Micro-LED Market to Grow at Highest Pace Owing to Rising Demand for Large Screen Displays
Micro-LED is an emerging display technology that utilizes inorganic light-emitting diodes to produce images. Micro-LED displays offer excellent picture quality with high contrast ratios, wide viewing angles, and fast response times. They have brighter, more vivid colors and use much less power than traditional LED-backlit LCD displays or OLED displays. Micro-LED displays are expected to replace OLED displays in the coming years. The rising demand for large-screen displays among consumers and growing adoption in various industries such as consumer electronics, automotive, and commercial is expected to drive the growth of micro-LED market.
The Global micro-LED Market is estimated to be valued at US$ 314.67 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in The Micro-LED Market are AptarGroup, Inc., Axilone USA, ShyaHsin Packaging (China) Co., Ltd., Lumson SpA, Toly Group, Cosmopak Corp., Yoshida Industries Co., Ltd., Mitani Valve Co Ltd., HCP Packaging (Shanghai) Co. Ltd., Quadpack Industries, S.A., Kolmar Laboratories, Inc., and others. The rising demand for large screen displays from consumers and various industries is fueling the growth of the micro-LED market. Major tech giants are heavily investing in R&D to develop innovative micro-LED technologies such as flexible micro-LED displays for futuristic applications.
Market Trends
Mini LED backlit displays- Many consumer electronic brands are integrating mini LED backlighting in large screen TVs and monitors to offer better brightness and contrast ratio at an affordable cost compared to OLED displays. This trend is expected to gain momentum in the coming years.
Automotive displays- Major automotive brands are focusing on advanced driver-assistance systems and digital instrument clusters, which is driving the adoption of high-resolution micro-LED automotive displays. Companies are developing curved micro-LED clusters for luxury and sports vehicles.
Market Opportunities
Flexible micro-LED displays- Significant R&D investments by tech giants can lead to the commercialization of bendable and rollable micro-LED displays in the next 5-7 years for futuristic consumer electronics.
AR/VR applications- The increasing capabilities of micro-LEDs in developing compact and power-efficient near-eye displays will boost their adoption in augmented and virtual reality headsets over the forecast period.
Impact of COVID-19 on Micro-LED Market Growth
The COVID-19 pandemic has adversely impacted the growth of the micro-LED market in 2020. Supply chain disruptions and lockdown measures imposed globally led to a slowdown in production activities across various industries using micro-LED displays such as consumer electronics and automotive. Shutdowns of manufacturing facilities in China, South Korea, and other countries affected the supply of micro-LED materials and components. This caused a delay in new product launches and shipments. However, with industrial activities resuming gradually, the market is expected to rebound in 2021 and witness steady growth over the forecast period. By 2024, the market size is projected to reach US$ 314.67 Mn, indicating positive growth rate.
Some key strategies that market players are expected to adopt in the post-COVID era include increasing investments in advanced technologies to mass-produce micro-LEDs and reduce costs. Companies are focusing on developing mini/micro LED display solutions for applications in AR/VR headsets, laptops, smartwatches and other consumer electronics. They are also focusing on automotive displays to replace traditional LCD panels. Geographically, the North America region currently holds the largest share of the overall micro-LED market value, followed by Asia Pacific and Europe. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to the presence of major manufacturing bases and consumer electronics markets in China, South Korea, Japan and other countries.
The North America region holds the highest concentration of value for the Micro-LED market currently, accounting for over 35% share. This is primarily due to strong demand for innovative display technologies from consumer electronics giants based in the US. Countries like the US and Canada are early adopters of new display solutions and have a high penetration rate of premium products like smartphones, laptops, and smart wearables incorporated with advanced displays. Meanwhile, the Asia Pacific region is emerging as the fastest growing regional market for Micro-LEDs. With the presence of manufacturing powerhouses like China, South Korea, Taiwan, Singapore, and others, APAC offers considerable opportunities for both captive component manufacturing and supplier base development around Micro-LED technology.
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