Wanlian Securities has released a research report indicating that the total global shipment volume of LCD panels is expected to stabilize. Panel manufacturers from Mainland China now hold nearly 70% of the global market share, essentially controlling pricing power within the supply chain. Their strategy of managing production to stabilize prices is anticipated to continue. On the demand side, upcoming major sporting events are expected to stimulate demand, alongside long-term market growth driven by the trend toward larger television screen sizes. Profitability across the industry chain is projected to improve steadily. Leading companies are expected to further demonstrate advantages in pricing power, product competitiveness, and economies of scale. As depreciation costs for high-generation production lines gradually conclude, the profitability and cash flow of these leading enterprises are forecasted to improve consistently. The report recommends focusing on leading companies within Mainland China's panel industry.
Key points from Wanlian Securities are as follows:
According to data from TrendForce, prices for LCD TV panels and monitor panels increased in February, with TV panels seeing the highest rise of up to $3. Sporting events are driving downstream inventory replenishment demand, while the supply side's "production on demand" strategy is likely to persist. TV panel prices are expected to maintain their upward trajectory, with the trend toward larger sizes anticipated to generate additional area-based demand.
In February, prices for LCD TV panels and monitor panels continued to rise. 1) For TV panels, demand remained stable. With panel manufacturers planning capacity adjustments of 5-7 days during the Lunar New Year holiday, overall supply and demand stayed balanced, supporting continued price increases. TrendForce data estimates price hikes of $1 for 32-inch, 43-inch, and 50-inch panels, $2 for 55-inch panels, $3 for 65-inch panels due to strong demand, and $2 for 75-inch panels. 2) For monitor panels, driven by rising TV panel prices and stronger-than-expected demand from some brand clients, prices are also expected to gradually shift to an upward trend. Using Open Cell panels as an example, 23.8-inch FHD Open Cell panels are forecast to increase by $0.3, and 27-inch FHD Open Cell panels by $0.2.
The 2026 FIFA World Cup is expected to boost demand recovery, prompting downstream vendors to begin stockpiling inventory early, which should provide support for LCD TV panel prices. Regarding shipment area, the trend toward larger sizes continues to advance. Data from RUNTO indicates that global shipments of large-size LCD TV panels reached 245 million units in 2025, a 3.4% increase year-over-year. The total shipment area was 181 million square meters, up 3.1% year-over-year. Specifically, shipments of 65-inch panels grew 1.7%, 75-inch grew 9.5%, 85-inch grew 22.2%, and the category including 98-inch and 100-inch panels surged 47.1%.
Furthermore, emerging markets such as India are expected to contribute to demand growth. Citing data from Sigmaintell, other reports note that while global TV market shipments are projected to be 221 million units in 2025, a slight decrease of 0.7%, shipments in the Indian TV market are expected to exceed 18.6 million units, representing a 3.5% year-over-year increase. Additionally, stimulus policies introduced by the Indian government in 2025, including a reduction in the Goods and Services Tax for TVs larger than 32 inches from 28% to 18%, are likely to boost demand for larger TVs, thereby increasing area-based demand for panels.
Risk factors include: escalating technological friction between the US and China; risks associated with technological substitution; intensifying market competition; and increased international trade disputes.