In the first quarter of 2024, Thailand’s PC monitor market exhibited notable growth, marking a 1.7 percent year-on-year increase and a substantial 29.5 percent quarter-on-quarter surge, reaching a total of 254,000 units shipped.
This growth was primarily driven by robust consumer shipments, which grew by 13.4 percent year-on-year. Growth in the PC monitor market during the quarter was influenced by inventory adjustments and government policies aimed at stimulating consumer spending.
The market players strategically managed inventory levels in the preceding quarter, allowing channels to clear excess stock and thereby setting the stage for increased shipments in Q1 2024. Additionally, the Thai government’s tax deduction policy, implemented from January to mid-February 2024, contributed to heightened consumer demand during the period.
However, the commercial segment of the market experienced a decline, with shipments falling by -20.7 percent year-on-year to 68,000 units in Q1 2024. Industry experts attribute this decline to softer market demand, pending new orders amidst a transitioning governmental landscape.
Puwanart Pientanyakij, Market Analyst at IDC Thailand, commented on the market dynamics, stating, “The new government formation suggests potential delays in new procurement orders. Nevertheless, we anticipate stronger commercial demand to rebound over the next one or two quarters.”
Top 5 Companies Highlights, Q1 2024
Acer Group led the market with a 15.7 percent share. Acer increased sell-in volumes to the consumer segment after optimizing inventory levels from the previous quarter. However, their commercial shipments continued to face challenges due to subdued demand.
Dell maintained the second position with a 15.2 percent market share. They bolstered growth in commercial shipments through strategic distribution stock-ups across their channels.
LG Electronics secured third place, capturing a 12.3 percent market share. Like other players, LG anticipated strong consumer demand and ramped up sell-in volumes after clearing aging stocks.
Samsung and Lenovo occupied the fourth position, each holding an 11.7 percent market share. Samsung effectively managed channel inventories and implemented attractive promotions to drive sales. Meanwhile, Lenovo benefited from several commercial fulfilments and leveraged strong consumer demand to strengthen their market position.
2024 Market Outlook
Looking ahead, the Thailand PC monitor market is projected to grow by 3.2 percent year-on-year in 2024. Key drivers for this growth include political stability, stabilized channel inventories, robust consumer demand, and an improved macroeconomic environment. The ongoing refresh cycle of gaming PCs is also expected to stimulate demand for gaming monitors in the consumer segment.
