It is reported that LG display will strengthen the automobile panel business, and the market size of automobile OLED panel is expected to increase greatly.

On December 14, according to foreign media reports, LG, a panel manufacturer owned by LG, shows that it is accelerating to abandon the LCD panel business in order to improve their profit margin. The P7 factory in Pozhou, which produces LCD panels for televisions, will stop producing LCD panels this year.

In addition to stopping the production of LCD panels in the P7 factory in Pozhou, foreign media said that LG also plans to cut the production of LCD TV panels in the Guangzhou factory by 40%.

Reducing the production capacity of LCD panels for televisions means that LG displays will strengthen the development of other panel businesses. Foreign media have improved in the report, and LG shows that it is seeking to focus on the car panel business.

Foreign media also mentioned in the report that LG shows a clear advantage in automotive OLED panels, accounting for 91% of the total in the second quarter of this year.

According to the report of the research institute, the demand for automobile OLED panels will also increase significantly in the next few years, and the average annual growth rate of the market size is expected to reach 54.7% in the five years from 2022.