Soaring past $45 billion in revenue and shipping over 300 million panels last year alone, the OLED industry is not just glowing but exploding with transformative growth across smartphones, TVs, cars, and beyond.
Key Takeaways
- Global OLED display market revenue reached $45.2 billion in 2023, up 12.5% from 2022
- OLED panel shipments grew to 326 million units in 2023, a 9.8% increase year-over-year
- Smartphone OLED market is projected to hit $38.5 billion by 2028, CAGR of 11.2%
- Samsung Display held 47.3% of rigid OLED market share in 2023
- LG Display produced 6.5 million OLED TV panels in 2023, capacity utilization 85%
- BOE Technology's OLED fab in China reached 15,000 substrates per month by end-2023
- Quantum dot enhancement layers used in 15% of OLED panels in 2023
- Commercial OLED panels achieved 200,000 hours LT70 lifespan in 2023 tests
- Inkjet-printed OLED efficiency reached 25 cd/A for green in 2023
- LG's WOLED panels used in 55% of premium TVs in 2023
- Samsung Galaxy series used OLED in 95% of models shipped 250M units in 2023
- OLED TV global shipments hit 7.2 million units in 2023, up 25%
- Samsung Display revenue $25.4 billion in 2023, 52% from OLED
- LG Display OLED revenue $6.8 billion in 2023, up 22%
- BOE OLED revenue reached $2.1 billion in 2023
The OLED display market grew significantly in 2023, showing strong momentum across all product categories.
Consumer Applications
- LG's WOLED panels used in 55% of premium TVs in 2023
- Samsung Galaxy series used OLED in 95% of models shipped 250M units in 2023
- OLED TV global shipments hit 7.2 million units in 2023, up 25%
- Apple Watch OLED panels accounted for 120M units in wearables 2023
- Gaming monitors with OLED grew to 1.5M units shipped in 2023
- Foldable smartphone OLED panels shipped 18.5M in 2023
- LG OLED TVs held 60% premium TV market share in 2023
- OLED laptops shipped 2.1M units in 2023, mostly Dell and Asus
- Smartwatch OLED adoption reached 75% of shipments in 2023
- Sony's QD-OLED TVs sold 450K units in 2023
- Automotive dashboard OLEDs installed in 5M vehicles in 2023
- Medical displays using OLED grew 40% to 500K units in 2023
- Tablets with OLED panels shipped 15M units in 2023
- Samsung's premium smartphones with under-display camera OLED 2M units 2023
- OLED signage displays revenue $800M in 2023
Consumer Applications Interpretation
While LG paints our living rooms in cinematic glory and Samsung bends reality into our pockets, OLED has slipped past its TV throne to subtly colonize everything from our wrists to our dashboards, proving it’s now less of a luxury screen and more the pervasive, glowing skeleton of modern tech.
Industry Players and Financials
- Samsung Display revenue $25.4 billion in 2023, 52% from OLED
- LG Display OLED revenue $6.8 billion in 2023, up 22%
- BOE OLED revenue reached $2.1 billion in 2023
- Universal Display Corp (UDC) revenue $584M in 2023 from OLED licensing
- Sumitomo Chemical OLED materials sales $1.2B in FY2023
- Visionox market share in foldable OLED 12% in 2023
- Merck KGaA OLED materials revenue €850M in 2023
- JOLED filed for bankruptcy in 2023 after ¥13B loss
- Apple sourced 65% OLED from Samsung, 35% LG in 2023
- Tianma Microelectronics OLED revenue $900M in 2023
- OLED material R&D investment by Samsung $1.5B in 2023
- LG Display reduced OLED TV panel losses to $50/panel in 2023
- CSOT OLED capex $2.8B planned for 2024 after 2023 ramp
- UDC's royalty revenue per smartphone OLED panel $15 in 2023 average
Industry Players and Financials Interpretation
Samsung is the towering titan feasting on the OLED banquet, LG is the disciplined diner finally enjoying its meal, a hungry pack of Chinese contenders is elbowing for seats, and the specialty chefs like UDC are quietly charging a small fortune for the secret sauce, all while the ghost of JOLED haunts the empty chair at the table.
Market Size and Growth
- Global OLED display market revenue reached $45.2 billion in 2023, up 12.5% from 2022
- OLED panel shipments grew to 326 million units in 2023, a 9.8% increase year-over-year
- Smartphone OLED market is projected to hit $38.5 billion by 2028, CAGR of 11.2%
- TV OLED panel market size was $4.8 billion in 2023, expected to grow at 15.4% CAGR to 2030
- Automotive OLED market valued at $1.2 billion in 2023, forecasted to $5.6 billion by 2030
- Wearable OLED shipments reached 145 million units in 2023, up 18%
- Flexible OLED market size estimated at $2.3 billion in 2023, growing to $12.1 billion by 2030
- Micro OLED market projected from $0.8 billion in 2023 to $4.2 billion by 2028, CAGR 39%
- IT OLED panel revenue hit $3.1 billion in Q4 2023
- Global OLED material market size was $2.5 billion in 2023, expected 14% CAGR
- Global OLED market revenue reached $45.2 billion in 2023, up 12.5% from 2022
- OLED panel shipments grew to 326 million units in 2023, a 9.8% increase year-over-year
- Smartphone OLED market projected to $38.5 billion by 2028, CAGR 11.2%
- TV OLED panel market $4.8 billion in 2023, 15.4% CAGR to 2030
- Automotive OLED $1.2 billion in 2023 to $5.6 billion by 2030
- Wearable OLED 145 million units in 2023, +18% YoY
- Flexible OLED $2.3 billion 2023 to $12.1 billion 2030
- Micro OLED $0.8 billion 2023 to $4.2 billion 2028, CAGR 39%
- IT OLED Q4 2023 revenue $3.1 billion
- OLED materials market $2.5 billion 2023, 14% CAGR
Market Size and Growth Interpretation
Despite smartphones currently hogging the OLED spotlight and wallet, the real drama is brewing in the background where micro displays are plotting a hostile takeover and automotive dashboards are gearing up for a luxury revolution.
Production and Manufacturing
- Samsung Display held 47.3% of rigid OLED market share in 2023
- LG Display produced 6.5 million OLED TV panels in 2023, capacity utilization 85%
- BOE Technology's OLED fab in China reached 15,000 substrates per month by end-2023
- Samsung's 8.6-gen OLED line for IT panels started mass production in 2023 at 30,000 units/month
- Global OLED glass substrate shipments were 450 million units in 2023
- Visionox's flexible OLED production capacity hit 45,000 units/month in 2023
- LG Display's OLED yield rate for TV panels improved to 92% in late 2023
- Samsung invested $3.1 billion in new OLED facilities in 2023
- CSOT's Gen 6 OLED line produced first panels in Q4 2023 at 10% yield
- Global OLED evaporator equipment market supplied 120 units in 2023
- Apple's iPhone OLED panels consumed 260 million units from Samsung in 2023
- LG Chem supplied 65% of OLED encapsulation films in 2023
- JOLED's inkjet printing OLED pilot line produced 100 ppm in 2023 tests
- Samsung's QD-OLED production ramped to 2,000 panels/month in 2023
- Global OLED polarizer shipments reached 320 million sqm in 2023
- Samsung Display's A5 OLED fab yield exceeded 80% for foldables in 2023
- OLED phosphorescent emitter production capacity grew 25% YoY to 2023
- Third-generation OLED materials accounted for 72% of production in 2023
- Samsung Display 47.3% rigid OLED share 2023
- LG Display 6.5M OLED TV panels 2023, 85% utilization
- BOE OLED fab 15K substrates/month end-2023
- Samsung 8.6-gen IT OLED 30K units/month 2023
- OLED glass substrates 450M units 2023
- Visionox flexible capacity 45K/month 2023
- LG TV OLED yield 92% late 2023
- Samsung OLED investment $3.1B 2023
- CSOT Gen6 OLED 10% yield Q4 2023
- OLED evaporator equipment 120 units 2023
Production and Manufacturing Interpretation
Despite a global competitive blitz fueled by billions in investment and technical leaps in yield, Samsung remains the undisputed king of the rigid OLED castle, a throne reinforced by its sheer dominance in feeding Apple's insatiable iPhone appetite.
Technology Advancements
- Quantum dot enhancement layers used in 15% of OLED panels in 2023
- Commercial OLED panels achieved 200,000 hours LT70 lifespan in 2023 tests
- Inkjet-printed OLED efficiency reached 25 cd/A for green in 2023
- Flexible OLED bending radius improved to 1mm radius with 200,000 cycles durability in 2023
- Micro OLED pixel density hit 4,000 PPI in Sony prototypes 2023
- Tandem OLED structures achieved 30% EQE in lab demos 2023
- Hyper-Nova blue OLED emitters reached 40% EQE in 2023 commercialization
- LG Display's META tech boosted OLED brightness to 3,000 nits peak in 2023 TVs
- Samsung's Eco² OLED reduced power consumption by 20% in 2023 panels
- Printed OLED roll-to-roll speed reached 10 m/min in Kateeva trials 2023
- PHOLED red emitters achieved 95 lm/W efficiency in mass production 2023
- Foldable OLED crease visibility reduced to <1 micron depth in 2023 gens
- AR/VR Micro OLED power efficiency improved 50% to 5 mW/pixel in 2023
- Self-emissive QD-OLED color gamut covered 99% DCI-P3 in 2023 TVs
- Burn-in resistance in OLED TVs improved 3x via MLA tech in 2023
- Transparent OLED transmittance reached 45% at 100 cd/m² in 2023
- Stacked OLED for automotive achieved 1,000,000:1 contrast in 2023
- Smartphone OLED PWM frequency raised to 480Hz reducing flicker in 2023
Technology Advancements Interpretation
The OLED industry spent 2023 brazenly solving problems we didn't even know we had, from screens that can fold around a hair to blues that finally stopped slacking, all while quietly making last year's flagship TV look like a dim, fragile relic.
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