SEOUL, April 9 (Yonhap) -- LG Display Co., South Korea's major display panel maker, is expected to rank fifth in this year's global TV panel market, a report showed Friday, amid the growing dominance of Chinese brands.
LG Display's TV panel shipments are projected to reach 25 million units in 2021, up from 23.6 million units a year earlier, and represent 9.3 percent of the global TV panel market, according to market researcher TrendForce.
"LGD will expand the OLED production capacity of its Guangzhou fab in the second quarter of 2021 as part of its effort to dominate the OLED market," TrendForce said.
Chinese companies are forecast to occupy the top three positions this year, with BOE leading with 65.2 million units, followed by CSOT with 42.2 million units and HKC with 41.9 million units. Their combined market share is expected to top 50 percent of the total, the report showed.
Taiwan's Innolux, which was the No. 2 player in 2020, is expected to drop to the fourth spot with 38 million units of TV panel shipments.
It predicted Samsung Display Co. (SDC) to drop out of the top six in the TV panel shipment ranking this year due to its lowered production capacity as the company pushes its migration to quantum-dot (QD) displays.
The affiliate of Samsung Electronics Co. ranked fifth in worldwide TV shipments last year.
"However, new TV sets featuring SDC's QD-OLED panels are expected to officially hit the market in the fourth quarter of 2021, in turn driving SDC's yearly TV panel shipment to 2 million units in 2022," TrendForce said.
The market researcher estimated that this year's global TV panel shipments will likely stay relatively unchanged from last year's 269 million units.
"Panel suppliers will continue to focus on large-sized TV panels this year in response to several industrywide developments, including M&A, reduced production capacities, improved manufacturing technologies and increased panel demand," it said.