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Shipments of Monitor Panels Are Projected to Show YoY Decline of 8.8% for 2022 and Diminished YoY Growth of 5.8% for 2023 Due to Turbulences in Global Economy and Politics, Says TrendForce

29 December 2022 Display Leo Chen

Shipments of monitor panels have fallen over the quarters this year due to various factors that have caused disruptions across the global economy and politics. TrendForce projects that shipments of monitor panels will total just around 158 million pieces for 2022, showing a YoY decline of 8.8%.

According to TrendForce’s research on the market for display panels, monitor panels experienced a large downward shipment correction later than did TV and NB panels. For TV panels, the correction phase began in 3Q21. Turning to NB panels, a steep decline in shipments occurred in 2Q22. As for monitor panels, their shipments had not fallen significantly until 3Q22. With the correction taking place at a later time, the eventual rebound will also occur at a more distant time in the future. Since monitor brands are still holding an excessively high level of panel inventory at this moment, shipments of monitor panels are forecasted to drop again by 5.3% QoQ for 1Q23.

Looking further ahead to 2Q23, inventory level will return to a more optimal level for brands and channels. With the impending arrival of the traditional peak season in 2H23, shipments of monitor panels are forecasted to rebound to around 35.7 million units for 2Q22 and thereby return to the average level for second-quarter shipments in the four years before the emergence of the COVID-19 pandemic (i.e., from 2016 to 2019). Also, since the shipment figure for 1Q23 will be a low base for comparison, the shipment figure for 2Q23 will reflect a double-digit QoQ growth. Moving into 2H23, global inflation is expected to ease, and China’s economy is anticipated to undergo a recovery due to the loosening of pandemic-related restrictions. Therefore, the supply-demand dynamics of the market for monitor panels will likely follow the usual seasonal patterns.

Based on TrendForce’s tracking of panel shipments, shipments of monitor panels started to slide after reaching a peak in 4Q21 and are expected to arrive at a trough in 1Q23. After inventory level returns to an optimal level for the entire supply chain, brands will regain procurement momentum. Then, shipments of monitor panels will climb over the quarters. TrendForce currently forecasts that the total for 2023 will come to 149 million pieces, showing a diminished YoY growth rate of 5.8%. 

(Note: “NB” stands for notebook (laptop) computer.)

For more information on reports and market data from TrendForce’s Department of Display Research, please click here, or email Ms. Vivie Liu from the Sales Department at

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