The market research firm sees OLED revenues rising 57% in 2017 to $23.2B with 2018 growth still going strong at up to 50%, reaching $34.9B. Double-digit growth is expected to continue through 2021 resulting in 27% CAGR from 2016 to 2022 to $62.8B.
In response to strong demand as OLED TVs take more share in the high end of the TV market, LG is stretching its existing capacity, adding more capacity and shifting its product mix to meet demand. OLED TV panel revenues are expected to grow at a 37% CAGR to $5.9B in 2022 with units rising at a 49% CAGR to 9.5M panels in 2022.
Smartphones still represent the dominant share of the OLED market by large, at over 85%, with revenues expected to rise at a 27% CAGR to $54B in 2022. According to DSCC's report, OLED smartphone panel shipments are expected to rise at a 24% CAGR to 1.37M panels with curved panels overtaking rigid panels in 2019. Foldable display shipments are also expected to begin in 2019 and are forecasted through 2022 in this report. OLEDs could overtake LCDs in the smartphone market in 2020 with full penetration expected in 2027.
On a unit level, DSCC expects OLED panel shipments across all applications to rise at a 25% CAGR from 394M in 2016 to 1.48B in 2022, with smart watches and tablet PCs taking either second or third ranking on a unit basis, depending on the year.
Meanwhile, LCD smartphones are projected to fall at an 11% CAGR from 1.22B units in 2016 to 614M in 2022.