智通财经网·2026-01-29 06:41Core Insights - The global AMOLED smartphone panel market is expected to grow steadily, with an estimated shipment of approximately 920 million units in 2025, reflecting a year-on-year increase of 4.7%, setting a new historical record despite a slowdown in growth compared to previous years [1][5] Market Overview - The growth is primarily driven by the sustained demand for high refresh rates, flexible displays, and low-power screens in high-end smartphones, along with the ongoing adoption of AMOLED technology in mid-range models, leading to structural upgrades [1] - However, the slowdown in growth is attributed to the increasing penetration of AMOLED in smartphones, particularly in the mid-to-high-end market, which has reached saturation, thus narrowing the space for new demand [1] - Additionally, rising costs of core components like memory chips are increasing the overall BOM cost, forcing manufacturers to control costs and delaying the introduction of flexible AMOLED in mid-range models, which suppresses further expansion of AMOLED panel shipments [1] Regional Market Share - In 2025, Korean manufacturers hold a 49.4% share of the global AMOLED smartphone panel market, while domestic manufacturers have a 50.6% share, marking a 1.3 percentage point increase year-on-year and achieving a historic milestone of surpassing 50% [5] - Samsung Display's (SDC) shipment volume is expected to grow by 0.7% year-on-year, with its market share declining from 43.2% to 41.5%, a drop of 1.7 percentage points, mainly due to shrinking demand for rigid AMOLED panels and increased loss of orders for mid-to-low-end flexible screens [5] - BOE's performance is notable, with a year-on-year shipment increase of 9.0%, capturing a 16.3% market share, up 0.6 percentage points, driven by penetration in the mid-range market and breakthroughs in the high-end market, particularly in the foldable screen sector [5] - Visionox's shipment volume increased by 3.3%, maintaining an 11.1% market share, despite a slight decline of 0.2 percentage points year-on-year, with stable development supported by solid technical competitiveness in the mid-range market [5] Quarterly Performance - In Q4 2025, the AMOLED smartphone panel market demand remains strong, driven by domestic and international promotional activities and the release of new models [8] - Despite rising upstream memory prices, the impact on smartphone market demand has not yet materialized due to inventory buffering [8] - The global shipment volume for Q4 2025 is projected at approximately 260 million units, reflecting a year-on-year increase of 6.1% and a quarter-on-quarter increase of 4.2% [8] - In Q4 2025, Korean manufacturers hold a 49.2% market share, while domestic manufacturers account for 50.8%, marking a 2.6 percentage point increase year-on-year, indicating an accelerated trend of domestic substitution [8] Company-Specific Insights - In Q4 2025, Samsung Display's AMOLED smartphone panel shipment volume is expected to grow by 7.0% year-on-year, with a market share of 40.7%, reflecting a 0.3 percentage point increase year-on-year, although its market dominance continues to weaken [9] - BOE's AMOLED smartphone panel shipment volume is projected to grow by 2.8% quarter-on-quarter, maintaining a stable market share of 15.5%, supported by accelerated technology iteration and optimized customer structure [9] - Tianma's AMOLED smartphone panel shipment volume is expected to grow by 20.0% year-on-year, with a market share increase of 1.3 percentage points to 11.6%, benefiting from stable orders from key customers and well-matched capacity release [9]