Global Mini and Micro LED Market to Grow at a CAGR of 147% by 2024
Arizton’s recent market research report on the global mini and micro-LED market provides a comprehensive industry study, competitive analysis, and trend forecasts. The research study segments the market by product types (micro-LED and mini LED), applications (display and lighting), end-users (consumer electronics, automotive, and others), and geography (APAC, Europe, Latin America, North America, and MEA). Epistar, Lextar, Innolux, Apple, Samsung, Sony, and LG have been identified as the leading vendors in the market.
The global mini & micro LED market is expected to reach over $6 billion, growing at a CAGR of over 140% during 2018−2024.
Mini and micro-LEDs are likely to dominate display, automotive, and backlight panel industries during the forecast period. The major application of mini and micro LEDs will be in large-scale displays and signages, monitors, televisions, smartphone screens, screen backlights, and automotive lightings.
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This report includes detailed market segmentation by product types, applications, end-users, and geography.
Micro LEDs to find their application in AR micro-projections, automotive HUD projection applications, and ultra-large digital displays
The micro LED segment is likely to witness an incremental growth of $4 billion during the forecast period. The segment occupied more than 60% of market share in 2018. Micro LEDs have suitable applications in wearable watches, smartphones, automotive head-up displays, AR/VR, micro projectors, and high-end televisions. In addition, micro LEDs can be combined with a flexible substrate to realize flexible characteristics such as OLED. InGaNOS technology could be used to create substrates with mixed lattice parameters, enabling the growth of different color LED on the same substrate. This could drastically reduce the cost of micro LED mass transfer for full-color display fabrication in the future, thereby paving a path for a high adoption and demand of micro LED products in the market. Micro LEDs would be gradually applied to AR micro-projections, which require high brightness, automotive HUD projection applications, and ultra-large digital display in the future.
Read: Lighting Control System Market - Global Outlook & Forecast 2021-2026
North America was the largest market for mini and micro LED-based consumer electronic products with a market share of over 30% in 2018
Consumer electronics are the largest segment, occupying half of the market and are likely to grow at a CAGR of over 145%. The adoption of micro and mini LEDs in consumer electronics devices will be a major driving reason for the growth and development of the market. North America is the largest market for mini and micro LED-based consumer electronic products and accounted for a market share of over 30% in the global market in 2018. In 2014, Apple’s acquisition of LuxVue, a low-power, microLED-based displays developer, renewed the interest of manufacturers, chip developers, technology providers, and equipment providers in mini and micro-LED technology. The major application of mini and micro-LED in consumer electronics display devices includes smartphone displays, backlight solutions, and large-scale display signages.
The Canadian retail industry is expected to emerge as a major end-user of LED display signages
In North America, several luxury retail chains, corporate offices, and affluent customers are investing in mini and micro-LED products. The US is the largest market in North America. Micro LEDs constituted the largest segment of the global mini and micro-LED market, capturing market share of nearly 60% in 2018. Advancements in consumer electronics devices, high demand for luxury products, and the adoption of large-scale immersive signage are driving the mini and micro-LED market in the US. The retail industry was valued at over $90 billion in 2018 in Canada and was one of the major end-users of LED display signages. Public locations such as airport lobbies and luxury shopping avenues are the major end-users of mini and micro-LED products. The growth in retail outlets at airports along with the growing air passenger traffic will drive the demand for such immersive display signages.
AU Optronics, Osram, Plessey, Nichia, PlayNitride, Everlight Electronics, EpiLEDs Technologies, Rohinni, SemiLEDS Corp., Elux, Glo, Xiamen Changelight, Optovate, Jbd (Jade Bird Display), Lumens, VueReal, Lumiode, and Mikro Mesa are the other prominent players in the global mini & micro LED market.
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The complete overview of the latest market research report on the global mini and micro-LED market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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