Supply problems caused by excessive demand during the Covid-19 period have disappeared. This causes many companies to experience a decrease in their sales and to paint a statistically lousy picture. Unfortunately, technology manufacturers and suppliers are at the forefront of the sectors experiencing problems. However, according to Omdia’s latest report, display demand expected to rebound in 2023.
Omdia research finds display demand expected to rebound in 2023
Omdia’s latest Display long-term demand forecast tracker indicates that demand for displays in 2023 will grow by 6.2% year-on-year. The sector went through a challenging period, especially in 2022, due to increased inflation and interest rates. A decline was expected following the Covid-19 pandemic, but global economic conditions, supply problems and the energy crisis have worsened the situation.
In fact, 2022 will go down in history as the first year when flat panel displays see negative growth in space demand. Yet, according to Ricky Park, Senior Principal Analyst in Omdia’s Display research practice, if there are signs that inflation will decrease and the global economy will give positive signals, this trend will change in 2023 and 2024.
Park said on the subject: “panel prices and retail prices that have fallen for more than a year can stimulate consumer sentiment, especially the recovery speed of demand for ultra-large sized TVs, which have seen a sharp decline in prices. This will lead to a fast recovery in area demand.”
Big screen gets more common as it gets cheaper
Large panel manufacturers produce 75-inch and above displays to cut costs and increase efficiency. For this reason, the 70-inch TV market is expected to grow by more than 15% in 2022 and reach from 18 million to 21 million in 2023. There are also positive developments in OLED. This technology is expected to improve the image quality and increase its market share by reducing the price in the coming years.
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Source: Omdia
