Industry News
The in car display market will exceed 91 billion yuan in 2027

The South Korean display industry is seeking new avenues in the electronics industry. Due to the saturation of the smartphone and television markets, display companies seem to be focusing on the automotive display industry. In the future, with the development of electric vehicles and autonomous vehicle, the electronic industry is expected to become a new growth point of the display industry.

According to the Korean Display Industry Association (KIDA)'s prediction on the 16th, the global automotive display market is expected to grow to 12.63 billion US dollars (91.43488 billion yuan) by 2027. Following the rapid growth trend, the global automotive display market is expected to grow at an average annual growth rate of 7.8%.

LG Electronics' electronics business has been praised as the "goose that lays golden eggs". LG Electronics' electronic business officially began in 2013 with the establishment of its electronic business department. Anticipating the transition of the automotive industry towards electrification and autonomous driving, the company spared no effort in boldly investing and recruiting talent. LG Electronics' electronics business was once the "ugly duckling" that suffered losses for several consecutive years, but in 2022, it turned losses into profits and established its position as the "goose that laid the golden egg".

Through mergers and acquisitions (M&A) over the past 10 years, LG Electronics alone has formed a triangular pattern that includes "vehicle information and entertainment (information+entertainment) - electric vehicle powertrain (LG Magna e-Powertrain) - vehicle lighting system (ZKW)". In 2023, sales exceeded 10 trillion won, and the cumulative order balance in the first half of this year is expected to exceed 10 trillion won.

Especially, LG Display stands out in the automotive organic light-emitting diode (OLED) market. Last year, LG Display held a leading position in the high-end automotive display industry, which consists of OLED and high-end (LTPS low-temperature polycrystalline silicon) liquid crystal displays (LCDs), with a market share of 26.2%. The second and third places are Japanese companies Sharp (22.6%) and Japan Display (17.0%), with a difference of 4-9%.

Samsung Electronics is also enhancing its electronics business. In particular, Samsung Electronics focuses on the automotive information and entertainment field and accelerates business development through its subsidiary Harman. Harman is a leading enterprise in the electronic components market, including the world's number one digital cockpit and the world's number one automotive audio company. Last year, its sales amounted to KRW 14.39 trillion and its operating profit was KRW 1.17 trillion. This is the first time this year that Harman's annual operating profit has exceeded 1 trillion Korean won.

Samsung monitors are also actively expanding their electronic business. Samsung monitors are continuously expanding their market share by attracting global car manufacturers such as Hyundai, Ferrari, BMW, and Audi as customers. Recently, General Motors (GM) Chairman Mary Barra visited Samsung Electronics Ruicao headquarters and held talks with management including Samsung Display General Manager Choi Joo sun.

A display industry insider said, "In the future, electronic business will become the core business of the display industry. However, due to Chinese companies' fear of catching up with technological progress, the government must actively promote industries that are strategically supported."

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