Chinese display giant BOE aims to secure 40% market share in flexible organic light emitting diode (OLED) panels by 2024, the company said.
The company revealed the plan at local display event in Sichuan Province.
The company said it has secured 20.3% market share in flexible OLED panels this year. The flexible OLED market will be worth US$49.7 billion in 2024, BOE said.
The company’s flexible OLED output from its factories in Sichuan and Chongqing will account for at least third of the world’s or over half at most within the next three to five years, it said.
BOE didn’t name Samsung Display but the market share projection indicates that it is aiming to over take its South Korean rival or be at least level by 2024.
The company has B7 and B11 lines at Sichuan Province and its B12 line at Chongqing is expected to begin production in the second half of 2021.
When all three lines operate, BOE will have a monthly production rate of 144,000 substrates per month.
The Chinese display giant is also planning a fourth line called B15 that will be built at Fuqing.
Last month, BOE has said it plans to produce over 40 million flexible OLED panels this year. This is fourth of what Samsung Display is expected to produce this year.
According to Strategy Analytics, BOE had a market share of 24.4% in the second quarter. Samsung Display controlled 63.3% in the same quarter. In the first quarter, Samsung had 81.9% and BOE 8.5%.
Meanwhile, BOE’s B7 line is facing difficulties due to lesser orders from Huawei.
Huawei is expecting produce only 50 million smartphones next year, a quarter of its expected units of 190 million for 2020.
The B11 line, which is known as the Apple-dedicated line, has low yield rate and will give-up getting approval from Cupertino this year. It will try again next year.
The B7 line is being reviewed starting this month for approval from Apple for a potential supply. If successful, BOE will be able to supply OLED panels for refurbished iPhone 12s.
BOE said it moved 16 million flexible OLED panels in the first half of 2020. It moved 4 million a month from July to August.