According to the World Display Industry Congress, the output value of the global display industry exceeded 1.6 trillion yuan in 2021. Among them, the output value of display devices was 1 trillion yuan, the output value of display materials and equipment exceeded 560 billion yuan and 89 billion yuan respectively.

And in recent years, our new display industry maintains a high speed growth. New display technologies include Mini LED backlight, Mini/Micro LED direct display, and OLED technology. In 2021, China's new display industry revenue exceeded 580 billion yuan, and the annual production capacity of display panels reached 200 million square meters.

And Skyeye data shows that up to now, the new display related enterprises more than 19,000; More than 40 newly registered enterprises were registered from January to November in 2022, with an average monthly growth rate of 22.7% from January to November. From the perspective of regional distribution, the number of related enterprises in Guangdong, Hunan and Jiangsu ranks the top, with more than 11,000, 2,000 and 1,400 respectively.

From the perspective of establishment time, 46.6% of new display-related enterprises were established within 1-5 years, and 19% were established within 10 years. From the perspective of enterprise types, nearly 90% of the new display related enterprises belong to limited liability companies.

According to the new display technologies Micro LED, Mini LED, and OLED technology, the commercialization of Micro LED is currently starting from the small AR and large screen display, as well as the high possibility of intermediate vehicle display.

OLED is mainly applied to the consumer market, including VR, MB, Pad, NB and vehicle-mounted markets, among which Micro OLED technology is mainly applied to the AR/VR market.

Mini LED is divided into Mini LED direct display and Mini LED backlight. Mini LED backlight has been applied in many scenarios, including VR, Pad, NB, car, MNT, TV and other consumer markets, while Mini LED direct display is mostly used in the display market.

In terms of the future development of the Mini LED backlight market alone, TV, MNT, in-car and VR are the growth tracks for Mini LED.

According to experts, Research predicts that the 5-year compound growth rate (CARG) of TV, MNT, vehicle and VR markets to 2026 will be 66.23%, 47.78%, 154.57% and 30.5% respectively, which will drive the shipment of Mini LED products to nearly 27 million pieces. Among them, NB and Tablet will be the main drivers of Mini LED products from 2021 to 2024. In 2024, it may be affected by whether Apple will continue to choose Mini LED, with relatively large uncertain risks.

The growth of shipment will also drive the output value of lamp boards and chips, which are mainly divided into COB and POB lamp boards.

According to experts, according to Research observations, TV and MNT markets are highly price sensitive, and there is little demand in the high-end market. POB solutions are more mature and cost-effective, which can replace the current LCD solutions in the field of TV and MNT. However, at present, the sectors with large volume and high output value are still concentrated in the high-end market and IT NB and Tablet markets. The output value contribution of POB is estimated to be released after 2024

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However, NB, Tablet and VR in IT products all have the appeal of being thin and mobile, so they will pay more attention to the COB scheme and achieve smaller OD to achieve higher market competitiveness. In addition, COB has great flexibility in cost reduction. If the cost gap between COB and POB is shortened, part of the POB market can be replaced at low cost.