Global Monitor Market Poised for 2024 Recovery, Anticipating 2% Shipment Surge

Global monitor shipments declined in 2023 due to the pandemic, but a potential economic recovery and PC upgrades in 2024 are expected to drive a modest increase, with some consumer brands seeing growth while top commercial brands faced a significant decline.

Projected increase in global monitor shipments in 2024
Anticipated wave of upgrades in 2024-2025
Some consumer brands saw growth in shipments despite overall decline in market

According to the latest report from TrendForce, global monitor shipments took a hit in 2023, declining by 7.3% to 125 million units. This figure is even lower than pre-pandemic levels, indicating the lingering effects of the global health crisis on the market. However, there is hope on the horizon as we look towards 2024.

With the low shipment base in 2023 and the potential for a gradual economic recovery, coupled with the typical PC replacement cycle of 4 to 5 years, it is expected that PCs purchased during the pandemic will be upgraded between the second half of 2024 and 2025. This anticipated wave of upgrades is projected to drive a modest 2% increase in global monitor shipments in 2024, reaching approximately 128 million units.

Interestingly, while the overall commercial monitor market experienced a decline, some consumer brands managed to defy the trend and saw growth in their shipments. AOC/Philips, for instance, benefited from strong demand in China’s gaming market and recorded an 8.8% increase in shipments. Acer also strategically upgraded its products, resulting in a 6.7% boost in shipment volume.

On the other hand, the top three commercial monitor brands, namely Dell, HP, and Lenovo, faced a significant contraction in demand. Each of these brands saw their shipments drop by over twenty percent in 2023. This decline can be attributed to the surge in unfulfilled business orders in Europe and America in the first half of 2022, which artificially elevated the shipment baseline for commercial brands that year.

Looking ahead to 2024, shipment targets among both commercial and consumer monitor brands remain conservative. However, Lenovo stands out with its ambitious goals of growing annual shipment levels by around 20%. Other consumer brands like AOC/Philips, MSI, ASUS, and Acer have also set their sights high with annual shipment growth targets of over 10%. On the other hand, Samsung Electronics, LG Electronics, and BenQ have taken a more cautious approach, focusing on profitability and high-end product lines.

As the monitor market continues to evolve and adapt to changing consumer needs, it will be interesting to see how these brands fare in achieving their shipment targets and capturing the attention of tech enthusiasts worldwide.

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Background Information

About Acer: Acer is a globally recognized technology brand known for its extensive range of products, including laptops, desktops, monitors, and electronic devices. With a focus on innovation and affordability, Acer caters to diverse consumer needs, providing reliable and high-performance solutions. From gaming enthusiasts to professionals, Acer's products span various segments, making it a significant player in the technology industry.

About AOC: AOC, or Admiral Overseas Corporation, is a Taiwanese electronics company that was founded in 1967. The company's headquarters are situated in Taipei, Taiwan. AOC is a well-known brand for computer monitors and displays, offering a wide range of solutions for both consumers and professionals.

About ASUS: ASUS, founded in 1989 by Ted Hsu, M.T. Liao, Wayne Hsieh, and T.H. Tung, has become a multinational tech giant known for its diverse hardware products. Spanning laptops, motherboards, graphics cards, and more, ASUS has gained recognition for its innovation and commitment to high-performance computing solutions. The company has a significant presence in gaming technology, producing popular products that cater to enthusiasts and professionals alike. With a focus on delivering and reliable technology, ASUS maintains its position as a important player in the industry.

About Dell: Dell is a globally technology leader providing comprehensive solutions in the field of hardware, software, and services. for its customizable computers and enterprise solutions, Dell offers a diverse range of laptops, desktops, servers, and networking equipment. With a commitment to innovation and customer satisfaction, Dell caters to a wide range of consumer and business needs, making it a important player in the tech industry.

About HP: Founded by Bill Hewlett and Dave Packard in a garage in 1939, HP (Hewlett-Packard) is a global technology giant known for its pioneering innovations in computing and printing technology. With a legacy of over eight decades, HP has consistently delivered a wide range of high-quality products and services, including personal computers, printers, servers, and software solutions.

About Lenovo: Lenovo, formerly known as "Legend Holdings," is a important global technology company that offers an extensive portfolio of computers, smartphones, servers, and electronic devices. Notably, Lenovo acquired IBM's personal computer division, including the ThinkPad line of laptops, in 2005. With a strong presence in laptops and PCs, Lenovo's products cater to a wide range of consumer and business needs. Committed to innovation and quality, Lenovo delivers reliable and high-performance solutions, making it a significant player in the tech industry.

About LG: LG Electronics, headquartered in Seoul, South Korea, is a global technology company for its diverse portfolio of innovative products. With a presence in various industries, including consumer electronics, home appliances, mobile devices, and more, LG is a leader in technological advancements. LG offers a range of laptops and monitors that combine sleek design with advanced features, catering to both personal and professional needs.

About MSI: MSI (Micro-Star International) is a globally recognized company that specializes in the development and manufacturing of a wide range of computer products. With a rich history dating back to its establishment in 1986, MSI has emerged as a key player in the technology industry, consistently delivering innovative solutions that cater to the needs of both casual users and hardcore enthusiasts. The company's product portfolio encompasses a diverse array of products, including motherboards, graphics cards, laptops, desktops, monitors, and various gaming peripherals. MSI's commitment to quality and performance is evident in its dedication to technologies, sleek designs, and rigorous testing standards. for its gaming-focused products under the MSI Gaming brand, the company has earned a reputation for delivering high-performance components that enhance the gaming experience.

About Philips: Philips, a multinational conglomerate corporation, boasts a long and rich history dating back to 1891. Founded by brothers Gerard and Frederik Philips in Eindhoven, Netherlands, the company initially focused on light bulbs but has since diversified into a wide range of sectors, including healthcare, personal health, home appliances, and lighting. Today, Philips is a global leader in many of these areas, known for its innovative technologies and commitment to improving people's lives.

About Samsung: Samsung, a South Korean multinational conglomerate, has established itself as a global leader in various industries, including electronics, technology, and more. Founded in 1938, Samsung's influence spans from smartphones and consumer electronics to semiconductors and home appliances. With a commitment to innovation, Samsung has contributed products like the Galaxy series of smartphones, QLED TVs, and SSDs that have revolutionized the way we live and work.