Global PC Monitor Market Returned to Growth in 4Q23

The global PC monitor market ended 2023 on a hopeful note, reaching 31.9 million units during the fourth quarter of 2023, according to IDC. This translates to year-over-year growth of 3.8%, slightly outperforming IDC's forecast of 3.2% growth.

The recovery came after five consecutive quarters of annual declines while the market was focused on clearing excess inventory from the pandemic era. During the fourth quarter, key market segments all showed growth with the consumer segment outpacing the commercial segment.

The improvement came not from the low end but from mainstream and premium price bands, including gaming. Overall, a more stable performance during the second half of 2023 helped to offset the steep declines of the first half, when shipments were down 17.4% and enabled the market to decline 8.6% for the full year 2023.

All major regions posted year-over-year growth in 4Q23 except China, which declined slightly despite fierce competition and falling prices. Gaming monitors accounted for nearly 16% of all monitor shipments in 2023. A lull in gaming PC shipments freed up more budget and fierce competition in the entry to mid-tier monitor space further lowered prices.

With inventory back to healthy levels, IDC anticipates a steady recovery in shipment volume through 2025. New models with faster refresh rates, declining prices for bigger screen-sized models, and continued growth in gaming are just some of the factors driving the recovery. Furthermore, businesses' migration towards Windows 11 PCs and improving office occupancy are also expected to bring certain collateral benefits toward commercial purchases.

In a reversal of recent trends, IDC expects commercial growth to outpace the consumer side in 2024 and 2025. Beyond 2025, volume should remain on a modest, replacement-driven path reaching a peak of 133 million shipments in 2028.

"Historically, monitor purchases have taken a back seat compared to decisions about which PCs to buy and when. We saw this during the pandemic when PCs both grew and shrank in a much more volatile trajectory than monitors," said Jay Chou, research manager for IDC's Worldwide Quarterly PC Monitor Tracker. “Hence, we anticipate a steadier recovery for monitors relative to the traditional PC market. However, as users migrate toward larger screens, they can discover the myriad features that become more visible on more expansive displays, and hopefully entice users to refresh at a faster pace in the future.“