 4.8% of total panel revenue in 2024.

The industry is adapting to geopolitical risks by shifting production to Southeast Asia and India. New opportunities are emerging in two-wheeled vehicles requiring weather-resistant displays, while mini LED backlight products for slot machines, marine, professional medical displays, and drones are set for mass production.

Positive

• Projected 10.9% YoY growth in shipment volumes for 2024 (167.9M units)
• Strong revenue rebound expected in 2025 to $2.4B (13.6% YoY growth)
• Diversification into new growth markets (e-cigarettes, gaming consoles, two-wheeled vehicles)
• Supply chain successfully adapting to geopolitical risks with production shifts to Southeast Asia

Negative

• 3.5% YoY revenue decline expected in 2024 to $2.1B
• Ongoing inventory challenges affecting demand in most industrial display segments
• Geopolitical risks and tariff impacts creating supply chain challenges

LONDON, Jan. 19, 2025 /PRNewswire/ -- Industrial display panel shipments are projected to reach 167.9 million units, marking a significant 10.9% YoY growth for 2024 according to analysis from Omdia's "Industrial and Public Display & OEM Intelligence Service". Among 12 industrial display applications, the smart home and office application segments, among 50 industrial display sub-applications, topped first place with 46% shipment share.  Within this category, multi-function printers accounted for 22% shipment share totaling 8.6million units with panel sizes under 3-inches and 5million units with sizes ranging 3.1 to 7-inches, driven largely by AUO Display Plus.

While most of the industrial display demand is expected to remain stable or decline slightly due to inventory challenges, the double-digit shipment growth will mainly be fueled by specific sectors, including 0.96-inch AMOLED panels for e-cigarettes and 8-inch LTPS gaming consoles, with Truly driving much of this growth. In 2025, industrial display shipments are expected to rise further to 178 million units, reflecting 6% YoY growth. Omdia forecasts a rebound in factory automation demand, while the e-cigarettes and gaming console markets are expected to maintain their strong performance.

From the perspective of the industrial panel makers which includes the major industrial display panel makers such as AUO Display Plus, BOE, Innolux, Tianma and Truly, revenue is estimated to reach USD 2.1 billion for 2024, reflecting a slight decline of 3.5% YoY. However, this is expected to rebound to USD 2.4 billion in 2025, marking a robust YoY growth of 13.6%.

From 2024 to 2025, industrial display supply chain participants operate with varying business models, balancing cooperation and competition to diversify product portfolios and drive revenue. Panel makers like AUO Display Plus, BOE and Truly are increasing efforts in set and open frame business, some panel makers need to have revenue first, while some prefer to choose set and open-frame businesses, which are expected to account for 4.8% of total panel revenue in 2024.

Geopolitical risks and tariff impact in 2025 pose challenges, prompting the supply chain to shift production to Southeast Asia and India. Fortunately, many participants, including touch panel suppliers, panel module houses, ODMs, and some industrial brands have already established mass production in Southeast Asia enabling a smoother transition.

"Higher revenue growth is expected in 2025, driven by e-cigarettes, game consoles and new applications, such as two-wheeled vehicles with a-Si display technology," said TzuHu Huang.  

"These vehicles require displays that withstand direct sunlight and rain leading more stringent specifications."

Additionally, mini LEDs backlight products, planned for slot machines, marine and professional medical display and drones, are expected to enter mass production further boosting revenue.

ABOUT OMDIA

Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Contact

Fasiha Khan: fasiha.khan@omdia.com

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SOURCE Omdia

FAQ

What is the projected industrial display panel shipment growth for 2024?

Industrial display panel shipments are projected to reach 167.9 million units in 2024, representing a 10.9% year-over-year growth.

What is the expected revenue growth for industrial display panels in 2025?

Revenue is expected to reach USD 2.4 billion in 2025, marking a 13.6% year-over-year growth.

Which applications are driving the growth in industrial display panels?

E-cigarettes, gaming consoles, and two-wheeled vehicles are the main drivers of growth in the industrial display panel sector.

What percentage of total panel revenue will set and open-frame businesses represent in 2024?

Set and open-frame businesses are expected to account for 4.8% of total panel revenue in 2024.

How are industrial display manufacturers addressing geopolitical risks?

Manufacturers are shifting production to Southeast Asia and India, with many suppliers already having established mass production facilities in these regions.