Qunzhi Consulting: Global automotive display panel shipments in the first half of the year were about 110 million pieces, up about 11% year-on-year

The Zhitong Finance App learned that according to the latest statistics from Sigmaintell (Sigmaintell), the global automotive display panel market continues to grow. In the first half of 2024, global vehicle display panel shipments were about 110 million pieces, an increase of about 11% over the previous year. While increasing market share, head panel manufacturers pay more attention to increasing business revenue. Automotive intelligence is driving the application of new display technology, and demand for large screens has increased significantly. The future growth of the automotive display market will rely more on technology upgrades and screen size expansion.

Although the global economic situation continued to be sluggish in the first half of 2024, which limited the growth of the global automobile market, major car companies actively adjusted their strategies and accelerated the launch of new models and facelift under the double challenge of fierce market competition and technological innovation, which strongly promoted the development of smart cockpit technology. In particular, the NEV sector has shown a strong growth momentum.

While increasing market share, head panel manufacturers pay more attention to increasing business revenue

In the first half of 2024, the automotive panel market experienced rapid growth with the development of smart cockpit technology. Various panel manufacturers are not only committed to expanding market share, but also paying special attention to upgrading the product structure to improve the profitability of the automotive business in the fierce competition.

Judging from the competitive pattern of panel manufacturers, the specific performance is as follows:

BOE (BOE)

With its strong R&D capabilities and abundant production capacity, BOE (000725.SZ) develops automotive display products of various technical types. At the same time, it can provide customers with smart cockpit solutions integrating software and hardware to meet the needs of different customers. The leading position in the automotive panel market was further consolidated. Shipments reached 19.9 million pieces in the first half of 2024, accounting for 18% of the market share, a significant increase of about 20% over the previous year.

Tianma

As one of Tianma's strategic core businesses, the automotive business is maintaining rapid growth in shipments while increasing the proportion of high value-added products and enhancing the revenue capacity of the automotive business. In terms of shipments, the proportion of technical products such as LTPS LCDs has not only increased, but also expanded the degree of integration of automotive products vertically. In the first half of 2024, the number of automotive display panels shipped was 16.8 million, an increase of about 24% over the previous year, accounting for 15% of the global market share.

AUO (AUO)

AUO shipped 11.7 million pieces in the first half of 2024, with a market share of 10%, a slight increase compared with the same period in 2023. However, it continues to strengthen its smart cockpit solutions, innovation in curved surface design and large fit, and the development of smart cabin systems. The BHTC (Behr-Hella Thermocontrol GmbH) subsidiary it has acquired together in the future will further increase its competitiveness and enhance its in-vehicle business revenue capacity.

Japan Display (JDI)

As the automotive business was also affected by its long-term financial situation, Japan showed a shipment volume of 10.5 million units in the first half of 2024, a year-on-year decline of about 16%, accounting for 9% of the global market share. Despite this, Nippon Display is still making efforts to adjust its strategy, reduce non-automotive business and increase investment in automotive products, continue to optimize its product portfolio, and strengthen cost control to maintain competitiveness in the automotive display market.

LG Display (LGD)

LG indicated that in the first half of 2024, the shipment volume was 8.6 million tablets, with a market share of 8%. However, by adopting an active development strategy, it continues to launch new technologies and products, especially in the direction of larger size, higher definition, specialization, and touch control, which has helped it achieve significant growth in revenue in its automotive business.

Automobile intelligence is driving the application of new display technology, and demand for large screens has increased significantly

With the advancement of automotive intelligence, it has not only accelerated the application of new display technologies such as OLED, Mini LED backlit displays, Dual Cell, and Micro LED in automotive display panels, but also increased the market demand for high-resolution and large-size displays. According to data from Sigmaintell (Sigmaintell), in the first half of 2024, the proportion of products over 10 inches in global automotive display panel shipments reached 52%, an increase of 7 percentage points over the same period last year. This change has led to a significant increase in the total shipping area of automotive display panels. According to estimates from Sigmaintell (Sigmaintell), the global shipping area of automotive display panels in the first half of 2024 was about 3.2 million square meters, an increase of 26% over the previous year.

The future growth of the automotive display market will rely more on technology upgrades and screen expansion

As competition in the automotive display market intensifies and price competition heats up, future growth will pay more attention to changes in revenue. Leading suppliers are gradually turning to high value-added products. On the one hand, suppliers are integrating more functions around display panels through vertical integration to provide comprehensive smart cockpit solutions. On the other hand, in order to further enhance competitiveness, in the face of a slowdown in the growth rate of automotive terminal sales and limited growth in the size of the automotive display market, future growth in the automotive market will mainly be achieved by upgrading technology and expanding the screen area.