Since prices in April were at a higher starting point than in January, average prices were up 1.5% QoQ in Q2 2026, even though they were flat throughout the quarter. We now expect prices to be down by an average of 3.7% in Q3 2026.

As we look at pricing in terms of area, it has now been nearly three years since the pandemic boom and bust that prices have stayed within a narrow range. In this period of stability, the products fall into three levels:

• The lowest-priced products are 32” and 43”, the most commoditized sizes. 32” panels seem to be the first size to record a price increase, but also the first size to decline, and we are seeing that in 2026. The prices for 32” saw the biggest percentage increase in Q1 and are expected to have the biggest percentage decrease in Q3. These two products are efficient 18 cuts per substrate on Gen 8.5 (32”) and Gen 10.5 (43”). During the whole period from July 2023 to our forecast out to September 2026, the price of 43” panels has stayed between $118 and $129 per square meter. The 32” panel hit a new post-pandemic low of $113 per square meter in November-December but increased to $124 per square meter in March and is expected to fall to match its post-pandemic low in September.
• The mid-tier products are 49”/50”, 55” and 65”, with the largest size usually coming at the highest price. These sizes are also made efficiently on Gen 8.5 (49”/50” 8-up and 55” 6-up) and Gen 10.5 (65” 8-up). These panels have fluctuated between $139 and $167 per square meter and fell near the bottom of that range in December. Prices for each size increased in Q1, but we expect that they will fall to a new low of $134-$137 by October.
• The premium products are 75” and 85”. The 75” panel briefly fell to the mid-tier level in 2023 but regained a premium of ~$13 over the smaller sizes. In 2025, the 85” panel maintained a premium of $15-$20 per square meter over the 75” panel, but that premium appears to have eroded to about $11 in 2026.

Monthly Area Prices Per Sq Mt for LCD TV Panels, Jan 2020 – Nov 2026

Our final chart in this sequence shows our LCD TV panel price index, taking a longer view from 2015 through October 2026. It appears that with each successive price wave, the peak and trough become a little lower than the previous wave. The price increase in Q1 2025 brought our index up to a peak of 44.8 in March 2025, not quite as high as the peak in 2024 but still 47% higher than the all-time low of September 2022. Prices declined to a low of 40.4 in December 2025, the lowest point since May 2023. We saw the index rising modestly to 42.2 in April 2026 and holding at that level through June, but we expect it to edge down to 39.5 in October 2026, the lowest since 2023 but still nearly 30% lower than the all-time low set in 2022.

LCD TV Panel Price Index, Jan 2015 – Nov 2026

Following the grey area in the chart, we can see that the period from mid-2023 to today is radically different than the period from 2015 to 2023. We no longer have wild swings in prices. As of July 2026, our price index remained within a relatively tight range of 40.4 to 45.6 for 35 months. If our forecast bears out, the price index will break below 40.4 in September, testing the bottom of the range, and prices are expected to stabilize at a new floor of 39.5 in the fourth quarter.

Panel prices have been fluctuating around a level that allows the Chinese panel makers, with a cost advantage from government subsidies, to make a small profit, while Taiwanese panel makers come close to breakeven. Both AUO and Innolux reported operating profits in Q2 2026, while the other LCD-centric panel makers (BOE, CSOT, CHOT and HKC) have yet to report. We expect that the second quarter will be the high point in 2026 for panel maker margins.