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South Korea's panel industry plans large-scale investment and strives to return to the world's first place
South Korea's panel industry plans large-scale investment and strives to return to the world's first place
News on May 18, according to ITBEAR technology information, South Korea’s panel industry is planning to make large-scale investments to promote development and strive to return to the world’s number one position.
In recent years, South Korea’s Samsung Display and LG Display have shown significant advantages in producing OLED panels required for smartphones and TVs. Still, Korean panel makers are being overtaken by local rivals and at a disadvantage in global market share, prompting them to take urgent action.
According to South Korea’s Ministry of Industry, Trade and Energy on Thursday, South Korean panel manufacturers including Samsung Display and LG Display plan to make joint investments in the next five years, totaling more than 65 trillion won. These investments will be used to ensure technological innovation and increase market share to regain the number one position in the world.
#In order to achieve this goal, Korean panel manufacturers plan to develop next-generation panel technology and expand OLED panel production lines. According to the plan, their market share will exceed 50% by 2027, a significant increase from 37% last year.
In addition to increasing market share, Korean panel manufacturers also plan to increase their self-sufficiency rate in raw materials, components and equipment required for panel production. Their goal is to increase the self-sufficiency rate to 80% from 65% last year.
The lineup of executives attending the meeting included the chief technology officers of Samsung Display and LG Display, the vice president of Samsung Electronics, and executives from multiple other companies. By hosting this meeting, South Korea's Ministry of Trade, Industry and Energy demonstrated its commitment to investing heavily in panel manufacturers.
South Korea’s panel industry has been booming since the 21st century. From 2004 to 2020, South Korea surpassed Japan and became the world's largest panel manufacturer. However, as competition intensified, South Korea's global market share was surpassed by domestic competitors in 2020. Therefore, Korean panel manufacturers are determined to rebuild their competitive advantages through investment and technological innovation.
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