LCD TV Panel Market Size, Share, Growth, and Industry Analysis, By Size (32'' and Below, 37'', 39'', 40''/42''/43'', 46''/47''/48'', 50'', 55''/58'', 60'', 65'' & 65''+), By Application (Residential & Commercial), and Regional Forecast to 2032

Last Updated: 04 January 2025

LCD TV PANEL MARKET OVERVIEW

The global LCD TV panel market size was USD 55.97 billion in 2023 and is projected to touch USD 66.62 billion by 2032, exhibiting a CAGR of 2.2% during the forecast period.

An LCD TV panel is basically the image-bearing screen of an LCD tv, its main component. This is achieved by means of a liquid crystal display (LCD). In this technique, a rather thin layer of liquid crystals is contained between two flat surfaces, either glass or plastic, with an illumination positioned at the rear. The liquid crystals do not emit light themselves, rather they bend the light exposure out from the back, typically LED’s, to form pictures.

There are various factors driving the LCD TV panel market growth such as, demand for high-resolution displays and LCD panels are ideal for integrating smart features. The availability of LCD panels in cost-effective and mid-priced television models, though the market share of these displays may be decreasing with lower costs of OLED and other technologies, is likely to keep this sector stable but competitive within the overall display market.

COVID-19 IMPACT

Limited Logistics Operations During Pandemic Resulted in Supply Chain Challenges

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The spread of COVID-19 placed serious restrictions on logistics, which affected the supply chain of the market for LCD TV panels. Cessation of work in countries such as China, South Korea, Taiwan and the ports, and shipping space, which aimed at imports, retarded the supply of raw materials and the production of panels. These factors raised the costs of manufacturing and caused risks of scarcity, resulting in the rise of prices for LCD panels across the world. The panel costs were tough to manage with the prevailing demand as the people were craving for entertainment systems in the house during the lockdown. This unscrupulous behaviour normalising scarcity underlined the importance of supply chain diversification in the LCD panel sector.

LATEST TREND

"Technological Innovations in Newer Display Types to Drive Market Growth"

The LCD TV panel market is witnessing a surge in growth owing to the advancements made in technology, especially the new types of displays which improve picture quality while reducing power consumption and enhancing the viewing experience. Developments such as mini-LED and micro-LED Panels provided us with a lot of brightness, contrast, and colour accuracy which made it possible for one to use an LCD display even with the availability of OLED and QLED displays. These technologies are available for today’s market with the need for eye-catching, clear, and sharp pictures, especially for the 4K and 8K range, exciting the market in pursuit of the best possible visuals.

LCD TV PANEL MARKET SEGMENTATION

By Size

Based on size, the global market can be categorized into 32'' and Below, 37'', 39'', 40''/42''/43'', 46''/47''/48'', 50'', 55''/58'', 60'', 65'' & 65''+

• 32'' and Below: 32" and below TV panels are compact and budget-friendly, ideal for small spaces or secondary rooms.
• 37'': These LCD panels are slightly larger than 32", offering a better viewing experience for small to medium spaces.
• 39'': This one is another option in the small-to-midsize category, balancing size with affordability.
• 40''/42''/43'': These types of panels are popular for small living rooms or bedrooms, providing a versatile viewing experience.
• 46''/47''/48'': These types of LCD TV panel are preferred for midsize rooms, delivering enhanced screen clarity.
• 50'': These panels make entry into larger screens, suited for immersive viewing without taking up too much space.
• 55''/58'': The 55” and 58” LCD panels are favoured for home theatres, offering a cinematic feel in larger rooms.
• 60'': These panels are excellent for balancing the screen size and quality of the picture.
• 65'' & 65''+: Premium choice for home theatres and commercial spaces requiring impactful, large displays prefer these large premium displays.

By Application

Based on application, the global market can be categorized into Residential & Commercial

• Residential: Used in households across various room types, with diverse size and resolution demands.
• Commercial: Ideal for businesses, hospitality, and advertising, meeting the needs for clear, large-scale displays.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.             

Driving Factors

"Demand for High-Resolution Displays to Boost the Market"

A factor in the LCD TV panel market growth is the demand for high-resolution displays. In their quest for sharper images and clearer definition in visuals with the likes of 4K and 8K resolutions, manufacturers are also changing and innovating to fulfil such demands. With high resolution comes improved vision, colour precision, as well as clarity making them very ideal for domestic and commercial settings. This development drives improvements in the performance of LCD panels such as better enhancement of the panel and the pixels per inch to remain competitive against the introduction of new display technologies like OLED.

"LCD Panels are Ideal for Integrating Smart Features to Expand the Market"

The LCD panels are ideal for integrating smart features is another key aspect of the LCD TV panel market. LCD Tvs enhance the possibilities of internet surfing, app usage, voice commands, and other features making them desirable for having the connected homes of today. With the growing use of smart TVs among consumers, there is a demand for less expensive and high quality Displays which can support video streaming services and smart applications invariably. These qualities of LCD panels perfectly suit the needs of technologically equipped customers making them a popular option in the domestic and business sectors.

Restraining Factor

"Intense Competition from OLED and QLED to Potentially Impede Market Growth"

A restraining element within the growth of the LCD TV panel market is the Intense Competition from OLED and QLED. The latest display systems have drawn consumers who are ready to part with their cash for an upgrade due to improved display quality, deeper black levels, and better colour reproduction. With the prices of both OLED and QLED screens falling, manufacturers of LCD panels are increasingly being compelled to come up with new ideas at the same time giving continued emphasis to low cost ideas, which is threatening their market leadership especially in the high-end and mid-range television markets.

Opportunity

"Energy Efficiency and Sustainability in Panels To Create Opportunity for the Product in the Market"

Energy efficiency and sustainability are becoming important opportunities in the LCD TV panel market. Nowadays, consumers prefer the low energy consuming electronics and therefore, manufacturers strive to improve the efficiency of the LCD TV panels by using better LED and mini-LED backlighting. These tightened power consumption and lessened the adverse effects on the environment, which are the trends that have come about in favour of consumers across the globe. As more and more innovations and technologies switch over to the greener side, LCD panels which have an energy efficient aspect become quite handy for competition hence facilitating expansion of the market by ensuring compliance and meeting the needs of green consumers.

Challenge

"Price Sensitivity and Cost Pressures Could Be a Potential Challenge for Consumers"

The LCD TV panels market suffers from price sensitivity and cost pressures which is a notable concern for consumers. Due to increased production costs mainly in the case of wide and high resolution panels, consumers may expect higher prices which in turn may limit affordability in some market segments. The tendency towards cheaper alternatives poses a challenge to the manufacturers as they are expected to produce high quality products but at low market prices. This pressure becomes more severe with the introduction of newer superior technologies such as OLED that threaten the very existence of LCD panels as most consumers would prefer the enhanced features of the OLED screens.

LCD TV PANEL MARKET REGIONAL INSIGHTS

• North America

The LCD TV panel market in North America is one where there is a large consumer appetite for advanced technology and bigger televisions. The United States LCD TV Panel Market is at the forefront of the smart TV adoption curve, where integrated features are widely embraced, thus increasing the need for high-resolution screens. Trend towards home activities and in particular the home entertainment systems is fuelling the market. However, there are difficulties posed by stiff rivalry from OLED and QLED technologies. Environmental Laws are however compelling manufacturers to avoid wasteful exploitation of resources and come up with energy efficient and green solutions.

• Europe

The market of LCD TV panels in Europe is well-established and its inhabitants are more inclined toward energy efficient and good quality displays. The region also encourages a green approach and therefore manufacturers are investing in environmentally friendly innovations. These trends have been exacerbated by the growing need for smart TVs where the increase in cable connectivity and streaming has integrated by default. However, economic circumstances and prices are likely to also affect the decisions of consumers. This industry has further challenges posed by competing advanced display technologies which demand that the company keeps on innovating its products to remain relevant.

• Asia

Asia enjoys an efficient manufacturing base and its consumers over a wide range of its products. China, South Korea, and Japan lead the pack, having made conscious investments towards research and development and technology. The demand for growth is also driven by an inclination towards purchasing larger television screens that are more smart. Furthermore, urban sprawl and disbursement income levels within developing nations improve the chances of success. However, advancement in display technology creates sophisticated competition and pricing strategies within the LCD panel markets that traditional manufacturers find hard to cope with..

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Continuous innovation and strategic market expansion by the key players has made a substantial impact on the LCD TV panel market. The major companies have been spending large amounts of money on research and development in order to improve the performance, efficiency, and resolution of the panels. Moreover, these companies are extending the scope of their production and diversifying their product lines as consumer trends shift towards bigger and higher resolution panels. In addition, the integration of smart capabilities has become a reality through collaboration with other technology companies, preventing these players from being left behind in such dynamic conditions.

LIST OF TOP LCD TV PANEL COMPANIES

• Samsung Display (South Korea)
• LG Display (South Korea)
• Innolux Corp. (Taiwan)
• AUO (Taiwan)
• CSOT (China)
• BOE Technology Group (China)
• Sharp Corporation (Japan)
• Panasonic Corporation (Japan)
• CEC-Panda (China)

KEY INDUSTRY DEVELOPMENT

June 2022: LG Electronics (LG) will unveil its latest lifestyle OLED TVs, the LG OLED Objet Collection.LG has teamed up with premium Dutch lifestyle brand, Moooi, to showcase a stylish, modern living solution. The resulting collaboration, which embraces Moooi’s signature ‘A Life Extraordinary’ exhibition theme, features the perfect pairing of LG’s latest lifestyle TVs and Momoi's extraordinary design products.

Jan 2024: Rumors surrounding mergers and acquisitions in the panel industry have increased. These developments are likely to transform the sector as companies continue to strengthen their market positions and enhance technological prowess

Feb 2024: Mini-LED backlighting enhances the performance of LCD panels further. This technology increases contrast ratios and supports high dynamic range, which is a growing trend in the industry.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The LCD TV panel market is poised for a continued boom pushed by demand for high-resolution displays and LCD panels are ideal for integrating smart features. Despite challenges, which include price sensitivity and cost pressures which is a notable concern for consumers. Key industry players are advancing via technological upgrades and strategic marketplace growth, enhancing the supply and attraction of LCD TV panels. As customer choices shift towards high quality options, the LCD TV panelr market is expected to thrive, with persistent innovation and a broader reputation fueling its destiny prospects.