In the first half of 2026, the LED all-in-one display industry has released clear signals of a strategic shift. A recent survey by the Talkin' LED white paper team of 20 core companies in the industry chain shows:
About 80% of manufacturers reported positive year-on-year growth in overall shipments of all-in-one displays, with half believing the growth exceeded 30%, and the other half estimating it in the 10%-30% range; the growth momentum stems from the resonance of four forces: supply, demand, scenarios, and overseas markets.
About 20% of manufacturers indicated that the market is flat or undergoing phased adjustments, mainly due to the overlapping boundaries between mainstream sizes and engineering screens, diminishing marginal utility of price reductions, and prolonged procurement cycles from government and enterprise clients.
Behind the Growth: Resonance of Four Forces
Combining research and judgment data from some leading enterprises in the industry chain, the shipment volume of LED all-in-one displays continued to climb steadily in the first half of 2026. This is primarily attributed to the synergistic efforts across four major dimensions: supply, demand, scenarios, and overseas markets, forming a sustainable foundation for industrial growth.
1. Cost Line Shifts Downward, Entering the Batch Procurement Range
As the yield rate of COB packaging technology continues to climb and the process matures, coupled with the centralized entry and capacity expansion of mainstream panel giants such as BOE, TCL CSOT, and HKC, the industry's economies of scale in mass production have been fully released. The BOM costs of mainstream small and medium-sized LED all-in-one displays with P1.5 and P1.8 pixel pitches have been continuously revised downward. The cost reduction directly drives a significant drop in terminal selling prices. For mainstream 16:9 specifications in the 135-138 inch range, prices have fallen from the high-end pricing of over 200,000 RMB in the early years to the mainstream range of 130,000-150,000 RMB, with some brands' 135-inch P1.5 models dropping below 100,000 RMB.
The significant downward shift in price bands has also changed the market positioning of the products. They have transformed from high-threshold, high-end engineering customized products into standardized commercial equipment that can be procured in batches by government and enterprise clients and deployed by SMEs. This has substantively broken the price barriers that have long restricted the industry's volume expansion, laying a core foundation for the scaled popularization of the market.
2. Demand-Side Stock Replacement: Inflection Point of "De-Projection" in Meeting Scenarios Established
Compared to traditional projectors and LCD video walls, LED all-in-one displays possess core experiential advantages such as zero splicing seams, high brightness with eye protection, no need for dark-room environments, and stable, clear image quality. These precisely match the core demands of high-end meeting scenarios in industries such as government and enterprise, finance, energy, and design.
In the first half of 2026, in the large-size commercial display track of 100-150 inches, the market space for traditional projectors and LCD video walls has been systematically squeezed. The replacement logic of LED all-in-one displays for traditional equipment has officially shifted from early niche trial and pilot deployment to standardized industry configuration. Stock renewal and replacement have become the core foundation for industry growth.
3. Continuous Expansion of Scenario Boundaries: Breaking the Ceiling of a Single Track
The meeting room is no longer the only core scenario for LED all-in-one displays; the boundaries of industry applications continue to broaden, and the dimensions of penetration are constantly enriching. Current products have gradually achieved standardized deployment and penetration in multiple scenarios such as smart classrooms, government and enterprise training rooms, brand showrooms, retail stores, and remote collaboration offices. They have upgraded from point-like applications in single meeting scenarios to full-domain touchpoint coverage across multiple industries and scenarios, thoroughly breaking the market ceiling of a single track and continuously releasing new increments.
4. Overseas Catch-Up Growth Becomes the Second Curve
The overseas market has become the second growth curve, primarily driven by the mature overseas expansion dividends of domestically standardized LED all-in-one displays. Domestically, the COB process iteration, scaled cost reduction, and product standardization have been completed first, forming mature product solutions with high cost-performance and low maintenance requirements.
The iteration of technology and products in overseas markets lags behind the domestic market by about one year. Starting in 2025, it has entered a "stock replacement window period." Coupled with the improvement of commercial channels in Southeast Asia, the Middle East, Europe, and the Americas, and the high overseas labor and maintenance costs adapting to the lightweight advantages of all-in-one displays, demand has been released in a concentrated manner.
Behind the Stagnation: Constraints from Three Categories
In this survey, 20% of manufacturers indicated that the industry's shipments are flat or undergoing phased business adjustments. This is not due to weak industry demand or peaking growth, but an inevitable manifestation of the LED all-in-one display industry transitioning from high-speed expansion to high-quality development.
1. Marginal Blunting of Price Leverage: Limited Effect of Volume Compensating for Price
Price competition in the mainstream 135-138 inch size track has become sufficiently intense, and the room for further downward adjustment of terminal selling prices continues to narrow. The elasticity of price reductions in driving shipment volume has significantly weakened. The industry has currently entered a mature development stage of "increasing volume and falling prices, with volume compensating for price." However, at this stage, the growth rate of shipment volume cannot fully offset the revenue pressure brought by price declines, making it difficult for the industry's overall profitability and scale growth to accelerate simultaneously.
2. Blurred Product Positioning Boundaries: Involution with Engineering Screens
The mainstream application sizes of LED all-in-one displays highly overlap with 5-10㎡ small-pitch engineering screens, resulting in highly overlapping product application scenarios and target customer groups. Meanwhile, the core differentiated advantages of all-in-one displays—"de-engineering, plug-and-play, and lightweight maintenance"—have not yet been fully recognized by the terminal market, and the gap in cost-performance and functional positioning compared to traditional engineering screens has not been fully widened. Most purchasers still classify all-in-one displays as engineering display equipment rather than standardized office products. The exclusive track for the products has not yet fully taken shape, intensifying market involution.
3. Impact of the Macro Environment: Procurement Rhythm Tends to Be Cautious
Under the influence of the macro environment, the budget review cycles for government and enterprise projects have been prolonged, and the approval processes have slowed down. Private enterprises' willingness to make capital expenditures remains cautious. The renewal cycle for existing industry equipment has not yet fully started, and a large amount of potential incremental demand cannot be landed quickly. Some projects have experienced delayed approvals or suspended implementations, directly affecting the overall volume expansion rhythm of the industry.
#Corporate Perspectives
Leyard: In the first half of 2026, the market shipment volume of all-in-one displays achieved steady growth, achieving a year-on-year increase in the 10%-30% range compared to the same period in 2025, with a clear overall industry recovery trend. The core driving force of this round of growth comes from the continuous expansion of market demand across all channels. The concentrated release of digital transformation orders from government, enterprise, education, and retail commercial ends has driven a significant increase in the scale of commercial procurement. Coupled with the iteration of new AI all-in-one display products and the optimization of product cost-performance, procurement demand has been further stimulated, with supply and demand pulling in both directions to maintain positive growth in industry shipments.
Unilumin: The terminal selling price of 135-inch products has significantly dropped, and cost advantages are gradually being realized; the growth rate in the overseas market is striking, becoming an important pole driving shipment growth.
Absen: In the first half of this year, the shipment of LED all-in-one displays achieved over 30% growth, mainly due to three reasons: first, the price threshold for all-in-one displays has dropped; second, product standardization and standard configuration have matured, accelerating channel distribution; third, the release of demand in educational scenarios has formed an incremental supplement.
Ledman: The prices of mainstream large-size products have significantly dropped. As the core specification in the market, the terminal selling price of 135-inch products has fallen from over 200,000 RMB in the early years to the 150,000 RMB range, greatly lowering the procurement threshold. This precisely matches the rigid demand for large-size displays from budget-sensitive customers, directly leveraging the surge in terminal orders. The overseas market has built a new growth pole. Benefiting from the technological generation gap, the penetration rhythm of COB and all-in-one display solutions overseas lags behind the domestic market by about one year, entering a stage of rapid volume increase starting in 2025; currently, the proportion of overseas demand has exceeded 50%, effectively offsetting the pressure of slowing domestic growth and becoming a key support for shipment growth.
NationStar: The costs of P1.5/P1.8 small and medium-sized LED all-in-one displays continue to drop, and terminal selling prices have approached those of traditional infrared meeting whiteboards, accelerating the release of replacement demand from SMEs; the equipment renewal cycle for meeting rooms in government, enterprise, and chain enterprises has started, and the trend of replacing traditional projectors is steadily advancing; in terms of the overseas market, commercial meeting channel orders in Southeast Asia and the Middle East have contributed significant increments.
QSTECH: The core driving force lies in the dual resonance of product experience advantages and the trend of cost reduction, coupled with the substitution of existing projectors and the expansion of scenario boundaries, jointly supporting the steady growth of shipment volume.
First, the experience advantage establishes the replacement logic. Compared to traditional engineering screens, all-in-one displays have significant advantages in installation convenience, debugging efficiency, system integration, and maintenance thresholds, greatly improving the terminal user experience and promoting the continuous increase in replacement willingness in small and medium-sized commercial scenarios.
Second, terminal selling prices are steadily dropping, and the industry's profit model is accelerating its transformation to "scale-driven," with the cost-performance advantage of products continuing to highlight. Although the prices of some upstream raw materials have risen, manufacturers still rely on scaled manufacturing, lean supply chain management, and rapid technological iteration to actively optimize terminal pricing. The industry's commercial logic has shifted from the early "high unit price, low sales volume" to a healthy growth model of "reasonable gross profit per unit, with volume compensating for price." A more competitive procurement threshold effectively leverages the incremental market, bringing in more new customer groups and further strengthening the comprehensive cost advantage of all-in-one displays in mainstream application scenarios.
Third, the substitution of existing projectors releases stable increments. In the equipment renewal demand for scenarios such as government and enterprise meeting rooms, training institutions, and retail stores, the migration trend from projectors to smart all-in-one displays is clear, constituting the basic disk of shipment growth. Fourth, the boundaries of application scenarios continue to broaden. Beyond conventional meeting scenarios, the penetration rate in subdivided fields such as smart classrooms, exhibition halls, commercial advertising, and remote collaboration has steadily increased, providing continuous growth momentum for the market.
MTC: Mainly constrained by three factors: first, the target size segment overlaps with engineering screens, and the replacement boundary is blurred; second, the terminal selling price is close to that of engineering screens, and the cost-performance advantage is not fully widened; third, the macro economy is under pressure, downstream procurement willingness is cautious, and expected increments have not yet become explicit.
CedarTree: First, the cost reduction of COB technology opens up price space. In 2025, the global shipment volume of LED all-in-one displays was about 12,500 units, and it is expected to exceed 15,500 units in 2026, with a growth rate of 35%. The yield and cost issues of COB packaging technology are gradually overcome, and products are gradually moving towards generalization, providing a technical foundation for breaking through the price threshold. Second, the inflection point of "de-projection" in meeting scenarios has arrived. The rigid demand of enterprises for "zero splicing seams" and "high brightness without eye damage" experiences continues to be released. Third, product form innovation stimulates incremental demand. Foldable and movable all-in-one display products have greatly reduced installation thresholds and time costs.
Zhongqi Opto-electronic: First, early market education has tended to mature, and stock replacement has entered a steady release stage, with no obvious demand explosion seen; second, price competition for mainstream sizes such as 135-138 inches has been fully digested, the marginal utility of price reduction is diminishing, and the leverage effect of unit price decline on shipment volume has weakened; third, although demand in subdivided scenarios such as high-end meetings has increased, the volume is limited and not yet sufficient to support the overall market to achieve a magnitude leap.
Kerun: The cost reduction of LED all-in-one displays drives the continuous drop in terminal selling prices, and the product attributes switch from "high-end luxury goods" to "office equipment that can be procured in batches"; on the demand side, the rigid demands of enterprises for "zero splicing seams" and "high brightness with eye protection" are accelerating the transformation into actual procurement orders; on the supply side, product forms are tending towards maturity, with 135-138 inch 16:9 and P1.5 specifications becoming mainstream market configurations; coupled with the continuous growth of overseas commercial display demand, these jointly build the fundamental surface of this round of expansion.
AET: The company's shipment trend is overall stable, and the industry is in a stage of steady promotion and orderly development.
NovaStar: We believe that if we exclude occasional factors such as short-term explosions in specific scenarios, the overall all-in-one display market this year is in the normalized growth range of recent years, and the growth rate meets expectations. We are long-term optimistic about the development prospects of this track: in terms of product specifications, 163 inches is the mainstream size under 4K specifications, using COB displays. Meetings and education belong to core incremental scenarios, and the market maintains positive growth. Home scenarios have explosive potential, and the overseas market is also worth looking forward to. As application scenarios continue to expand, the requirements for video display control systems by all-in-one displays continue to increase. As products further penetrate commercial and consumer-grade markets, more powerful display control systems are needed to provide support.
LAMPRO: The growth of the all-in-one display market in the first half of the year is mainly driven by three factors: first, the release of the company's COB production line capacity and the steady improvement of yield rate, with scale effects gradually being realized, laying the foundation for cost optimization and delivery guarantee; second, the recovery of overseas commercial display demand, with all-in-one displays favored by the market due to their convenient installation, simple maintenance, and user-friendly operation, and export orders contributing significant increments; third, existing equipment has entered the renewal cycle, coupled with the continuous release of educational informatization policy dividends, and the procurement demand in educational scenarios has steadily expanded.
Hongli Zhihui: Growth is mainly driven by the dual forces of price reduction and accelerated substitution. On the price end, as panel manufacturers enter the market and increase COB capacity, the expansion of industry supply promotes the release of scale effects, market competition intensifies, and terminal selling prices continue to decline. On the substitution end, LCD all-in-one displays are restricted by panel processes and costs, locking the mainstream market below 100 inches. Prices for products over 100 inches remain high, and the trend of large-size LED all-in-one displays seizing market share with cost-performance advantages is clear.
Colorlight: The maturity of products in the 135-162 inch segment has improved, accelerating the substitution of projectors and LCD splicing solutions; commercial demand in the European and American markets continues to be released, constituting the main force of overseas growth; COB technology cost reduction coupled with foldable structural design effectively breaks through the bottleneck of home installation, and backlog demand is gradually released.
itc: The current warming of the LED all-in-one display market is the result of the resonance of multiple factors: first, the digital upgrade of government and enterprise drives the gradual release of stock substitution demand for traditional projectors and splicing screens, and procurement in scenarios such as meetings and education is shifting from pilot exploration to standardized selection; second, the long-standing industry pain points such as image quality, interaction, and maintenance have been significantly improved in recent years through technological iteration, and product maturity continues to increase; third, the standardization process of the industry chain is accelerating, size specifications are tending to converge, and the threshold for installation and construction has been lowered. Coupled with itc's own layout in full-stack independent research and development and the AVC audio-video ecosystem, it can provide integrated delivery solutions, further reducing customers' comprehensive usage costs.
Skyworth Commercial Display: The growth of the LED all-in-one display market is driven by the resonance of multiple factors. On the price end, the price of 135-inch P1.5 products has dropped to below 100,000 RMB (a drop of over 40% compared to 2023), coupled with the improvement of COB packaging yield and scaled mass production driving the continuous optimization of BOM costs, the procurement threshold has been significantly broken through; on the substitution end, the "de-projection" of meeting rooms has entered a substantive stage, and LED all-in-one displays have formed a "scissors difference" of "image quality crushing + price catching up" in the 100-150 inch range, enhancing the certainty of substitution; on the channel end, leading manufacturers rely on home appliance distribution networks to sink to second- and third-tier cities, and the "home appliance" trend of commercial display is emerging, further activating the demand of SMEs and sinking markets.
AOC: We believe that the core driving force for the expansion of LED all-in-one display demand comes from two aspects: first, the acceleration of stock replacement in meeting scenarios. Compared to traditional projectors, the experiential advantages such as "no need for dark-room environment and strong daytime visibility" are significant, and the replacement logic is clear; second, technological maturity coupled with price reduction lowers the procurement threshold, promoting the shift of education and meeting markets from pilots to scaled penetration, and the proportion of applications in scenarios such as training rooms and lecture halls continues to increase.
Veshi: The price decline of key components of display panels (lamp beads and COB modules) leads to the price reduction of all-in-one displays.
Youjing: The overall market changes in the first half of the year were stable, shipments remained stable, and there were no obvious incremental fluctuations.
Talkin' LED Research Summary
Comprehensive judgment from 20 companies, the signals in the first half of 2026 are clear enough:
1) Growth momentum has completed its transition. It has shifted from a single price-driven model to a four-wheel synergy of "supply cost reduction + stock substitution + scenario expansion + overseas catch-up growth." The maturity of the COB process has broken through price barriers, the "de-projection" of government and enterprise meetings has formed a definite trend, new scenarios such as education, exhibition halls, and retail have expanded incremental space, and the lagging catch-up growth overseas has verified the international competitiveness of domestic solutions.
2) Product standardization is faster than market cognition update. The 135-138 inch specifications already possess the attributes of standard equipment, but the project initiation logic on the procurement side still carries the inertia of engineering display. This time difference brings short-term friction: marginal blunting of price leverage, boundaries with engineering screens to be clarified, and a slowing procurement rhythm from government and enterprise clients, but it does not change the medium- and long-term upward trend.
3) Looking ahead, the release of overseas demand and the increase of domestic multi-scenario penetration rate remain the two main lines. As procurement cognition gradually aligns with product attributes, LED all-in-one displays are expected to occupy a larger share in the large-size commercial display track.
In this process of leaping from "engineering customization" to "standard product scaling," how will the size boundaries of LED all-in-one displays be reconstructed? How has the technological route migrated from SMD to COB/MiP? What are the similarities and differences in the penetration logic of core scenarios such as government and enterprise meetings and smart education?
Regarding these key evolutions, Talkin' LED Display will soon release the second article of the "LED All-in-One Display Survey" series, continuing to dissect the underlying laws of category evolution based on frontline manufacturer surveys. Stay tuned.
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