As we look at pricing in terms of area, it has now been nearly three years after 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 increase, but also the first size to decline, and we are seeing that in the first half of 2026, as 32” prices had the biggest percentage increase in Q1 and are expected to have the biggest percentage decrease in June. 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 August 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 $113 per square meter in August.
• 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 $137-$138 by August.
• The premium products are 75” and 85”. The 75” panel briefly fell to the mid-tier level in 2023 but has 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 $12 in 2026.

Monthly Area Prices Per Square Meter for LCD TV Panels, Jan 2020 – Aug 2026

Our final chart in this sequence shows our LCD TV panel price index, taking a longer view from 2015 through April 2026. It appears that with each successive wave of price, the peak and trough are a little lower than the previous wave. The price increases 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, the lowest point since May 2023. We saw the index rising modestly to 42.2 in April 2026, but we expect it to edge down to 40.0 in August 2026.

LCD TV Panel Price Index, Jan 2015-Aug 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 May 2026, our price index remained within a relatively tight range of 40.4 to 45.6 for 33 months. If our forecast bears out, the price index will break below 40.4 in August, testing the bottom of the range.

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. The profitability of both the Chinese and Taiwanese panel makers increased in the first quarter of 2026, with Innolux reporting its first quarterly operating profit after six consecutive quarterly losses, while AUO just missed breakeven with an operating margin of -1%. Despite our forecast of a panel price decline in June, these panel makers are likely to show slightly improved margins in Q2 2026.