Summary
According to Omdia’s upcoming“Mini LED Backlight Market Tracking Report“, shipments of LCD TV panels equipped with Mini LED backlighting are expected to surpass those of OLED TV panels by 2025. This trend will pose a long-term threat and impact on OLED TV panels in the high-end television panel market, prompting LCD TV panel manufacturers to continuously expand their panel production capacity. For instance, Huaxing Optoelectronics will acquire the 8.5-generation TFT LCD factory with IPS wide viewing angle technology originally owned by LG Display in Guangzhou starting from April 2025, while BOE will also expand its 10.5-generation TFT LCD panel production capacity.
Since 2020, shipments of OLED TV panels have exceeded 5 million units annually. Since then, both Samsung Display’s QD OLED TV and LG Display’s WOLED TV panel technologies have dominated the high-end flat panel television market with their ultra-thin designs, high dynamic contrast, and vibrant color performance. However, the relatively high manufacturing costs of OLED TV panels and the rapid development of Mini LED backlighting have provided LCD TVs equipped with Mini LED backlighting more opportunities to challenge OLED TVs in terms of picture quality and cost.
With the rapid development of LCD TV panel manufacturers in mainland China, consumer preferences for larger and oversized televisions, and the swift advancement of the Mini LED backlight supply chain in mainland China—from Mini LED chips, epitaxy, backlight boards, to control chips—along with strong promotions from Chinese TV brands like TCL and Hisense, shipments of Mini LED Backlight LCD TV panels have rapidly increased since 2023. In 2023, shipments of Mini LED Backlight LCD TV panels reached 3.5 million units, while OLED TV panel shipments declined from 7.5 million units in 2022 to 5.3 million units in 2023.
In 2024, OLED TV panel shipments are expected to reach 6.8 million units, while Mini LED Backlight LCD TV panel growth has exceeded expectations, reaching 6 million units. Under the ongoing threat of Mini LED Backlight LCD TVs in the high-end television market, Omdia predicts that OLED TV panel shipments will be 7.1 million units in 2025, while Mini LED Backlight LCD TVs will break through the 10 million unit threshold, reaching 13.5 million units. In other words, in the high-end flat panel television market, the new Micro LED TVs are still quite rare and limited in growth due to high costs, while Mini LED Backlight LCD TVs will surpass OLED TVs, indicating a long-term trend starting in 2025.
Figure: Advanced TV Display Panel Shipment (Units: Millions)
Source: Omdia
As LCD TVs are no longer limited to being viewed as “Big and Cheap” in the mid-range television positioning, the incorporation of Mini LED Backlight provides continuous development opportunities for LCD TV panels in the high-end television market, even replacing some of the markets that would originally purchase OLED TV panels. Omdia has also observed that LCD TV panel manufacturers are continuously expanding their production capacity in the high-end LCD TV panel segment. The most notable example is the leading manufacturer BOE, which will begin to expand its Gen10.5 factory capacity through process optimization and equipment increases, and Huaxing Optoelectronics will acquire the Gen8.5 TFT LCD factory with IPS wide viewing angle technology from LG Display in Guangzhou starting from April 2025. In terms of LCD TV panel shipment plans, with Huaxing Optoelectronics acquiring LG Display’s Gen8.5 capacity, it will also allow Huaxing Optoelectronics’ annual LCD TV panel shipments to exceed the 50 million unit threshold.
As shown in the table below, LCD TV panel shipments reached 243 million units in 2024, showing growth compared to 2023. In 2025, with the shutdown of some old 10th generation lines, LG Display’s exit, and panel manufacturers placing more emphasis on large-size LCD TV panel shipments, LCD TV panel shipments are expected to be 239 million units in 2025. Although this represents a slight decline compared to 2024, the overall shipment area is expected to grow by more than 5% annually. In other words, the focus on large sizes and the high-end demand for Mini LED Backlight in LCD TVs is the current market growth momentum. Among panel manufacturers, BOE maintains its lead with annual shipments exceeding 60 million units, while Huaxing Optoelectronics is expected to surpass the 50 million unit threshold with the newly acquired Gen8.5 IPS wide viewing angle technology TFT LCD capacity, continuing to hold second place and widening the gap with the third place in shipment volume.
Table: LCD TV Panel Shipment Actual and 2025 Preliminary Forecast (Units: Millions)
Source: Omdia
Omdia’s General Manager of Display Research, Xie Qinyi, stated: “The trend of large and oversized LCD TVs equipped with Mini LED Backlight will pose a long-term threat to OLED TVs in the high-end flat panel television market. Currently, other new display technologies such as Micro LED, near-eye displays, or light field displays have no opportunity to replace the current status of LCD in television applications. Therefore, in this context, panel manufacturers are expanding their production capacity, whether through process optimization in existing factories or through acquisitions to add new LCD capacity. Particularly, TFT LCD panel manufacturers in mainland China are more proactive in expanding capacity, which also represents their long-term leading position in the television panel market.”
Especially, TFT LCD panel manufacturers in mainland China are more proactive in expanding capacity, which also represents their long-term leading position in the television panel market. Additionally, while OLED is indeed gradually increasing its penetration in many display applications, the LCD technology dominated by mainland Chinese panel manufacturers will maintain its leading position in medium and large-size applications, including televisions, displays, laptops, and automotive displays, due to its economies of scale and cost-effectiveness for a considerable time..
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