Counterpoint Research: TVs and tablets drive the 2024 flat panel display market recovery, and the automotive sector will lead future growth

The Zhitong Finance App learned that according to Counterpoint Research's latest report, in 2024, the global flat panel display market revenue increased 11% year on year, and the growth momentum came from a wide range of product categories. Among them, TVs and tablets contributed the most incremental. Looking ahead, the automotive sector will be an important growth driver.

Smartphones are still the largest application area for tablet displays in 2024, but growth is relatively flat (in line with the growth trend of downstream shipments). We expect smartphone panel revenue to decline for a long time.

TV panel revenue increased 19% year over year in 2024, mainly driven by increased demand in large market segments. This trend also improved the overall average selling price.

Bob O'Brien, research director at Counterpoint, said, “The increase last year was significant but difficult to sustain. This rebound is a market correction. In the future, we expect TV panel shipments, especially the display area, to rise steadily. However, increasingly fierce price competition may cause total panel revenue to decline in 2025.” In terms of tablets, the iPad 13 Pro series uses OLED panels to push revenue in this category back to the level of the pandemic. “Tablet growth is now product-driven, and the next cycle will be in 2027 — we expect Apple's foldable devices to enter the market at that time,” said O'Brien.

Flat panel display market revenue and share comparison by application area (2023 vs 2024)

Data source: Counterpoint Research

Monitor and PC panel revenue achieved double-digit growth in 2024 after the post-pandemic decline in late 2023. We expect the future growth rate of this sector to remain in the middle single digits.

AR/VR panel revenue declined as equipment shipments declined. Counterpoint Deputy Director Guillaume Chansin analyzed: “The AR/VR equipment market experienced another cold winter in 2024, and shipments in both categories fell. But we expect growth to resume in the next year or two, especially after AI technology is deeply integrated into these platforms — this growth trend is clearly reflected in our AR/VR panel predictions.”

Automotive cockpit infotainment trends are driving revenue growth for in-vehicle panels, and demand for larger sizes and more accurate displays is driving up shipments and average sales prices. In the long run, this field will be the fastest growing racetrack among all flat panel display categories.

Counterpoint Deputy Director Greg Basich emphasized, “Automobiles are the hottest growth sector in the future, and metrics in all dimensions are improving. Cabin infotainment systems are evolving in the direction of 'more, bigger, better', and this has become the real main battleground for car companies, especially Chinese manufacturers.”