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The world display market is expected to expand more than 5 per cent in 2024 thanks to the growing use of premium organic light-emitting diode panels (OLED) and a recovery in demand for some products, a report said on Tuesday.

Global sales of OLED and other display products are likely to reach $122.8 billion in the coming year, up 5.4 per cent from this year, according to the report by the Korea Display Industry Association.

The increase would be driven by the greater use of OLED displays in IT products and a rebound in demand for liquid crystal display (LC) panels, it said.

The global OLED market is projected to increase 8 percent on-year to $43.4 billion next year on the back of growing demand from manufacturers of TVs, smartphones, other IT products and vehicles, reports Yonhap news agency.

The market has been surging at an annual average rate of 26.5 percent since 2007.

The global market for LCD panels is predicted to rise 4 percent on-year to $78.1 billion in 2024, with its annualized growth rate averaging 0.3 percent since 2007.

The association said such global events as the 2024 UEFA European Football Championship in Germany and the Paris Summer Olympics will likely push up demand for display products next year, but the market could face headwinds, like the war in Ukraine and the Hamas-Israel conflict.

The world display market is also likely to be affected by possible policy changes that would stem from the result of the U.S. presidential election in November next year, it added.