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2022-04-21

Will Foxconn Pivot Away from China?

(AmCham Taiwan|Contributing Writer: Matthew Fulco) Aggressive local competition and rising geopolitical risk make the contract electronics manufacturing giant’s China dependency more precarious than ever.

Hon Hai Precision Manufacturing Co., better known as Foxconn, is the largest private employer in China and has long depended on the country as its manufacturing base. As recently as 2018, Foxconn assembled half of the world’s iPhones at a massive factory in Henan Province.

Yet in recent years, Chinese manufacturers have aggressively moved into the Apple supply chain long dominated by Taiwanese suppliers and Foxconn in particular. According to Nikkei Asia, in 2020 Chinese suppliers to Apple outnumbered Taiwanese firms for the first time: 51 and 48, respectively.

“In Apple’s supply chain, Chinese manufacturer Luxshare has been Foxconn’s strongest competitor, as the company’s share of the Apple supply chain for hardware products including iPhone and Apple Watch is expected to keep rising in the next few years,” says Rachel Liao, a senior industry analyst at the semi-governmental Market Intelligence & Consulting Institute. For example, Luxshare produces Apple’s AirPods. The Chinese company also obtained about 3% of iPhone 13 Pro assembly orders in 2021, a share that is expected to increase to 5% in 2022, Liao adds.

Luxshare is not just competing with Foxconn in smartphones; the Chinese firm is also moving into the fast-growing electric vehicles (EV) industry, where Foxconn hopes to carve out a new niche. In February, Luxshare established a US$267 million EV joint venture with Chery group, one of China’s largest automakers.

Foxconn has lofty EV ambitions. In March, Chairman Young Liu said that by 2025 the company intends to reach 5% of the EV market share globally, with production capacity of 500,000 to 700,000 vehicles a year.

Initially, Foxconn seemed to be focusing on the China EV market, the world’s largest. In 2021, China’s electric vehicle sales surged 169% to a record 2.99 million units, accounting for almost 15% of overall vehicle sales in the country, according to the China Passenger Car Association (CPCA).

Foxconn announced in early 2021 that it would invest in the Chinese-German EV startup Byton. The planned investment – reportedly US$200 million – would be used to launch mass production of the Byton M-Byte by the first quarter of 2022.

But in September 2021, the tie-up with Byton hit a snag due to the Chinese startup’s poor financial condition, reported Nikkei Asia. It is unclear if Foxconn has other China EV investments of note, although in early 2020 the company said it planned to form a joint venture with Fiat Chrysler Automobiles NV to develop and make electric vehicles in China. Otherwise, its prospects in the country’s EV market – large and fast-growing but ultracompetitive – are uncertain.

“Taiwanese manufacturers are good at [automotive] component manufacturing and OEM production,” says Caroline Chen, a research manager at the Taipei-based market research firm TrendForce. She notes that electric vehicles require more chips than traditional vehicles, “which means automotive semiconductors present a big opportunity for Taiwan.”

Traditionally, Foxconn’s forte is not in chipmaking, but it has expanded into that segment in recent years. Last year, it acquired local chipmaker Macronix’s Hsinchu facility, which will likely be used to develop silicon carbide chips for automotive applications.

Regarding the China EV market, Foxconn will also have to consider that “China has endeavored to achieve self-sufficiency in chips for all sectors, including electric vehicles,” says MIC’s Eric Tu, an industry analyst.

Stepping up diversification

Given steadily rising labor costs in China, Foxconn started to shift some manufacturing capacity to lower-cost destinations in Asia more than a decade ago. The company accelerated those efforts after the U.S.-China trade dispute began in 2018. Though Apple products ultimately received tariff waivers, that situation may not be permanent. It is thus seen as prudent for Apple and its suppliers to reduce reliance on China.

“Due to geopolitical tensions in recent years, Apple has gradually moved assembly plants of iPhones to other countries, such as India,” notes MIC’s Liao. While the assembly of new iPhones is still mainly based in China, India has also started mass production of some models such as the iPhone 12. “It is expected that Foxconn will keep expanding its production capacity in India in the future, and mass production of the iPhone 13 in India will likely kick off around mid-2022,” Liao says.

Foxconn has also signaled its intent to participate in India’s development of a domestic semiconductor ecosystem, a US$30 billion initiative. It is the first foreign manufacturer to do so. In February, the Taiwanese company announced it would cooperate with Indian natural resources conglomerate Vedanta to build a semiconductor fab in the subcontinent. Vedanta will be the majority shareholder in the joint venture while Foxconn will hold a minority stake, the two companies said in a statement.

At the same time, Foxconn is expanding production capacity in Vietnam, where it had already invested US$1.5 billion by 2021. Early last year, the Vietnamese government approved Foxconn’s bid to build a US$270 million plant in Vietnam for the assembly of notebook computers and tablets. The Taiwanese manufacturer reportedly set up the facility at the request of Apple, which aims to better mitigate the risks it faces from U.S.-China trade tensions.

When Apple shifts production outside of China, Foxconn often benefits. However, China remains the U.S. tech giant’s paramount manufacturing base. With that in mind, it could be harder for Foxconn in the long run to compete with Chinese manufacturers on their home turf, especially as Chinese leader Xi Jinping is focused on developing technological self-sufficiency. In December, online technology news site The Information reported that Apple in 2016 inked a secret five-year, US$275 billion investment deal with China, likely one of the reasons Luxshare and other Chinese suppliers have become a much bigger part of the California tech giant’s supply chain in recent years. Under the terms of the agreement, Apple promised to work with Chinese manufacturers to create “the most advanced manufacturing technologies.”

Meanwhile, the business environment for Taiwanese firms in China is becoming more difficult amid strained cross-Strait relations. In November, Chinese regulators fined two Chinese subsidiaries of Taiwan’s Far Eastern Group ¥88.6 million (US$13.9 million) for alleged environmental protection, fire safety, and taxation compliance violations.

Beijing may also have been sending a political message to the company, which has previously donated to campaigns in Taiwan of both Democratic Progressive Party (DPP) and Chinese Nationalist Party (KMT) candidates. China “will absolutely not allow people who support Taiwan independence or destroy cross-Taiwan Strait relations, who dare bite the hand that feeds them, to make money in the mainland,” Taiwan Affairs Office spokesperson Zhu Fenglian said in November.

To be sure, Foxconn is known for the strong relationships it has built up in China over its 35 years of operating in the country. The company and a charity run by its founder Terry Gou were able to secure millions of Pfizer-BioNTech vaccines for Taiwan last year through Shanghai-based Fosun Pharma, which has the rights to distribute them in China, Hong Kong, Macau, and Taiwan, after a deal involving the Taiwanese government and BioNTech fell through.

That said, cross-Strait relations are at their lowest point in decades, and to Taiwanese the possibility of war seems a little less remote following Russia’s invasion of Ukraine. Given Foxconn’s preference for discretion, it is difficult to assess its readiness for a sharp increase in tensions with China. However, the company “does have an ability to pivot quickly to changes in the operating environment, to invest large amounts of money quickly, and to retain the trust of its clients, which will be useful should tensions between China and Taiwan rapidly increase,” says Ross Darrell Feingold, a Taipei-based lawyer and political risk analyst.

Feingold is not sanguine about the prospects for cross-Strait relations in the years to come. Even if the KMT, which is viewed more favorably by Beijing than the DPP, wins the presidency and/or a majority in the legislature in 2024, “there is little reason to believe such would result in China changing its views toward Taiwan or its policies that put pressure on Taiwan,” he says. “Unless China renounces the use of force against Taiwan or Taiwan creates a military capability that deters China, tensions are likely to continue to increase.” Such a prospect could bode ill for Foxconn and other Taiwanese manufacturers with extensive operations in China.

(Source: https://topics.amcham.com.tw/2022/04/will-foxconn-pivot-away-from-china/

2022-04-21

Opportunity and Risk for Taiwan’s Supply Chains

(AmCham Taiwan|Associate Editor: Julia Bergström) As more countries look to diversify their supply chains, Taiwan has a chance to strengthen its position in the global economy. But is its infrastructure robust enough to support expanded business?

Over the past few years, the U.S. and Taiwan have intensified their efforts to reduce reliance on China in their supply chains as a way to increase resilience. First came the U.S.-China trade dispute, in which American companies were encouraged to leave or decrease operations in China, followed by the Tsai Ing-wen administration’s reshoring initiative to bring investment from China back to Taiwan.

At the onset of the global pandemic, the flow of critical products halted, global supply chains were disrupted, and supply chain resilience became a priority for all industries. Then, just as commerce began to bounce back, Russia launched an attack on Ukraine, giving rise to new worries of geopolitically induced shortages and inflationary effects.

Meanwhile, China is pushing to indigenize its supply chains, most notably with its Made in China 2025 plan, which aims to upgrade Chinese industries’ manufacturing capabilities into more technology-intensive powerhouses and achieve independence from foreign suppliers.

Although the U.S. and Taiwan are not decoupling from China, they have significantly changed the flow of goods and investments, says Rupert Hammond-Chambers, managing director of BowerGroupAsia, a consultancy.

“Instead of 10 dollars flowing into China, you’re seeing five going to China and the other five to the Southeast Asia region, or even Taiwan,” he says. However, there is no certainty that Taiwan will gain some of China’s lost business. Rather, achieving that goal will require significant policy changes and government efforts.

For Taiwan, strengthening its role in global supply chains is more than an effort to ensure economic stability – it also has political and security implications. Hammond-Chambers sees Taiwan’s role in the semiconductor industry in particular as a “geostrategic lever that focuses other countries on the importance of Taiwan and peace and security in the Taiwan Strait.”

Taiwan accounts for over 60% of the global chip foundry market, and the island plays a pivotal role in many high-tech industries, a trend expected to continue despite pushes from the U.S. and EU to revitalize their semiconductor industries.

In fact, says Joanne Chiao, senior analyst at Taiwanese market research firm TrendForce, her organization “expects Taiwan’s market share [in the chip foundry sector] will further increase to 66% in 2022,” as some of the newly added capacity will enter mass production by the end of 2022.

Although Taiwan leads in semiconductors, domestic expansion has its limits. During a discussion on Taiwan’s role in global supply chains organized by Washington, D.C.-based public policy organization The Brookings Institution, Taiwan Semiconductor Manufacturing Co. (TSMC) Vice President of Global Government Affairs Peter Cleveland noted that the company operates “at such a massive scale that it’s mind-blowing to people. [Production] takes over 4 million gallons of water per day, the power requirements are enormous, and STEM talent is critical.”

Cleveland said he sees geographic dispersion as an advantage for the company, and the expansion of Taiwan semiconductor operations in the U.S. as a way to strengthen supply chains while alleviating chip manufacturing’s strain on Taiwan’s resources. TSMC is constructing a US$12 billion fab in Phoenix, Arizona, which is scheduled to start producing chips in 2024. It is also building a plant in Japan and is in early discussions regarding a possible fab in Germany.


Apart from expanding manufacturing abroad, Taiwan also needs to implement policies that strengthen its infrastructure, according to BowerGroupAsia’s Hammond-Chambers. Of what has been termed the island’s “five shortages” (land, power, water, labor, and talent), he refers to labor, talent, and electricity as the most critical areas for government scrutiny of existing policies.

“The energy policy of Taiwan is just not working at the moment,” he says, adding that “there’s no time to waste” when it comes to improving the power grid. “It’s a strategic issue, military issue, social issue, and economic issue – it ticks every single major box.”

Jason Hsu, a former Taiwan legislator and currently senior research fellow at the Harvard Kennedy School, stressed at the Brookings seminar that the shortage of semiconductor talent is already noticeable in both the U.S. and Taiwan. The island’s recent establishment of a Semiconductor Research Institute is a step in the right direction, but not enough to fill the gap, he said.

“There needs to be a comprehensive program that links U.S. and Taiwan talent development and ensures that Taiwan can continue to develop its manufacturing capability and talent,” with innovation shared between the U.S. and Taiwan, Hsu noted.

Taiwan has relaxed immigration laws to attract foreign talent, particularly from Southeast Asia, and developed work and study programs for university students, said Minister Without Portfolio John Deng during the Brookings event.

But considering that the island is on track to become a super-aged society, Taiwan could and should implement a much more robust and open immigration policy that attracts more people to make up for the shrinking labor pool. The island’s decreasing population could pose an existential threat to Taiwan if not managed, says Hammond-Chambers.

Meanwhile, Taiwan could take advantage of what some scholars have dubbed “brain circulation” to strengthen economic ties with the U.S., according to Michael Nelson, senior fellow in the Carnegie Endowment For International Peace’s Technology and International Affairs Program.

“A lot of people from Taiwan have studied overseas, and some of them bring that knowledge back to Taiwan and start companies or teach the next generation,” he says, citing the founders of TSMC and the Industrial Technology Research Institute (ITRI) as two examples. “But a lot of them are still working overseas, and they’re part of this diaspora that forms a built-in advantage for Taiwan.”

Cloud opportunities

As the world undergoes the Fourth Industrial Revolution, digital supply chain technologies such as artificial intelligence (AI), algorithms, and machine learning can be used to analyze and learn from big data, which powers intelligent automation and provides supply chain managers with real-time insights that can assist quick responses to disruptions.

“When we think about how to boost our competitiveness, it doesn’t all have to be about manufacturing,” said Meriya Solis, Director of the Center for East Asia Policy Studies at Brookings. “We need to be mindful of the fact that we’re moving toward a digital economy.”

But while smart tools will mitigate human error, they pose a supply chain risk if they are not backed up by robust cybersecurity systems. Carnegie’s Nelson says that improving cybersecurity and investing in the Cloud of Things – integrated Internet of Things and Cloud Computing technology – would not only benefit biotech and other high-tech industries, but also create more robust supply chains for traditional industries. “It could help us do a better job of tracking fishing ports, ensuring the quality of food, and making sure cold chains are not broken,” he says.

The current global software infrastructure, notes Nelson, is built on a precarious system. Commercial software products tend to rely on complex open-source software repositories, and vulnerability in a single aspect of these repositories could compromise every commercial product that uses it.

Following an increase in cyberattacks, Taiwan’s government declared cybersecurity to be a national security issue in 2018 and proceeded to implement its Cyber Security Management Act in January 2019. The law stipulates obligations for providers of critical infrastructure, including water, energy, ICT production, and financial and healthcare services. The U.S. and Taiwan held their first joint Cyber Offensive and Defense Exercise (CODE), hosted by the American Institute in Taiwan (AIT) and the Executive Yuan’s Department of Cyber Security, in 2019.

In the past, Chinese tech seemed like it was on a steady path to market domination. But due to a high incidence of poorly written Chinese software and concerns that state actors could impel companies to embed security backdoors into their products, trust in its software is now generally low among global users. Nelson sees a lucrative opportunity for Taiwan to increase its involvement in data supply chains by establishing itself as a trusted source for more secure and better-tested software.

“Through the hardware sector and the semiconductor industry, you have all these links to all the major players,” he says. “By leveraging those links and showing that Taiwan can ensure that the software running on the chips they built is doing the job it’s advertised to do, Taiwan can help integrate different pieces of software from different companies and gain a reputation for being a trusted integrator.”

But to establish such a competitive advantage, Taiwan’s government will need to implement mechanisms that encourage local IT companies to uncover security vulnerabilities and adopt quality verification tools.

“Nobody thinks Taiwan is going to become the only source of systems software, but it can be a hub that works with different players and shows emerging markets in particular how technologies can be better designed,” says Nelson. “And it’s not just in healthcare, the high-tech sector, banking, and e-government applications – it’s also in agriculture, food production, and retail.”

Nelson says that rather than providing a long list of detailed requirements, the government should form a cybersecurity framework that focuses on goals and milestones without stipulating how they should be achieved. “You want to focus on the results, not the mechanism.”

China threat misconception

Supply chain cooperation between the U.S. and Taiwan is vital for the economic security of both, and collaboration has only strengthened with the increased attention to the importance of ICT products and semiconductor chips. The commitment of both sides to cooperate on related issues was reasserted in late 2021 when Taiwan and the U.S. established the Technology Trade and Investment Collaboration (TTIC), a new bilateral cooperation framework meant to develop commercial programs and strengthen critical technology supply chains.

TTIC is the latest addition to the two parties’ already established communication channels on economic issues, which also consist of the Trade and Investment Framework Agreement (TIFA) and the U.S.-Taiwan Economic Prosperity Partnership Dialogue. It is seen as a way for the U.S. to strengthen its role in the semiconductor industry and reiterate the importance of the bilateral U.S.-Taiwan commercial and investment relationship.

Such collaborative activity might not be enough, however. Convincing more American companies to include Taiwan in their supply chains will require creating greater confidence in Taiwan’s production stability and its government’s capability in data management and protection, says Nelson. Companies will also need assurance that they will not be affected by geopolitical maneuvering.

“If companies worry that their supply chain is going to be disrupted for geopolitical reasons, then they’re less inclined to work with companies in those countries.”

Recognizing these concerns, Minister Deng emphasized Taiwan’s trustworthiness and reliability during his opening statement at the U.S.-Taiwan supply chain seminar. Deng declared to the audience that Taiwan is a safe and reliable partner, and that it “actively maintains supply chain security” and has “never coerced any other countries with economic means.”

But to assure businesses that Taiwan will remain a stable partner, the island will need to assuage fears of potential military conflict. Hammond-Chambers notes that although many experts agree that China is unlikely to launch a military attack on Taiwan in the near future, media and think tank preoccupation with possible future scenarios could trickle into boardrooms and influence business decisions.

“They see what’s happening in Ukraine, and it’s easy for people to jump to conclusions about Taiwan,” he says. “Future global supply chains are likely to evolve into a red [Chinese] supply chain and alternate supply chains that include Southeast Asia on a grander scale. Whether companies’ attempts to ‘China-proof’ their businesses will result in an exclusion of Taiwan remains to be seen.”

(Source: https://topics.amcham.com.tw/2022/04/opportunity-and-risk-for-taiwans-supply-chains/

2022-04-21

Smartphone Shipments in Africa Estimated at Approximately 107 Million Units in 2022, led by TECNO, a Transsion Holdings Brand

Although the global smartphone market is becoming increasingly saturated, it is still worth looking forward to demand in emerging markets such as Southeast Asia and Africa when caught in an environment with limited momentum. . Due to the recent expansion of infrastructure construction in Africa, the regional smartphone market has the opportunity to replicate the prior development path of Thailand, Vietnam, and Indonesia. TrendForce forecasts total smartphone shipments in Africa to reach approximately 107 million units in 2022. Sub-Saharan Africa, which accounts for 78% of Africa’s total population, holds the greatest potential and countries such as Nigeria, Ghana, Senegal, and Tanzania are worthy of attention.

Taking the Sahara Desert as a natural barrier, North Africa cleaves closer to Europe and the Middle East, modernizing earlier, and possessing higher GDP per capita and relatively greater spending power. Looking at Egypt, its mainstream smartphone brands in 2021 were Samsung, OPPO, and Xiaomi. As for Africa south of the Sahara, taking Nigeria as an example, mainstream brands are TECNO, Infinix, and Itel, which is very different from the Egyptian market. TECNO, Infinix, and Itel are owned by Transsion Holdings of China and, in terms of the overall African smartphone market, Transsion Holdings is already dominant. These three brands captured an estimated combined market share of approximately 52% in 2021, eclipsing Samsung’s 15%.

TrendForce believes that mainstream mobile phone brands in Africa are very different from markets in Europe, North America, and East Asia and are mainly influenced by factors such as local spending power, communication services, and user needs, while mobile phone pricing is undoubtedly the decisive factor. For example, approximately 60% of smartphones sold in Egypt are priced between $100 and $200. While in sub-Saharan Africa, excluding a few countries with high GDP per capita such as Gabon and South Africa, most smartphones are sold at below US$100 in the market. However, from the perspective of mainstream global smartphone brands, the price of low-end smartphones is still higher than US$160 which remains quite unaffordable for the majority of local consumers. This pricing gap gives TECNO, Infinix, and Itel more room to operate.

In addition, the reason Transsion Holdings’ brands can dominate the African smartphone market includes many localized marketing strategies in addition to price factors. For example, cleaving close to local consumption habits, setting up physical sales locations, launching models that support 4 sim cards to meet the needs of users with multiple phone numbers, or installing large-capacity batteries in low-end mobile phones to reduce the inconvenience of frequent searches for charging stations, all of which help to enhance the competitive strength of the Transsion brand. Transsion Holdings is expected to continue leading the African market from 2022 to 2025.

(Image credit: Unsplash)

2022-04-19

Global Proportion of Installed Lithium Iron Phosphate Battery Capacity Expected to Reach 60% in 2024, Becoming Mainstream of Power Battery Market, Says TrendForce

As a consequence of rising power battery raw material prices, a number of global new energy vehicle (NEV) brands including Tesla, BYD, NIO, Li Auto, and Volkswagen, have successively raised the sales prices of electric vehicles (EV) in 1Q22. TrendForce believes that power batteries are the core component that account for the greatest portion of an EV’s overall cost and reducing the cost of power batteries will be an important strategy for companies to remain competitive in the future. As technology continues to innovate, lithium iron phosphate batteries are expected to account for more than 60% of installed capacity in the global power battery market by 2024.

TrendForce indicates, from the perspective of the world’s largest EV market, China, the power battery market reversed in 2021 and lithium iron phosphate batteries officially surpassed ternary batteries with 52% of installed capacity. Lithium iron phosphate installed capacity continued to grow in 1Q22, rising to 58%, and demonstrating a growth rate far beyond that of ternary batteries. However, from the perspective of the global EV market, thanks to the increase in the penetration rate of NEVs in Europe and the United States, ternary batteries still accounted for a market share of more than 60% in 2021, far exceeding that of lithium iron phosphate batteries, which captured a market share of approximately 32~ 36%.

Although the current gap between these two materials remains substantial, according to production capacity planning of global new energy battery cathode material manufacturers in the past two years, the scale and speed of lithium iron phosphate materials expansion will far exceed that of ternary materials. According to TrendForce investigations, planned expansion projects announced by global cathode material manufacturers are currently concentrated in China and South Korea, with a nominal total planned production capacity of over 11 million tons, of which planned production capacity of lithium iron phosphate cathodes accounts for approximately 64%. However, since planned production capacity exceeds market demand, there will be a certain shortfall between the industry’s total planned production capacity and actual future production capacity. It remains to be seen to what level actual effective production capacity can rise in the future.

It is worth noting, as the price of core battery raw materials such as lithium, cobalt, and nickel has moved up clearly since 2H21 and the global power battery supply chain is plagued by uncertainty including the Russian-Ukrainian war and the global pandemic, there will be a short-term disparity between the growth rate of supply and demand and companies will focus more on reducing the cost of battery materials and supply chain security, two major issues related to future competitiveness. As a result of this trend, TrendForce expects the cost-effective advantage of lithium iron phosphate batteries to become more prominent and this type of battery has an opportunity to become the mainstream of the terminal market in the next 2-3 years. The global installed capacity ratio of lithium iron phosphate batteries to ternary batteries will also move from 3:7 to 6:4 in 2024

2022-04-13

Supply Spikes Sharply, TV Panel Shipments Forecast to Reach 281 million in 2022

TrendForce’s research shows that material shortages, logistical delays, and relief subsidies for the American people not only supported global TV panel shipments in 1H21, but also drove an extended rise in quotations. However, as end product inventory climbed, stocking momentum fell rapidly in 2H21, not only inducing a sluggish peak season, but also bringing about a 1H22:2H22 shipment ratio that deviated from historical precedent. Shipment volume was not the only performance statistic to fluctuate in 2021. Originally planned factory closures were also delayed due to market demand, again transforming the entire industry landscape.

Looking forward to 2022, the global display production capacity of large generational fabs in 2022 will continue to grow through OLED production capacity generated by Korean panel manufacturers, the extension of LCD production, and continuing injection of maximum production capacity into the market from certain LCD production lines originating from panel manufacturers in other regions. Thus, overall TV panel supply is expected to spike dramatically. Although demand in emerging markets has recovered, TV panel quotations are also more prone to manipulation by branded panel companies than in 2021. A certain amount of momentum is expected in the end market for the stocking of TV panels. However, considering continually rising shipping and logistics costs, the unresolved global inflation issue, and life gradually returning to normal will inhibit the shipment performance of TV sets, demand for panels will also see an impact.

Therefore, after considering a number of factors, TrendForce expects global TV panel shipments to reach 281 million units in 2022, with an annual growth rate of 4.3%. As panel makers continue to implement a strategy of increasing panel size and overall shipments increase, positive growth is expected in size of shipped area.

The current global Gen5 and above large generational fab LCD panel supply and demand model shows that the growth rate of demand area cannot keep up with the growth rate of supply area and the shortfall between supply and demand in 2022 will be larger than that in 2021, which also suggests that panel manufacturers will meet tougher challenges in 2022. It is worth mentioning that there are still several key factors to be observed in 2022. For example, the closing schedule of LCD production lines at Korean panel factories, the adjustment of TV and IT panel capacity allocation, and the impact of the pandemic and war on whole device demand and component supply will all be key indicators of display industry trends leading into 2022.

(Image credit: Samsung

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