The flat panel display market is on course for an 11.1% decline in 2020 due to the impact of COVID-19 and the demand for TVs and smartphones undercutting panel sales according to a report published by Omdia.
Flat panel display shipments are on course to reach an estimated 3.2 billion units in 2020, a decrease of 0.4 billion from 2019 (3.6 billion units in 2019).
The report, titled Display Long-term Demand Forecast Tracker, states that the market has been undergoing low single-digit increases and decreases since the 2008 financial crisis, however the double-digit decline predicted for 2020 represents a huge, unprecedented rate of decline.
It’s not all doom and gloom, as the downturn is expected to be short term. Omdia has predicted that the market will recover in 2021 as the impact of COVID-19 decreases over time, with shipments expected to rise by 9.1% during the year.