According to data from Sigmaintell, global tablet panel shipments reached 75.9 million units in the second quarter of 2025, representing a 9% quarter-over-quarter increase and a substantial 14% year-over-year growth, marking the highest single-quarter shipment record over the past three years. Looking at the first half of 2025 overall, global tablet panel shipments increased 16% year-over-year.

However, a deeper analysis of demand structure reveals that this upward momentum stems primarily from the resonance of policy-driven and cyclical factors rather than a substantial explosion in terminal demand. Specifically: On one hand, benefiting from continued government subsidy policies, mainstream-priced tablet products gained significant market traction, with channels and brands accelerating inventory buildup to capitalize on policy benefits. On the other hand, uncertainties surrounding China-U.S. trade tariff policies prompted brands to concentrate orders during the "exemption window period," further intensifying upstream panel demand front-loading.

Beyond these two "external drivers," global terminal markets have not witnessed large-scale device replacement momentum, with demand fundamentals remaining weak. Therefore, this short-term concentrated inventory buildup driven by subsidies and policies will cannibalize some future demand, creating "inflated" and structurally misaligned demand in the first half. With third-quarter channel inventory gradually entering destocking cycles, diminishing marginal effects of government subsidies, and slow recovery of macroeconomic conditions and consumer confidence, panel demand faces significant downside risks in the second half.

**Structural Analysis: LTPS Continues Strong Growth, Oxide Shows Steady Progress, OLED Declines Significantly Due to Model Structure Impact**

In the second quarter of 2025, while global tablet panel shipments continued growing, the technology structure exhibited distinct differentiation trends. Sigmaintell data shows:

a-Si LCD maintained its dominant position with shipments of 61.3 million units, up 13% year-over-year, accounting for 81% of total shipment structure. Although year-over-year growth remained stable, its market share declined slightly, indicating relatively moderate growth in low-to-mid-end markets and brands' gradually increasing demand for higher resolution and performance products.

LTPS LCD extended the previous quarter's high growth trajectory, with shipments reaching 7.3 million units, surging 62% year-over-year, with market share rising from 7% in the same period last year to 10%. This growth primarily benefited from intensive launches of mid-to-high-end new products, continued government subsidy support for 2K-4K price segment products, and substantial procurement of high-resolution panels by Samsung, Huawei, XIAOMI-W, Lenovo, Honor, and other brands. As the leading technology for 2.8K and higher resolutions, LTPS maintains clear performance and capacity advantages in the short term.

Oxide LCD shipments reached 5 million units, up 18% year-over-year, with market share also rising from 6% to 7%. Oxide has gradually become brands' preferred solution in the mid-range market, leveraging its high cost-performance advantage in the 2.5K resolution segment. With more new products incorporating Oxide panels in education, audio-visual, and light office scenarios, this technology is expected to continue expanding in coming quarters.

OLED panels showed significant decline, with shipments of only 2.3 million units, down 34% year-over-year, with market share dropping from 5% in the same period last year to 3%. The main reason lies in the fading momentum of 2024 new products and iPad Pro OLED models' sales performance falling short of expectations. Before 2026, OLED remains in a "reserve-ramp" cycle, with limited contribution to total shipment volume in the short term.

Overall, as brand product structures continuously upgrade toward mid-to-high-end panels, LTPS and Oxide are gradually expanding market share, while OLED, despite future growth potential, remains in an observation period due to current cost and timing constraints.

**Competition Analysis: 2025 Tablet Panel Market Maintains Concentrated Structure with Accelerating Competitive Evolution**

According to Sigmaintell data, global tablet panel market shipments totaled 75.9 million units in the second quarter of 2025, up 14% year-over-year. Against the backdrop of overall market growth, competition patterns among panel manufacturers showed significant changes, with concentration remaining high but clear differentiation among leading manufacturers.

Boe Technology Group Co.,Ltd.: Boe Technology Group Co.,Ltd. shipped 34.7 million units in the second quarter of 2025, down 1% year-over-year, with market share declining from 53% last year to 46%, a drop of 7 percentage points. While maintaining its market-leading position, this shows the company faces increasingly intense competitive pressure from second-tier manufacturers. Structurally, BOE's a-Si remains the mainstay, with LTPS and Oxide also growing simultaneously. BOE is continuously optimizing its product portfolio to gradually enhance support in the high-end market.

TCL CSOT: TCL CSOT achieved shipments of 10.3 million units in the second quarter of 2025, surging 172% year-over-year, with market share significantly rising to 14%, leaping to second place in the market. This strong growth mainly came from its T9 production line's dual-track momentum in a-Si and LTPS products, while continuously expanding share in partnerships with Samsung, Huawei, XIAOMI-W, Lenovo, and other brands. CSOT is gradually shedding its single-supply structure image, upgrading toward mid-to-high-end structures, becoming the most promising rising force in the tablet market.

Among other manufacturers, Innolux shipped 7.6 million units in the second quarter of 2025, with market share declining to 10%. Although down 12% year-over-year, it increased 20% quarter-over-quarter. LG Display shipped approximately 5.9 million units in the second quarter of 2025, down 16% year-over-year, with market share declining from 11% to 8%.

Overall, the top 5 manufacturers combined for 83% market share, maintaining high concentration, but internal share patterns are accelerating reshuffling. BOE holds steady in first place, TCL CSOT rises strongly, Korean and Taiwanese manufacturers face increased transformation pressure, while new entrants gradually break through circles via flexible strategies. The industry is entering a new phase of "high concentration + internal redistribution."

**Outlook: Second Half 2025 - Intensifying High-Level Correction Risks with Policy Dividend Retreat and Cost Pressures**

The first half of 2025 saw tablet panel shipments maintain double-digit growth for two consecutive quarters, seemingly presenting strong market recovery momentum. However, this growth relied more on policy stimulus and trade environment's periodic windows rather than changing the fundamental weak global terminal consumption demand.

Looking ahead to coming quarters, Sigmaintell believes market operations still face significant uncertainties:

Demand front-loading effects emerging: Demand brought forward by government subsidy policies shows weakening marginal stimulation effects. After concentrated early inventory buildup, channels face rising destocking pressure, making it difficult for second-half shipments to sustain high growth. Meanwhile, insufficient terminal device replacement momentum and lack of new application drivers in education, office, and entertainment scenarios may lead demand curves into periodic decline.

Policy and macroeconomic environment risks: While China-U.S. trade tariff policies remain stable short-term, future directions remain uncertain, potentially disrupting brand ordering and supply chain rhythms. Simultaneously, overall global supply chain costs continue rising and will ultimately transmit to terminal prices, suppressing consumer confidence recovery.

Technology and structural opportunities: LTPS and Oxide are expected to continue benefiting from mid-to-high-end product structure upgrades, becoming key forces supporting market sentiment. Although OLED faces short-term pressure, as the next-generation high-end product direction, it is expected to see larger-scale volume opportunities in 2026.

Overall, the tablet panel market in the second half of 2025 will likely enter a "high-level correction period," with full-year shipment trends showing "front-loaded, back-loaded" rhythm. Short-term vigilance is needed against dual pressures from policy phase-out and rising costs. Long-term prospects depend on whether manufacturers can achieve sustainable growth transition from policy-driven to consumption-driven through technology upgrades, product differentiation, and new application exploration.