群智咨询：2025年全球显示器面板总出货量约1.64亿片 同比增长2.1% 增速同比显著收窄

Core Insights - The global display panel market is entering a "stock competition" phase by 2025, characterized by "supply and demand pressure, pattern optimization, and technological breakthroughs" [1] - The total shipment volume of global display panels is projected to be approximately 164 million units in 2025, reflecting a year-on-year growth of 2.1%, with a significant slowdown in growth rate [1] - Key growth drivers include the demand for commercial replacements driven by the end of Windows 10 support and domestic policies, as well as the gaming monitor demand fueled by domestic subsidies [1] Market Dynamics - The market is facing challenges from tariff policy adjustments and structural changes in the supply chain due to overseas manufacturers scaling back their LCD operations [1] - By 2026, the commercial replacement demand and ongoing policies are expected to support the market, although shortages and price increases in storage chips may hinder growth in the gaming and all-in-one markets [1] Technology Trends - Despite weak overall growth, technological upgrades remain the core focus of industry development, with significant differentiation in sub-segments [3] - LCD continues to dominate the market, while OLED is rapidly penetrating the mid-to-high-end market, becoming a key growth point [3] LCD Panel Insights - LCD panels will account for 98% of the market share in 2025, with IPS panels increasing their penetration rate to 73% [4] - VA panels are losing market share due to competition from OLED in the high-end market and weaker performance in the mid-to-low-end market [4] OLED Panel Insights - OLED panel shipments are expected to reach approximately 3.35 million units in 2025, with a market penetration rate exceeding 2% [5] - By 2026, OLED shipments are projected to grow to 5.1 million units, driven by brand investments in high-end gaming and commercial models [5] Gaming Panel Insights - The global gaming monitor panel shipment is expected to reach 38 million units in 2025, with a market penetration rate of 23% [8] - However, potential constraints from storage chip shortages and price increases may impact growth in this segment [8] Oxide Panel Insights - Oxide panels are projected to have a shipment volume of approximately 12.6 million units in 2025, with a market penetration rate of about 7.8% [11] - Despite ample production capacity, the overall utilization rate is only around 60%, indicating significant growth potential [11] Competitive Landscape - Chinese manufacturers are expected to solidify their dominant position in the global display panel market, with market share projected to exceed 70% by 2026 [13] - Major players include BOE, CSOT, and HKC, with BOE maintaining a 30% market share and CSOT experiencing rapid growth [16][17] Manufacturer Performance - LGD is reducing its LCD business, with shipments expected to decline to 25.4 million units in 2025, resulting in a market share drop to 16% [19] - Taiwanese manufacturers are shifting focus to high-margin segments, with Innolux and AUO showing stable performance despite market pressures [20] Future Market Outlook - The display panel market will continue to experience stock competition, with structural opportunities becoming the focal point for manufacturers [22] - The ongoing penetration of OLED panels and the need for improved profitability will shape market strategies moving into 2026 [23]