SEOUL, South Korea, Jan. 6, 2022 /PRNewswire/ -- Magnachip Semiconductor Corporation ("Magnachip") (NYSE: MX) announced today that the company is expanding its organic light-emitting diode display driver integrated circuit (OLED DDIC) product lineup by developing a next-generation OLED DDIC for automotive displays.

In recent years, the use of electric vehicles, autonomous driving and connected cars has been increasing and it has driven the demand for automotive semiconductors, which are essential for the rapid advancement of infotainment and driving safety. Magnachip is developing an OLED DDIC for automotive based on the 40nm process technology, which is designed for center stack displays and instrument cluster displays. The company plans to supply the new product to premium European car manufacturers in the first half of 2023.

The next-generation DDIC supports a wide range of resolutions including FHD and it is also suited for both rigid and flexible OLED displays. Another key feature of this next-generation DDIC is that it will be made as an "all-in-one solution," which means that source drivers, gate drivers and timing controllers are integrated on a single chip. This feature will enable the production of cost-effective display panels consisting of fewer components.

According to Omdia, a global market research firm, the automotive display market is expected to grow from $8.2 billion in 2021 to $9.7 billion in 2025. Shipments of OLED panels are forecast to grow as they offer excellent image quality, high visibility and fast response times. The revenue of global automotive OLED panel market reached $117 million last year and it is expected to increase approximately 350% to $524 million in 2025 based on Omdia data.

"We are entering the OLED DDIC automotive market with a confidence based on our established industry leadership and heritage of working closely with our customers to develop products to meet their exact specifications," said YJ Kim, CEO of Magnachip. "Vehicles incorporating displays based on our next-generation OLED DDIC technology represents another step in improved safety, functionality and convenience for consumers." 

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,200 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip's website is not a part of, and is not incorporated into, this release.

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SOURCE Magnachip Semiconductor Corporation