LG Display dominance in auto display widens as mobility goes connected

[Photo provided by LG Display Co.]

South Korea’s LG Display Co. is cementing leadership in the fast growing automotive display market amid mobility shift into electric vehicles and autonomous cars.

LG Display claimed a 25.9 percent share in the 10-inch or larger automotive display market by revenue in the first quarter, keeping to the top place for the 11th consecutive quarter, according to display market financial data tracker Omdia on Monday.

In the automotive OLED display market, the company commanded the lion’s share of 91 percent.

Global automotive OLED display shipments are estimated to balloon to $264 million in 2023 and $601 million in 2025 from $50 million last year, according to Omdia.

LG Display chose the automotive display business as one of the future growth engines and focuses its investment and development. It produced plastic OLED (P-OLED) panels for vehicles for the first time in 2019 and unveiled an ultra-large display that combines four displays into one T-shape screen and a 12.8-inch rollable product at the Display Week 2021, the world’s largest display exhibition hosted by the Society for Information Display (SID).

The Korean display maker has expanded its supplies to premium vehicle models of global brands like Mercedes-Benz and Genaral Motors.

GM’s premium 2021 Cadillac Escalade is equipped with LG Display’s 38-inch P-OLED display, and Mercedes-Benz’s newest S-class model reportedly a 12.8-inch screen. The infotainment system MBUX for Mercedes-Benz’ large-sized all-electric EQS lineup also is said to feature LG’s panel.

LG Display’s order backlog is expected to reach around 10 trillion won ($8.95 billion), according to industry sources.

“It generally takes more than three years to develop and manufacture an automotive OLED display, which prevents new competitors form easily entering the business sector. LG Display will be able to expand its supplies to carmakers in North America and Europe,” said Kim Dong-won, an analyst at KB Securities.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]