LG aims to capture 50% of global luxury car display market by 2026

LG Display Co., the world’s leading manufacturer of large-size organic light-emitting diode (OLED) panels, said on Wednesday it aims to more than double its global market share in premium car displays in three years.

The South Korean company will release innovative products like ultra-large, flexible or transparent OLED panels, said Senior Vice President and automotive business group head Kim Byeong-koo on Aug. 23 at the International Meeting on Information Display (IMID), Korea’s largest exhibition for display makers.

LG Display accounts for 20-25% of the global display market for premium cars, which encompasses high-quality OLED and liquid-crystal display (LCD) panels. The company aims to raise that percentage to more than 50% by 2026.

Two smaller players, Japan Display Inc. (JDI) and Sharp Corp., are quickly narrowing the gap.

“As cars are becoming smartphones on wheels, the global automotive display panel market is forecast to see around 10% average annual growth until 2030,” said Kim. The global market of automotive OLED enjoys 28% average annual growth, he added.  

The company is mass-producing the second-generation Tandem OLED, which improves brightness by 30% and reduces power consumption by 40% compared with the first-generation one. It is also developing the third-generation Tandem that further improves those factors, Kim said.

Tandem is a double-layered OLED that offers greater brightness and durability than single-layered OLED. The second-generation Tandem will be used for Genesis, the standalone high-end brand of Hyundai Motor Co., in 2024.

The display maker plans to lead the global market with three major products – light and flexible plastic OLEDs, advanced thin OLEDs using glass substrates for competitive pricing and low-temperature polycrystalline silicon (LTPS) LCDs that boasts higher resolution than conventional LCDs.

Write to Ye-Rin Choi at rambutan@hankyung.com

Jihyun Kim edited this article.