Samsung Display Co. dominated the global smartphone display panel market last year, a report showed Friday, as it posted record revenue amid the pandemic.

The affiliate of Samsung Electronics Co., the world's largest smartphone producer, represented half of the worldwide smartphone panel market last year in terms of revenue, according to market researcher Strategy Analytics.

The global smartphone display panel market grew 7 percent on-year to $43 billion in 2020.

Samsung Display was followed by China's BOE Technology Group Co. with a 15 percent share, followed by its South Korean rival LG Display Co. with an 8 percent share, Strategy Analytics data showed.

"Samsung Display achieved record smartphone panel revenue due to the strong design wins across key devices," said Jeffrey Mathews, a senior analyst at Strategy Analytics. "As OLED demand increases, the vendor will face increased competition from LG Display, BOE Technology, Visionox and TCL CSOT."

Strategy Analytics predicted display panel procurement by smartphone makers to be steady through 2021, driven by 5G momentum and high-end display technologies, such as flexible OLED. It also expected LCD displays' share to trail behind that of OLED displays in the smartphone panel market. (Yonhap)