Bucking a year of slight unit declines, the global monitor display industry is paradoxically surging toward a $68.7 billion future, as explosive demand from gamers and professionals is radically transforming everything from screen technologies to market shares.
Key Takeaways
- In 2023, the global PC monitor market revenue reached $28.5 billion, marking a 2.1% year-over-year growth driven by demand for high-resolution displays
- The monitor display market is projected to grow from $45.2 billion in 2024 to $68.7 billion by 2030 at a CAGR of 7.2%, fueled by gaming and professional sectors
- US PC monitor market shipments declined 7.5% YoY to 17.2 million units in 2023 due to inventory adjustments
- OLED monitor panels saw a 250% shipment increase in 2023 to 120,000 units
- LCD panels held 92% of monitor panel market share in 2023, with IPS technology at 65% within LCD
- Mini-LED monitor adoption rose to 2.5 million units shipped in 2023, up 180% YoY
- Global PC monitor shipments totaled 121.7 million units in 2023, down 1.7% YoY
- Q1 2024 monitor panel shipments reached 31.8 million units, up 4.2% QoQ
- China monitor panel production capacity hit 85% utilization in 2023, producing 112 million units
- Dell held 18.2% market share in PC monitor shipments in 2023 with 22.1 million units
- HP captured 16.5% of global monitor market in 2023, shipping 20.1 million units
- Lenovo's monitor market share rose to 12.4% in 2023 from 10.8% in 2022
- 65% of consumers prefer IPS panels for color accuracy in surveys conducted in 2023
- 42% of gamers prioritize refresh rates over 144Hz in 2023 purchasing decisions
- Average monitor screen size purchased increased to 27.3 inches in 2023 from 26.1 in 2022
The monitor market grew in revenue despite a slight decline in total shipments last year.
Consumer Trends and Forecasts
- 65% of consumers prefer IPS panels for color accuracy in surveys conducted in 2023
- 42% of gamers prioritize refresh rates over 144Hz in 2023 purchasing decisions
- Average monitor screen size purchased increased to 27.3 inches in 2023 from 26.1 in 2022
- 58% of remote workers demand USB-C connectivity in monitors per 2023 survey
- Ultrawide monitors saw 22% adoption growth among professionals in 2023
- 71% of buyers consider eye strain reduction features essential in 2023
- Gaming monitor ownership among PC gamers reached 48% in 2023 global survey
- Projected CAGR for OLED monitors is 45.2% from 2024-2030 to reach $2.1 billion
- 35% of consumers willing to pay premium for sustainable materials in monitors 2023 poll
- Average selling price of PC monitors fell to $185 in 2023 from $198 in 2022
- 2024 monitor market forecast at 125.3 million units, up 3% from 2023
- By 2028, Mini-LED expected to claim 15% of premium monitor market share
Consumer Trends and Forecasts Interpretation
The monitor market is being pulled in two directions: on one side, consumers demand bigger, faster, kinder-to-eyes displays with perfect color and a USB-C umbilical cord, while on the other side they expect all this to magically cost less, proving we want premium everything at bargain-basement prices.
Market Share and Competition
- Dell held 18.2% market share in PC monitor shipments in 2023 with 22.1 million units
- HP captured 16.5% of global monitor market in 2023, shipping 20.1 million units
- Lenovo's monitor market share rose to 12.4% in 2023 from 10.8% in 2022
- LG Electronics ranked 4th with 9.8% share in 2023 monitor shipments
- Acer held 8.7% market share in gaming monitors specifically in 2023
- ViewSonic occupied 6.3% of the global monitor market in 2023
- ASUS gaming monitor share reached 14.2% in 2023, leading the segment
- BenQ captured 5.1% share in professional monitors in 2023
- Samsung monitors held 7.9% global share in 2023, down from 9.2% in 2022
- Philips ranked 8th with 4.2% market share in PC monitors 2023
- MSI's gaming monitor share grew to 11.5% in 2023
- Top 5 vendors controlled 64.8% of monitor market in 2023
- AOC/TPV Technology held 5.6% share, focusing on budget segments in 2023
Market Share and Competition Interpretation
While Dell and HP continue their neck-and-neck, titanic struggle for sheer volume dominance, the real knife fight is happening in the high-margin gaming and professional arenas where ASUS, Acer, and MSI are furiously battling for every pixel of market share, leaving the old guard scrambling to avoid becoming mere footnotes in a sea of screens.
Market Size and Growth
- In 2023, the global PC monitor market revenue reached $28.5 billion, marking a 2.1% year-over-year growth driven by demand for high-resolution displays
- The monitor display market is projected to grow from $45.2 billion in 2024 to $68.7 billion by 2030 at a CAGR of 7.2%, fueled by gaming and professional sectors
- US PC monitor market shipments declined 7.5% YoY to 17.2 million units in 2023 due to inventory adjustments
- Global monitor panel shipments for Q4 2023 totaled 35.2 million units, up 1.8% QoQ but down 5.3% YoY
- The commercial monitor segment accounted for 42% of global market revenue in 2023, valued at $12.3 billion
- Gaming monitor market size was $14.8 billion in 2023, expected to reach $31.2 billion by 2030 at 11.2% CAGR
- EMEA PC monitor market grew 4.5% YoY in 2023 to 28.1 million units shipped
- Asia-Pacific dominates the monitor market with 52% share in 2023, valued at $15.4 billion
- Curved monitor segment revenue hit $3.7 billion in 2023, up 15% YoY
- 4K UHD monitor market valued at $8.2 billion in 2023, projected to $18.9 billion by 2031
Market Size and Growth Interpretation
The market’s vision is clearly sharpening: while it squints at a temporary inventory hangover in some regions, its eyes are firmly fixed on a high-resolution, gaming and professional-driven future where growth is projected to be nothing short of crystal clear.
Regional and Segment Breakdowns
- In 2023, North America PC monitor market share was 22.4% of global, shipments 27.3 million units
- China's domestic monitor consumption hit 45.6 million units in 2023, 37% of global
- Europe monitor shipments totaled 31.2 million in 2023, up 2.8% YoY led by Germany
- Gaming segment represented 26.6% of total monitor shipments in 2023 globally
- Business/Office monitors held 38% segment share in 2023 at 46.2 million units
- Japan monitor market declined 6.2% to 8.9 million units in 2023
- India monitor market grew 18% to 7.4 million units in 2023 driven by IT boom
- 34-inch monitors gained 12% segment share in ultrawide category in 2023
- Latin America shipments reached 9.1 million units in 2023, up 4.5% YoY
- Middle East & Africa monitor market valued at $1.8 billion in 2023
- Consumer segment down to 35.4% share in 2023 from 40% in 2022
- Southeast Asia shipments hit 12.7 million units in 2023, led by Indonesia
Regional and Segment Breakdowns Interpretation
While North America and Europe may bicker over market share, the real power struggle appears to be between China's 45.6 million units of domestic consumption and the global workforce’s absolute refusal to give up their business monitors, even as the gaming world steadily conquers a quarter of the screen.
Shipments and Production
- Global PC monitor shipments totaled 121.7 million units in 2023, down 1.7% YoY
- Q1 2024 monitor panel shipments reached 31.8 million units, up 4.2% QoQ
- China monitor panel production capacity hit 85% utilization in 2023, producing 112 million units
- Gaming monitor shipments grew 8.3% YoY to 32.4 million units in 2023
- LG Display shipped 18.5 million monitor panels in 2023, down 3% YoY
- BOE Technology produced 25.2 million monitor panels in 2023, up 12% YoY
- 27-inch monitor models accounted for 29% of total shipments at 35.3 million units in 2023
- AUO shipped 14.7 million monitor panels in Q4 2023 alone
- Innolux monitor panel output fell to 16.1 million units for full year 2023
- Samsung Display's monitor panel shipments dropped 15% YoY to 9.8 million in 2023
- 24-inch panels dominated shipments with 42 million units in 2023
- Professional monitor shipments reached 22.6 million units in 2023, up 5.1% YoY
- Global monitor panel shipments for 2023 totaled 129.85 million, up 1.9% YoY
Shipments and Production Interpretation
The monitor market’s tale in 2023 was a tug-of-war, where a nearly flat overall demand masked a dramatic pivot, as gamers and professionals upgraded their screens while China’s factories hummed at full tilt, leaving some legacy panel makers struggling to keep their footing in a suddenly reshuffled landscape.
Technology and Innovation
- OLED monitor panels saw a 250% shipment increase in 2023 to 120,000 units
- LCD panels held 92% of monitor panel market share in 2023, with IPS technology at 65% within LCD
- Mini-LED monitor adoption rose to 2.5 million units shipped in 2023, up 180% YoY
- QD-OLED panels for monitors reached 45,000 units in Q4 2023, led by Samsung Display
- 144Hz+ refresh rate monitors comprised 28% of gaming monitor shipments in 2023
- Micro-LED prototypes for monitors demonstrated 3000 nits peak brightness in 2023 CES
- VA panel technology captured 25% of monitor panel market in 2023 for better contrast ratios
- HDR support in monitors reached 45% penetration in premium segments in 2023
- Flexible OLED monitors entered pilot production in 2023 with 1.5% market share projection by 2025
- USB-C with 90W power delivery became standard in 35% of business monitors in 2023
- TN panels declined to 8% of total monitor shipments in 2023 from 12% in 2022
- 8K monitor panels shipped 15,000 units in 2023, primarily for professional use
- Eye Care features like low blue light certified in 52% of new monitors launched in 2023
Technology and Innovation Interpretation
The monitor market in 2023 was a wild display of progress, where OLEDs are finally escaping their prototype dungeon with gleeful abandon, premium LCDs are stubbornly holding the throne, gamers are chasing every last hertz, and everyone, from business users to our tired eyes, is getting a little something extra.
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