SEOUL, South Korea, May 5, 2022 /PRNewswire/ -- Magnachip Semiconductor Corporation ("Magnachip") (NYSE: MX) announced today that the company has surpassed 730 million units in cumulative shipments of organic light-emitting diode display driver integrated circuits (OLED DDICs) as of the end of the first quarter 2022.

Magnachip began OLED DDIC development in 2003 and commenced mass production of its first product in 2007. With 19 years of research and development history and a successful commercial track record, Magnachip has recently expanded its business area into new markets such as premium smartphones with foldable displays, automotive displays and high-end OLED TVs. As major smartphone, automotive and TV brands are using more OLED panels for their displays, the OLED DDIC market is expected to grow rapidly.

According to Omdia, a global market research firm, global OLED display panel shipments for smartphones and TVs will double from 2021 to 2028, while the shipments for automotive displays will grow 10 times in the same period. In total, global shipments of OLED display panels will increase from 804 million units in 2021 to 1.2 billion units in 2028, according to the market research firm.

"Congratulations to the entire Magnachip team for this impressive achievement, especially amid an ongoing foundry capacity shortage. Our success is based on the many years of technological innovation in our extensive OLED DDIC product portfolio," said YJ Kim, CEO of Magnachip. "Looking forward, we will further solidify our technological and market leadership with high-performance DDIC products that will accommodate changing design requirements and empower technological transformation."

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, 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 1,150 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